Audit of Financial Statement
Until a few years ago, financial statement audits were largely procedural and for most entities a mechanical exercise for licence renewal, except for entities with bank facilities. However, developments in the Middle East region starting with the introduction of Value Added Tax (VAT) in the UAE at the beginning of 2018 have significantly transformed the landscape and the importance of audited financial statements. With Corporate Tax coming into effect for periods starting on or after June 2023, the regulatory environment over the audit of financial statements will get even more stringent.
The increasing complexity of financial reporting also adds further intrigue. The standard setting body, IASB is already playing catch up with the development of standards for reporting on new intangible assets, crypto assets such as Bitcoin etc. The skills requirements for the audit of these complex and evolving items have never been more daunting.
Why UHY James Chartered Accountants?
We have a team of qualified chartered accountants which is already geared to provide solutions to the challenges associated with the changing landscape. Our team which brings to the table expert understanding of financial implications, industry knowledge, operational as well as legal requirements. We work with the management throughout the year to ensure conclusions on important matters are reached promptly to preclude last minute “surprises”. We proactively alert the entity about accounting developments that could impact the business and provide recommendations on how best to respond to new requirements. Our client service plan includes regular meetings with the management in a bid to drive continuous growth for the entity. We have a long history with clients because of our commitment to deliver a seamless client experience through all our interactions.