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Auditing Services with HMA
AUDIT & ASSURANCE
A systematic scrutiny of books of accounts & statutory records to verify the financial position of organization. It is legally mandated for all free zones companies doing business in UAE to submit their annual audit report with their respective authorities.
Internal Audit
Higher management use internal audit as an assurance to check all operations are being carried out effectively. Our competent auditors will provide an independent and objective assessment of your company›s operations, especially the effectiveness of internal control structure.
External Audit
Also known as statutory audit, a firm doing businiess in UAE has to submit its audit report 3 to 6 months within end of financial year. We are approved by Ministry of Economy to act as a licensed auditor. We are listed in all major free zones & our audit report are accepted across UAE.
Tax Audit
Today’s multinational corporations are facing the most challenging tax environment in history because of a combination of four global forces converging to create a perfect storm. The unstable environment created by these forces is resulting in a substantial increase in the number and size of tax audits, adjustments, and disputes. This surge is placing significant strain on traditional methods of resolving tax controversries.
Revenue Audit
A revenue audit is a two-part process that examines the figures and information on a company tax return against those found in its business records. In general, auditors check the returns of income over a one year period. However, they may review records for prior years too in case they notice any discrepancies.
Most companies, big and small, are subject to an audit at some points. Auditors can focus on one or more areas, such as your financial statements, compliance, tax information, or business operations. Basically, their role is to investiagte an existing report, system or entity. During the revenue audit , for exmaple, a company tax return will be compared to its tax records. This can be done through substantive tests, completeness tests, cutoff tests and other procedures.
Interim Audit
An interim audit is a part of audit stategy where audit testing is performed on interim financial statements or near balance sheet date. This audit strategy is done for more efficient audit execution of procedures at the annual audit or final audit testing.
Frequently, an interim audit is also performed as the result of the request from client as a response to financial institutions who are requiring their interim financial statements to be reviewed every quarter by the independent audit firm to be submitted to local regulator or authority and banks.
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