August 26, 2017

Financial Statement Audit

financial statement audit

Financial Statement Audit in UAE

A financial statement audit in UAE is the appraisal of company’s financial statement. The result of the financial statement audit is an attested audit report by the auditor, which shows that the company has presented fair, authentic and unbiased financial statement.

Financial Statement Audit Services

The objective of a financial statement audit is to add credibility to the financial position and performance of a business. Through financial statement audit a company can be able to unlock valuable and worthy insights into the business.

Financial statement helps to identify the issues occurring in the internal management and critical deep insights that can help the company to address the present and future threats and challenges to take decisions accordingly.

Financial statement reporting standards

Financial statement audit ensures that the financial statement is in line with the reporting standard and follows the rules and regulations of Generally Accepted Accounting Principles (GAAP), International Accounting Standards (IAS) and International Financial Reporting Standard (IFRS).

Types of Financial Statements

SAB Auditing of Accounts offers financial statement audit services in UAE by gathering evidence and by proving a high level of assurance that the financial statement is being followed by all the standards. SAB is offering four types of financial statement audit services which are:

financial statement audit in Dubai

1. Balance Sheet

A balance sheet is a type of financial statement which explains the financial position of a company; balance sheet contains three major elements:

  • Assets
  • Liabilities
  • Equity

 2. Income Statement

Income statement is also known as profit or loss statement which explains the company’s financial performance in terms of the net profit or net loss. The two main components of income statement are:

  • Income
  • Expense

3. Cash Flow Statement

The movement in cash and bank balances over a period of is called cash flow statement. A cash flow statement involves three major activities which are:

  • Operating Activities
  • Investing Activities
  • Financing Activities

4. Change in equity statement

Statement of changes in equity presents the details of movement in owner’s equity. It can be measured by following components:

  • Income Statement
  • Dividend Payment
  • Gains or Losses

Importance of Financial Statement Audit

High quality and accurate financial statement audit is necessary to maintain the confidence of an investor or shareholder. SAB professional approved auditors in Dubai are committed and seek challenge to dig deep and find out valuable opportunities based on a thorough understanding of a nature of business and its processes. To get a quality and timely financial statement audit services in Dubai, Contact Us!

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