ASEL AL MAAYER AUDITING SERVICES

Auditing Services is Asel Al Maayer’s core business, and our professionals have passion for what they do.  By understanding each client's business, we convert information into insights to help uncover issues and opportunities to assist our clients improve their operational efficiency, performance and financial reporting.

We work with our clients to improve their overall financial reporting processes. Ultimately, we see our audit as more than just numbers and compliance. Our goal is to help our clients better understand their business.  We consider it our job to keep our clients informed all year long of accounting, financial and regulatory developments that may affect their business. Moreover, we provide continuity of service that is incomparable in the industry.


Specifically, our team delivers:

- Strong technical knowledge of IFRS requirements.
- Truly independent review and insight.
- Significant understanding of how to mitigate risks and adhere to regulatory requirements.
- Continuity from year to year to enhance efficiencies.

Services we offer:

1) Assurance & Audit Services
2) Accounting & Book Keeping Services
3) IFRS Reporting
4) Agreed Upon Procedures Engagement
5) Liquidation
6) Other Services
7) VAT Advisory, Implementation & Compliance

1. Assurance and Audit Services

Asel Al Maayer provides a wide range of assurance services, including:

- Statutory Audit
- Management Audit
- Internal Audit and System Control Review (SCR)
- Review and Compilation Assignments


A. Statutory Audit

Asel Al Maayer’s professionals recognize that, to deliver a truly quality financial audit report, it is important to look beyond the accounting entries and to focus more on the underlying activities and operations that give rise to them.
For public companies, we conduct an integrated audit, which combines the financial statement audit with an evaluation of:

- The effectiveness of internal controls over financial reporting
- Management's assessment of the effectiveness of internal controls over financial reporting

Internal controls include policies and procedures that are designed to ensure that a company's financial statements are both reliable and prepared in accordance with generally accepted accounting principles.
For privately owned companies, we view the audit as the first step in developing a long-term relationship built on trust and business insight. We leverage the knowledge we gain through the audit process to advise our clients on how they can grow and improve their business. We bring valuable ideas based on years of business experience.

B. Management Audit

Management audit is conducted to improve the profit earning capacity, work of management, objectives of program, social objectives and human resource development so that organizational goal can be easily attained.

 The objectives of a management audit are to:

- To formulate the goal of an organization.
- To ensure the fulfillment of goals.
- To help management to improve the activities and procedures.
- To help all the members of management to make effective discharge of their duties.
- To help in the improvement of profits.


Functions of management audit include:

- Management audit identifies the objectives of an organization if such objectives are not set up.
- Management audit allocates the overall objectives of an organization in small parts.
- Management audit reviews the structure of organization and asset of the organization and decides whether goals can be obtained or not.
- Management audit examines all the scope of work and liability centers.
- Management audit provides valuable suggestions to the management after the evaluation of all above facts.

 

C. Internal Audit and Systems Control Review (SCR)
The scope and extent of internal audit and SCR is usually client-specific and is, therefore, rightly viewed by clients essentially as a value-added assignment.
The underlying focus is on identification of the specific needs and risks of an enterprise and accordingly examining internal control framework not only to mitigate but also to manage a whole range of risks. In the process, the reports responding to the scope set by the client seek to highlight a broad spectrum of business issues and control features such as;

- Supervision of Books of Accounts and overall book keeping system
- Advise towards management information requirements
- Implementation of recommendations, as advised in the Audit Reports
- Identification of performance and profit improvement opportunities
- Enabling management to carry out properly and promptly their fiduciary and regulatory obligations.
- Obtaining the understanding of existing accounting and internal control system, approved and implemented by the management.
- Checking the compliance of existing accounting & internal control system.
- Continuous periodical reporting to management about non compliance of existing system, weaknesses found and suggesting improvements in the accounting & internal control system.
- Reporting on non compliance of regulatory and statutory requirements.
- Performance of detailed review of internal control system in order to find weaknesses in the system and to perform GAP analysis.
- Assisting system analyst and developers in system analysis, design and development process.
- Implementation of new systems developed and post implementation review.
- Training of personnel in order to understand and use new systems got developed.

 

D. Review and Complication Assignments

-
Reporting on limited scope review of financial statements based on inquiry from client & analytical review.
- Preparation of financial statements in different presentation style for management so that they can take proper decision based on that information.

 

2. Accounting and Book Keeping Services

We offer book keeping services at client’s premises under the supervision of highly qualified and competent staff:

- Preparation and analysis of accounts on a periodical basis, for management review.
- Providing assistance in preparation of various management and financial reports required for decision-making.

Outsourced book keeping can actually help improve your business:
- Save payroll cost
- Save time
- Gain peace of mind
- Focus on what you do best
- Utilize your internal resources in core activities
- Improve operational performance
- Ensure compliance with IFRS
- Regular backups
- Consistent reconciliation - Fraud prevention

 

3. IFRS Reporting

Today over one hundred countries have adopted International Financial Reporting Standards (IFRS) either as originally issued by the International Accounting Standards Board or as endorsed by a particular jurisdiction. Asel Al Maayer & Associates member firms combine broad international experience and technical expertise in audit of IFRS-based financial statements. Our international network of valuation, internal control and information technology experts is available to assist with the conversion process where the expertise of those specialists is necessary. IFRS conversion services include:

- Assisting management with the selection of IFRS accounting policy alternatives such as voluntary exemptions provided by IFRS 1, First-time Adoption of International Financial Reporting Standards, and assisting management in assessing the implications of selecting such alternatives.
- Identifying client-specific differences between GAAP and IFRS.
- Determining adjustments necessary to bring the financial reporting in line with the appropriate basis of accounting.
- Preparing financial statements and disclosures to meet requirements.
- Assisting with accounting systems and internal controls design and implementation.
- Assisting with stakeholder communications.
- Providing targeted training to accounting personnel.

 

4. Agreed Upon Procedures Engagement

The objective of an agreed upon procedures engagement for the auditor is to carry out procedures of an audit nature to which the auditor & the entity and any appropriate third parties have agreed and to report on factual findings.
We provide a report of factual findings of agreed upon procedures, no assurance is expressed. Instead users of the report assess for themselves the procedures and findings reported by the auditor & draw their own conclusion from the audit work.

5. Liquidation

Liquidation is the method by that a LLC company (or a part of a company), sole establishment, Dubai free zone company or institution closes its operation and therefore the assets and property of the corporate or institution is distributed to creditors and shareholders (owners) of the UAE registered Company. Liquidation is additionally known or noted as winding-up or dissolution, though dissolution theoretically refers to the ultimate steps of liquidation method.

6.  Other Services

- Realization of company assets
- Settlement of the entity’s liabilities
- Distributing the surplus funds to the members of the company
- Managing finance and accounts department.
- Undertaking book keeping and accounting tasks, both manual and technology-based systems including preparation and processing of underlying documents.
- Payroll preparation and related services
- Internal audit on a comprehensive, continuing or need-specific basis restricted to specific department, division, function and activities prompted by risk orientation and risk assessment.
- Processing of high-volume transactions involving repetitive function and processes, such as data input for stand-alone or network solution.
- Accounts receivables including preparing customer invoices, job costing, post customer payment, Aging analysis, Establish a credit approval process, Perform customer credit checks & follow up collections.
- Accounts payables including establishing a purchase system, enter purchase orders and process vendor invoices etc
- Month end / year end accounting including reconciling bank statements, preparing adjusting entries, preparing customized financial statements and profitability analysis.
- Quick books installation, tune up, training & monthly reviews.
- Fixed assets management including preparing fixed assets register & depreciation schedule.
- Establishing inventory process

7. VAT Advisory, Implementation & Compliance

Our Tax advisors and financial consultants will assist in reviewing your business to identify how VAT will impact your business and set the guidelines for your company to implement the accounting system and documentation required to ensure compliance with VAT rules.

Our tax advisors will also assist in filing your company VAT returns as per the rules and regulations.

In cooperation with our financial consultants, our tax advisors will provide continuous support for your business to help overcome any adverse impacts which the new VAT rule might imply on your business.