Dubai Accounting Services - Jumeira Consultants

Auditing of an organization’s finances can be complicated with complex financial accounting issues regarding valuations, pensions and share plans, listings, and many more. International Financial Reporting Standards (IFRS) have to be kept in mind while performing the audits. Before making audit decisions, objective diagnostic tests and analytical reviews have to be conducted.

Assurance services generally comprises of Statutory & financial statement assurance, Group reporting, Quarterly reviews, Pension scheme audits, Grant audits, Regulatory reporting assurance, Completion accounts, Revenue assurance and Share-based remuneration accounting. Some companies offer audit assurance services as well as business process outsourcing services. Such audit assurance firms can provide organizations with an end-to-end financial auditing solutions.

The enterprises have the option of outsourcing the financial auditing task to offshore companies that offer BPO Services. The tasks that can be outsourced are Risk assessment, Reviews of the general control environment including organizational structure, System based audits concerning financial/and operational issues, Computerized Audit and Security reviews , Advice on policies ,procedures and their implementation and Review of master plans .

Risk management is a key factor for internal control and has to meet the compliance requirements. Risk management includes tasks such as identifying risk and providing solutions that can mitigate and control them. As governance and compliance issues have become more relevant it is important to ensure that there is enough control measures in the system that can prevent, detect or correct the identified risk element. Risk management may be required in any industry be it Information Technology or any other Business Process. The auditing firms that offer business process outsourcing services and audit assurance services must entail error free financial and non-financial reporting to ensure corporate governance and transparency to the stakeholders.

Apart from performing all the basic audit procedures, these auditing firms also cover

Internal controls review, Cost identification and control, Identification of excess or short investment in working capital, Statutory compliances, Tax planning, Database creation from available data and providing exception reports to management, Physical stock taking ,Advisory on cost of capital ,Structuring of systems and process reviews ,Internal, stock, management and investigative audits. Hiring an audit firm to monitor and keep track of your company finance is the best option to maintain a smooth flow of your business.