The objective of the “Audit and Assurance” assignment is to provide an Independent audit opinion on annual financial statements of the company for each financial year covered by the term of the audit appointment.

LEGAL COMPLIANCE

Legal constituent for audit and assurance activity:

Mansoor Mulla Auditing of Accounts is DMCC, DAFZA, JAFZA approved auditors, one of the entities of Excellence Group duly licensed from Department of Economic Development (DED) Dubai with license number 738553 and approved by Ministry of Economy to carry out activities of Auditing.We are also registered as an approved company liquidators with DMCC in Dubai, UAE.

According to the UAE Commercial Companies Law, Federal Law No. 2 of 2015, Article 27, Chapter 2, every company shall appoint auditors for auditing their books of accounts by a licensed auditor registered under Ministry of Economy in the UAE.

Businesses that are registered under the trade free zones and hold the trade license issued by the free zones, require their annual financial statements to be audited at the time of renewal of their trade licenses. As the financial year in the UAE, is the calendar year.

ADVANTAGES OF AUDITING

An audit provides independent verification that the financial statements are a true and fair representation of the entity’s current situation. This provides invaluable credibility and confidence to your organisation’s customers/clients, stakeholders, investors or lenders and even potential buyers. Also, it helps your organization to meet the statutory requirements and regulations to make sure that the organisation is 100% compliant with all of its current statutory obligations.

An audit can be an effective tool for identifying fraud and opportunities to commit fraud. Experienced auditors are skilled at pinpointing weaknesses in an organisation’s systems and controls and suggesting ways to strengthen these to prevent fraud occurring.

An audit confirms the accuracy of an organisation’s financial statements by analysing its financial transactions. It’s a detailed process and can result in certain types of income, expenditure, assets and liabilities being scrutinised. This critical examination, coupled with the auditor’s financial expertise, can then be used by business owners for better financial planning, budgeting and financial decision-making for the future.The auditors and auditing firms in Dubai, UAE.

DMCC REGULATIONS FOR COMPANY AUDIT

As per DMCC regulations every Company must appoint an auditor who will examine and report on the financial accounts of that Company.

The directors of a Company must prepare and approve financial accounts and arrange for these to be audited by DMCC approved auditor and approved by the shareholders of the company within six months after the end of the financial year of the Company.

The role of the DMCC Approved Auditor is to obtain reasonable assurance that the annual accounts prepared by the Member Company are free from material misstatements, whether due to fraud or error and are properly prepared in accordance with International Financial Reporting

HOW EXCELLENCE CAN HELP

Excellence is one of the leading audit firms in Dubai, UAE, registered with DMCC as approved auditors. As standard practice, we at Excellence follow the statutory requirements and International Financial Reporting Standards (IFRS Standards) and International Standards on Auditing (ISAs) and strive to provide the best audit experience. Our objective is to examine accuracy of books of accounts, verify the authenticity and validity of transactions, and to issue an auditors' report that includes our opinion.

MAGNITUDE OF WORK:

  • We will carry audit of the financial statements of client (“the Company”) which comprise of, the statement of comprehensive income, the statement of changes in equity, statement of cash flows, and a summary of significant accounting policies and other explanatory notes.
  • Conducting independent audit of the financial transaction in line with International Standards on Auditing and International Financial Reporting Standards.
  • Recording and maintaining day to day accounting transactions of payments, receipts, sales and purchases, other miscellaneous expenses and inventory accounting on daily basis;
  • Expressing an opinion on whether the financial statements aare prepared, in all material respects, with the applicable financial reporting standards and frameworks, whether the client has maintained proper books of accounts, and the accompanying financial statements give a true and fair view of the financial position of the entity based upon the material evidences.
  • Auditor reserves the right to ask for documents according to the nature of assignment agreed.

DETAILS OF THE AREA COVERED UNDER FINANCIAL AUDIT:

  • Income: Revenue, Profit on sale of non-current assets, Other income
  • Expenses: Cost of Revenue, Salary and wages, Depreciation, Contractual expenditure, Loss on sale of non-current assets, Bad Debts, Other Expenses
  • Current Assets: Cash & Bank, Short term investments, Receivables and Prepayments, Inventory
  • Non-Current Assets: Property, Plant, Furniture and equipment
  • Current & Non-Current Liabilities: Creditors and accruals, Loan Borrowings, Provisions for employee entitlements
  • Other: Statement of changes in equity, disclosure of contingent liabilities, Statements of cash flow, Accounting policies and notes to the financial statements.
  • MANAGEMENT REPORT

    MANAGEMENT REPORT

  • INTERIM AUDIT REPORT

    INTERIM AUDIT REPORT

  • SPECIAL PURPOSE AUDIT REPORT

    SPECIAL PURPOSE AUDIT REPORT

  • REVENUE AUDIT

    REVENUE AUDIT

  • COST AUDIT

    COST AUDIT

  • COMPLIANCE AUDIT

    COMPLIANCE AUDIT

  • FORENSIC AUDIT

    FORENSIC AUDIT

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Frequently Asked Questions

Excellence group entity Mansoor Mulla Auditing of Accounts is Registered and Approved Auditors in DMCC, JAFZA, DAFZA, DWC, DSO, SAIF Zone, Hamriyah Free Zone, DED, The Dubai Design District (D3),TECOM, Dubai Media City, and Dubai Internet City.

Yes, we are Approved by Ministry of Economy under registration no 843.

Yes, Our Reports are Widely Accepted with all the Major Banks in UAE.

We follow International Financial Reporting Standards (IFRS) for Auditing and International Accounting Standards Board (IASB) for Accounting.

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MANAGEMENT REPORT

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Management reports on internal controls provide a unique opportunity for management to discuss issues and concerns not communicated elsewhere in the annual report.

INTERIM AUDIT REPORT

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An interim audit is part of audit work or audit strategy where audit testing is performed on interim financial statements. This is part of the audit strategy when the auditor wants to reduce audit works at the annual audit or final audit testing. Sometimes an interim audit is also performed as the result of the request from the client so that they could reduce their workload at the yearend or it is the regulatory requirement.

SPECIAL PURPOSE AUDIT REPORT

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Special purpose audits refer to those circumstances in which the auditor is required to report on specific financial information, for specific purposes to specific users, in comparison with the general audit of financial statements. Special purpose audit engagements, according to the International Standard on Auditing, include audits of:
  • A complete set of financial statements prepared in accordance with another comprehensive basis of accounting.
  • A component of a complete set of general purpose or special purpose financial statements, such as a single financial statement, specified accounts, elements of accounts, or items in a financial statement.
  • Compliance with contractual agreements and Summarized financial statements.

REVENUE AUDIT

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Revenue audit is a two-part process that examines the figures and information on a company's tax returns against those found in its business records. In general, auditors check the returns of income over a one-year period.
This process has the role to monitor and ensure tax compliance. It also helps identify signs of tax evasion as well as additional liabilities. The auditors will also collect interest, tax or penalties where applicable.
The two main stages of a revenue audit include testing the revenue accounts on your income statements followed by an examination of your accounts receivable on the balance sheet. The auditors may also check for revenue recognition issues, such as side agreements and channel stuffing. Companies often engage in practices to artificially inflate their revenue. Excellence auditing is registered audit firm in Dubai, UAE. With the help of our experienced auditors, you can have a fair and complete analysis of your company accounts and fulfil the requirements of revenue auditing.

COST AUDIT

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Cost audit represents the verification of cost accounts and checking on the adherence to cost accounting plan. Cost audit ascertains the accuracy of cost accounting records to ensure that they are in conformity with cost accounting principles, plans, procedures and objectives.
The audit usually involves:
  • Verification that costing records are accurate.
  • Detection of errors in cost records.
  • Check the maintenance of cost books, accounts & records.
Cost audit is of a recent origin. It is an effective tool of control for the management. It keeps a check and safeguards the interests of all, who are connected with the concern.

COMPLIANCE AUDIT

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Compliance audit is an independent evaluation to ensure that an organization is following external laws, rules, and regulations or internal guidelines, such as corporate bylaws, controls, and policies and procedures. Boards of directors are also often accountable for operations and need to see audit reports. An audit report will cover the strength of compliance preparations, security policies, risk management procedures, and user access controls throughout the audit.
Simply put, a compliance audit will determine whether an organization is working to a basic required standard. The compliance audit report will fill any gaps in compliance while also making recommendations to resolve any potential issues.
Benefits of compliance audits:
  • Providing a safe working environment and promoting a secure and stress-free workspace.
  • Preventing penalties and avoid any legal issues and consequences.
  • Establishing a good reputation and gain public trust and dominating your industry by staying aligned with industry protocols.
  • Ensuring continuous operation and avoiding disruptions or cessation of operations.
Excellence possess expertise and experience in compliance audit in Dubai, UAE and provides an outline of internal business processes that need to be changed or improved to ensure compliance with regulations and requirements.

FORENSIC AUDIT

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Forensic audit is an examination and evaluation of a firm's or individual's financial records to derive evidence that can be used in a court of law or legal proceeding.
Companies need certified fraud examiners to investigate the fraud by conducting a forensic audit in the UAE. If you notice suspicious activity in your company, you must act quickly to prevent the fraud and loss of company revenue and reputation.
Excellence Auditing is a Forensic auditing firm in Dubai, UAE listed with free zones & banks. We offer fraud investigation & forensic auditing services to assist companies in investigating financial fraud with documental evidence.
Our Forensic Auditing Services include:
  • Corporate fraud investigation.
  • Asset misappropriation.
  • Financial reporting fraud.
  • Suspicious transactions.
  • Bribery & corruption.
  • Claims analysis.
  • Anti-money laundering.
  • Determination of compliance.