While performing audit, Beyond Numbers strives to provide you a bigger picture of your financial statements that help you to identify and manage risks related to control, compliance, and operations. Some audits have special purposes on which they work like auditing documents, risk, or performance or following up on completed corrective actions. Several methods like statutory audit, tax audit, internal and bank audits are proposed to achieve the audit purpose.
Statutory audit enables businesses to recognise and evaluate their internal controls and understand the action required to ensure efficient working of all the business operations. Businesses in the UAE are mandated by law to have their annual financial statements audited. Beyond Numbers helps in providing an accurate representation of the financial position of your business by examining information such as bank balances and financial transactions. This is critical to have a clear view of your business operations. Even when companies look at selling out equity, a well conducted audit can help in getting the right buyer and a right price. It also enables you to get finances from financial institutions, and allows you to have strong controls and accurate results. Beyond Numbers ensures that the statutory audit for the businesses in UAE is conducted in accordance with International Standards of Auditing with accounts prepared under International Financial Reporting Standards. We work with our clients to ensure their statutory obligations are fully met and audited accounts are filed well on time. UK-registered companies may be subject to statutory audits for which business owners should check with Beyond Numbers on their specific requirements.
Tax audit is conducted by the FTA to examine the tax liability of a business. An organisation is responsible to comply with the tax laws laid by the authority. At Beyond Numbers, we make sure that your obligations related to tax liabilities are handled accurately. All the processes fall inline with the provisions of the tax regulations, and the liabilities are paid in time. Our expertise and accuracy in work support businesses in the UAE in a manner that enables their business to face the tax audit at any time by the authority. We review the relevant documents, systems and procedures of a taxable person so that the business is in compliance with the tax laws.
Internal Audit (First-Party Audit)
Risk management and assessment is a daily task that needs to be fulfilled head-on. Businesses in the UAE should develop and implement plans with a risk-based and top-down approach that helps in identifying potential risks. We at Beyond Numbers help you in developing a comprehensive audit program and then conduct a risk-based internal audit. We further focus on whether the business process is effective, and whether various systems are being followed and implemented properly. Our internal audit services are designed to add value and efficiency to operations and enable businesses to identify and manage risks, develop successful strategies, and make smarter business decisions. Internal auditing can prove to be a priceless asset that uncovers the inherent causes of strengths and weaknesses in a business. Our services can provide you with a significant insight that can help you to overhaul or alter operations to make your internal control procedures more robust. Our approach to long-term risk management catalyses your business growth and helps you to modify the processes accordingly. Above all, our services work in line with the laws and regulations and confirm adherence to operational procedures.
Beyond Numbers is a professional VAT adviser that helps businesses in having VAT readiness and compliance with the procedures. Our VAT audit service helps you in identifying any visible deficiencies in the VAT environment. We check your VAT compliance and follow all latest provisions during the audit. Our VAT audit services provide you with a clear picture of the purchase and sales flow which includes the correct entry of the financial records of a business. Our services also help you to get assurance regarding the accuracy of the VAT returns reported. Opportunity to identify double accounting and double payment of supplier invoices can be achieved through our VAT audit services.
Our VAT audit is executed in accordance with the guidance issued by the Federal Tax Authority on payment, input tax claim, tax collection, document maintenance etc.
Co-operative Societies Audit
Change in laws of societies are applicable only when such changes are approved by Registrar of Societies. Beyond Numbers can help to physically examine and verify the assets of a society. We can help in preparing a balance-sheet, profit and loss account and Auditor report according to the proforma given by the Chief Auditor of the Co-operative Society of the State.
Our co-operative societies audit services can help you in reviewing, planning and auditing your accounts. We can help you in reviewing accounting transactions and statutory compliances, prepare management reports and meet the committee on a regular basis to report any discrepancies. Our audit service includes continuous or concurrent audit, test or super audit, re-audit, annual and periodical audit.
Bank audit helps financial organisations to go through their accounts, transactions, and documents and ensures correctness and legality of it. It is a periodic procedure that all banks need to undergo to make sure they are in compliance with jurisdictional regulations and industry standards. At Beyond Numbers, as we have specific focus on accuracy, completeness and legitimacy of the activities carried out by the financial entity. In addition, we assist you with detailed reporting so as to make sure that the auditors are equipped with all the required details.
Financial transactions, bank wire, automated clearing house (ACH), bank account monetary flow are some of the procedures that are reviewed by Beyond Numbers. We convert the strenuous procedure of bank audit into a seamless one enabling the financial entities to review all their services in a timely manner.