Audit & Assurance

Financial Statements Audit

An independent examination of a company’s financial statements and related disclosures by external auditors provides an accurate and fair view of the financial performance. The auditor’s report and financial statements prepared by International Financial Reporting Standards (IFRS) lend credibility to the reported financial status and performance. The Economic Department and Regulatory Authorities mandate that UAE-based companies file audited annual financial statements. Similarly, financial statements are a prerequisite for lenders, banks, and suppliers before engaging in financial transactions or extending trade credit.

Internal Audit

Internal auditing, which can be financial, regulatory, compliance-based, or advisory, is often outsourced to independent accounting professionals to enhance transparency and achieve objectives. It encompasses a broad scope, assessing a company’s internal controls, accounting systems, and financial operations to ensure legal compliance and maintain an accurate and timely financial reporting system. Internal audits provide management with the tools to improve operational efficiency by identifying and addressing issues proactively.

Internal Controls and System Audit

Auditing involves a methodical review of a company’s records and accounts by independent accountants and auditors to assess financial performance and system efficacy. Internal Controls and System Auditing, in particular, examine control procedures and systems to optimize key functions and enhance the efficiency and effectiveness of standard operating processes. Benefits include streamlined business activities, asset protection, fraud prevention, financial record accuracy, resource optimization, and timely financial statement preparation.

Special Purpose Audit

Special Purpose Audits entail scrutinizing financial records for evidence usable in legal contexts, encompassing a broad spectrum of investigative tasks First Link’s accountants perform. This process involves planning to gather proof, reviewing information with a critical eye, and reporting findings to offer an independent, expert opinion. In cases of alleged fraud, the objective is to ascertain the occurrence of fraud, identify participants, quantify financial implications, and present the findings to the client or legal representatives.