Auditing is a process of examining and evaluating financial records to provide an assurance that the statements are accurate, reliable, and represent the true financial condition of the company. At Freelance Accountants we ensure that our clients comply with all applicable laws and regulations. Rapid transformation in audit and assurance is happening due to changes in regulations and technologies. Freelance Accountants auditors, thus perform their auditing activities with agility. They stay up to date with new technologies so they can evaluate risks more efficiently.
We have a have a deep understanding of the various industry verticals in UAE. We understand the impact of policy changes that our clients may face. We confidently guide our clients through professional advice and opinion on how to mitigate risks and help avoid disasters in the future.
Due Diligence Audit
With our Due Diligence Audit, we do an investigation or examination of any potential investment or product or establishment or even any individual to reconfirm the relevant facts by reviewing all of the financial records and by examining any other information deemed material. The Due Diligence Audit ensures that the reasonable care and diligence one should undertake before deciding on greater financial importance is effected efficiently. The Due Diligence examination can be carried out before making an individual investment decision, Mergers and acquisitions, any significant corporate financial strategy, or before concluding the terms and conditions for your Buyer or Seller.
Fraud And Investigation Audit
We provide independent fraud and forensic services to organizations with exposure to business disputes and allegations of fraudulent activities and financial misconduct. Our experts combine deep industry experience with fraud and forensic accounting expertise to mitigate the risks, costs, and effects of fraud, abuse, and corruption.
Internal Audit & Controls
An internal audit provides an independent assurance that an organization’s risk management, governance, and internal control processes are operating effectively and efficiently. We conduct an internal audit on organizational governance, risk management, management controls, the efficiency of financial management, fraud investigation & establishing the loss, and any other audit where the scope of the work falls within our strengths.
We conduct a comprehensive analysis of the systems and provide pragmatic suggestions and guaranteed solutions to empower your business to succeed. We are committed to providing an unbiased and objective view to diverse stakeholders. We will work independently from the operations we evaluate and report the same to the highest level in an organization for remedial actions.
In the internal audit activity, the qualified, skilled, and experienced team follows the Code of Ethics and Standards. We guarantee the value addition in terms of innovative suggestions and recommendations to foolproof your policies, and procedures and strengthen your control measures to add up to your bottom line.
Risk Management Audit
Through the Risk Management Audit, We identify and prioritize the risks followed by coordinated and economical application of the resources to reduce, check and control the likelihood and impact of adverse events or to maximize the awareness of opportunities.
Risks can originate from various sources: e.g., uncertainty in financial markets, threats from project failures, legal liabilities, credit risk, natural disasters, accidents, as well as from uncertain or unpredictable events. Methods, definitions, and goals vary widely according to whether the risk management method is in the context of project management, security, engineering, industrial processes, financial portfolios, actuarial assessments, or public health and safety.
External or Statutory Audit
Freelance Accountants through its auditing divisions and other associates, offers a complete range of Audit and Assurance services and the reports are accepted by all the governmental and financial authorities and banks across the region. The Industry Experienced Auditors conduct the Audit by combining their decades of experience and knowledge by adhering to the global standards of Audit and Assurance.
The need for reliable and authenticated financial information is gaining more importance and audit & assurance service has become increasingly sought after. We ensure our Audit exercise and the report provide our clients with deeper insights into their corporate strategies, business processes, financial management, and reports.
Understanding the importance of reliable information, we exercise extreme care and caution to ensure the quality and accuracy of the data we vouch for and certify.
We are committed to providing the most reliable information to all stakeholders like business owners, customers, creditors, banks & other investors, and tax authorities/governments alike to evaluate and understand your business activity or to analyze the trend and devise newer strategies’ or for exercising caution and control and to derive comfort or to gain confidence in dealing with the business or to decide on further investments or to assess the tax to be paid by the business.
We are with our clients always, to support and enable the right decisions at all times. Our professionalism and standards are well appreciated and recognized by various stakeholders across the industry for their strict adherence to the local and international rules and the high ethical and moral standards we uphold.
We are audit experts in various verticals and our years of experience and the highly qualified and experienced team with rich and vivid experience provide our clients with additional insights and advice. We conduct our audit following auditing standards issued by the International Audit & Assurance Standards Board (IAASB) and express our opinion about the financial statements following the International Financial Reporting Standards (IFRS).
We always ensure that our audit report and financial reporting, always follow the latest international best practices and it is our way of life to make independent, impartial, and fair treatment without hurting our customer business interests.
We provide you Audit reports that are authorized and approved by the various UAE bodies like the Department of Economic Development (DED), Dubai Airport Free Zone Authority (DAFZA), Dubai International Financial Centre (DIFC), Jebel Ali Free Zone Authority (JAFZA), RAK Investment Authority (RAKIA), Dubai Silicon Oasis Authority (DSOA), Dubai South, Dubai Multi Commodities Centre (DMCC), Ajman Free Zone (AFZ) and all other major free zones in UAE.
A forensic audit is an investigation of financial statement records and company operations conducted by professional forensic auditors to detect fraud and find evidence that can be used in a court of law. A forensic audit is done in cases where embezzlement, financial crime, or fraud has happened, and someone is required to be prosecuted. The forensic audit is performed to find out the modus operandi behind the fraud, the perpetrator, and the amount of fraud, and to gather evidence that can be produced before the court of law.
In the UAE, a Sales Audit is mandatory for retail businesses of shopping centers. The business conducting Sales Audit or Gross Turnover Audit may require to submit an audited Turn Over statement to the relevant authorities. Gross turnover is the total sales generated by the retail business in a particular financial period or year. The auditor conducts the sales audit and submits the turnover report after verifying the revenue/Gross Sales generated by the company in that particular period. This is a general practice by the Mall Management/Property Management who charge a certain percentage from the tenant/the retail owner based on their generated revenue.
Supply Chain Audit
Our Supply Chain Audit focuses on the supply chain management process including the policies, Organizational and process risks, cost control, and performance management measures. A supply chain audit is a measurement tool for compliance, validation, and progress. It can indicate to a business the efforts needed to build a more sustainable supply chain. Our audits will help organizations understand their suppliers and how they give visibility and transparency to their practices. For suppliers, audits keep organizations vigilant, acting as a method for continuous improvement to find non-compliances, and to provide an opportunity to correct them.
In the Tax Audit, we examine the liability of a taxable person by the Federal Tax Authority. A tax Audit is conducted by the authority to check whether the tax liability is paid within the due date and whether such liabilities are properly arrived at as per the provisions of the relevant laws such as UAE VAT law, UAE Excise Tax law, etc.
IFRS Advisory Services
IFRS standards play a pivotal role in global financial reporting as countries across the globe are embracing them. It provides a global language for business affairs so that company accounts are more understandable. The rules are being revised frequently to present useful and relevant information transparently to users thereby bringing fundamental changes to accounting processes for financial statement preparers. With sound financial reporting knowledge and industry experience, our practitioners can design/engineer accounting and financial reporting processes without much hassle.
Please put this “Real Estate Developer and Project Owners are required to get their project, escrow account, service charges budget audited annually for each ongoing project. We are registered auditors with Ajman Real Estate Regulatory Authority (ARRA) for the last 5 years and audited quite a few big real estate projects in Ajman and submitted audit reports to the authority within the timeline.
The RERA (Real Estate Regulatory Authority) of UAE requires the audit of the projects registered with them in the UAE. Our expert team is well versed in ensuring compliance with stipulated RERA Audit regulations and the option of the Escrow trust account and has extensive experience in conducting audits as required by RERA.
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