YUGA Accounting and Assurance Services in the UAE specialize in conducting meticulous financial statement audits and offering comprehensive assurance services that extend beyond mere data review and approval. Our skilled auditors provide insightful information about your company through accurate and impartial audits, ensuring compliance with legal requirements. Engaging our audit services in the United Arab Emirates ensures your company aligns with UAE laws, regulations, and accounting standards effectively.

Different Types of Audits

The most common types of audits performed for businesses:

a) Tax Audit

A tax audit examines the tax returns submitted by an individual or business entity to verify the accuracy of tax information and the resulting income tax payment.

b) Construction Audit

A construction audit verifies that the expenses incurred for a particular construction project are fair. Examining contractor contracts, prices paid, permissible overhead expenses, modification orders, and the suitability of project completion are all included in this process.

c) Compliance Audit

A compliance audit examines an entity’s or department’s policies and procedures to ensure adherence to internal or regulatory standards. It is commonly used in regulated industries or educational institutions.

 d) Financial Audit

A financial audit looks at the accuracy of the data in the financial accounts of a company. It entails examining the books of accounts and other pertinent documents, and it is carried out by an impartial Certified Public Accountant. The goal is to offer an impartial guarantee that the financial statements depict a true and fair picture of the businesses financial performance.

e) Investigative Audit

This audit examines to find and fix control breaches and to collect evidence if legal action needs to be taken.

f) Operational Audit

This audit analyzes the goals, planning processes, procedures, and results of a business’s operations in detail.

g) Information Systems Audit

This audit reviews the controls over software development, data processing, and access to computer systems. Its goal is to identify issues that could affect the accuracy of IT systems and to ensure unauthorized parties cannot access the data.

 h) Internal Audit

An internal audit is an independent, impartial assurance and consulting process that aims to enhance and optimize corporate processes. By using a methodical, disciplined approach to assessing and improving the efficacy of risk management, control, and governance procedures, it aids a firm in achieving its goals.

Difference Between Audit and Assurance

The main purpose of auditing is to find errors and false statements in the financial records of a company. It entails a careful inspection to guarantee that financial statements are devoid of fraud and significant errors. On the other hand, Assurance goes beyond merely checking the accuracy of financial reports. It aims to improve the quality and reliability of the information presented, providing stakeholders with greater confidence in the financial statements and the company’s overall financial health.

Simplified Overview of Our Audit Process

• Maintains Follow-Ups: We keep checking back regularly to see if things are going as planned, and we make changes if necessary.
• YUGA Accounting Understands the Business: YUGA knows how the business works.
• Client Approaches: The client provides unorganized data.
• Plans & Implements the Process: We make plans based on the documents we’ve looked at, and then put those plans into action.
• Review the File: We look over the audit file to make sure it follows the laws about auditing in the UAE.
• Generates the Report: Once we’ve set up the VAT processes, we create the audit report.

Understanding Assurance Services

Analyzing and assessing financial records and accounting entries is part of assurance services. These services, which make sure a business policies ,follows norms, and regulations might be regulatory or compliance based. They give assurance about the dependability and correctness of financial accounts to both internal and external parties.

Ensure Compliance and Protect Stakeholder Interests with YUGA

Need audit and assurance services in the UAE? Contact Us YUGA Accounting.