AUDIT AND ASSURANCE




A. Financial Statements Audit

The purpose of periodic external audit is to enable the auditor to express an opinion on the financial statements of the company that are prepared by the company’s management and presented for audit. External audit is usually carried out for statutory purposes in compliance with the prevailing law and can be conducted only by registered audit and accounting firms.

An audit report is aimed at highlighting whether the financial statements prepared by an organization present a true and fair picture, and if they have been prepared in accordance with the appropriate reporting framework.

Through comprehensive planning, we devote time to fully understanding each client and the business. By this, we can identify the key areas and risks to which the businesses are exposed and hence focus our audit effort thereon. We plan our engagements based on an assessment of internal controls and resources at client organizations, which in turn helps us to provide cost-effective external auditing services. Our recommendations allow our clients to make practical business decisions leading to improvements in operations and thereby reducing inefficiencies. .

Regular communication with our clients ensures quick resolutions to matters of all types, thus ensuring issues do not become problems, leading to delivery of desired results.

Our trusted external auditors in Dubai work side by side with your business to mitigate risks, improve operations and ensure compliance with regulations.

Why should you hire Bookworks Auditing? Your worth as a company will be exhibited through the audited financial statements based on which, people will want to do business with you or would be willing to provide loans to you. It is also closely related to the value of auditing firm you’re appointing which is why you want to stick with the best auditing firms in UAE.

Bookworks is providing audit service through its other division “Standard Mentors Auditing and Assurance” for more than 500 clients in Trading, Construction and Real estate, Healthcare, Logistics, and other services

We have performed audits for establishments, limited liability companies, private joint stock companies, public joint stock companies, private offices, foreign offices and others. Our certified team practices the code of ethics persistently and is known for its integrity, objectivity, and professionalism.

 

All our external audits are issued through our other licensed company “Standard Mentors Auditing & Assurance”. This company is registered in almost all the local and international banks available in United Arab Emirates. Established in 2012 and for many years it gained the trust of government sectors and our clients

 


B. Assurance Services

i. Internal Audit

“Internal auditing is an independent, objective assurance consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve effectiveness and risk management, control and governance processes.”


Internal auditing is the evaluation of internal controls of the company, the risks involved in financial reporting and bookkeeping as well as data collection and regulatory compliance. An internal auditor reviews every aspect of the company from management’s ethics to effectiveness of strategies applied for operating activities in different departments. It is the internal auditor’s responsibility to identify inefficiencies in company’s controls, policies and procedures implemented and the financial systems.

 

After the evaluation and analysis, the internal auditor is required to prepare financial reports as well as tactics and strategies for improving the internal controls and management of business.

A comprehensive analysis is provided identifying the areas that need enhancements and refinement in order to minimize inefficiencies and risks.

 

An internal auditor is appointed by the auditing committee who then presents the reports prepared by the internal auditor to the board of directors (BOD). An internal auditor’s opinion is independent of any sort of undue influence since they are directly answerable to the audit committee. Even the package for internal audit is defined by the audit committee so no intimidation or self-interest threats are involved. At Bookworks for Accounting Records, we leverage our experience in internal audits to becoming a trusted business advisor.r.

 

Our multi-disciplinary team with expertise in financial and operational audits, business process reviews, risk assessments, etc., can augment and enhance an organizations’ existing internal audit capabilities. Working closely with senior management and audit committees, we have helped several organizations make better strategic decisions and develop a high-quality internal audit function that improves business performance, turning risk and compliance into opportunities thus enhancing organizational value

ii. Forensic Audit

Our team of experts, comprising of more than eight chartered accountants and other seasoned forensic accounting professionals apply a unique approach and methodology which is then further tailored to each specific requirement and environment.

As Your trusted forensic accounting advisor, our team of seasoned professionals will assist you in conducting complex forensic accounting investigations and recommend the appropriate corrective action. Our services include fraud, complex financial investigations, and regulatory inspections

iii. Agreed Upon Procedures

An agreed-upon procedures engagement is an engagement in which an auditor is engaged to carry out those procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings. The recipients of the report form their own conclusions from the report by the auditor. The report is restricted to those parties that have agreed to the procedures to be performed since others, unaware of the reasons for the procedures may misinterpret the results. For example, an agreed-upon procedures engagement may be commissioned by an entity which is acquiring another business. The entity may engage an audit to report on specific aspects of the business that it is buying. Agreed-upon procedures can also enhance the credibility of the information provided to third parties, such as banks, regulatory agencies, prospective investors or prospective purchasers.

We provide specialized financial reporting in a variety of situations where your company desires independently verified and reported information, such as inspection of documents or transactions for specific characteristics, confirmation of specific information with third parties, or comparison of data to a defined standard. Many situations are appropriate for agreed-upon procedures, whether the objective is to provide specific information and negative assurance to users within your company or to third parties.

 


 

iv. Due Diligence

Are you looking at closely evaluating or making an investment in a company or a project? Would you like to know beyond what the numbers state? Our Due Diligence team helps you assess businesses in Dubai and across other emirates in the UAE to provide you with information relevant to making decisions on such transactions.

We will help you in:
• Identifying issues related to transactions, facilitating early tackling.
• Establishing of true value or cost of a business transaction.
• Empowering you to negotiate the

best terms during transactions.

Our team of Internal Auditors and Analysts have worked in Due Diligence engagements across various sectors comprising Manufacturing, Financial Services, Trading & Distribution, Oil & Gas, Technology, Healthcare, Hospitality, Digital and Social Media among others.

Our Due Diligence helps you to:

• Confirm that the business is what it appears to be
• Confirm all material facts related to the business
• Assess the risks and opportunities of a proposed transaction
• Reduce the risk of unpleasant surprises post-transaction
• Create a trust between two unrelated parties
• Identify potential deal killers in the target and avoid a bad business transaction
• Verify that the transaction complies with investment or acquisition criteria

iv. Stock audit

To strengthen the internal control system of your organization, you should conduct repeated checks on your stocks and inventory. Our stock audit services conduct full physical verification of the stocks present in your company and compare them with stock detailed entered in the record book. Whether it’s bounded warehouses, distributors of consignment agents, our stock auditing services cover the entire inventory system to give you the exact analysis of your physical stock.At Bookworks

auditing, the stock audit services covers the following aspects:

1. Stocks that are in transit: We keep a close watch on the stock that are currently in transit using tech-oriented methodologies.

2. Pilferage and old seasoned stock: Old seasoned stock is always susceptible to theft by either members inside of organization or outside of it. We also keep an eye on the old stock by matching their quantities with the archives.

3. Storage guidelines: The nature of stock vary. Some consists of inventory that need special attention to prevent them from getting spoiled. Bookworks thus follows a proper guidelines to ensure that the stored stock is protected.

4. Stock movement procedures: Our Audit services ensure that your stock movement procedures conform to the best standards present in the market.

Bookworks Auditing’s Coverage of Stock Audit Services

 

Bookworks Auditing’s stock audit services consist of:

 

1. Getting well versed with the tools present in your organization to record the inventory and stock

2. Verifying the physical inventory

3. Finding out if there is divergence between the stock quantity written in the records and the actual physical quantity of the stock.

4. Recommending the best inventory management procedures in the industry.

5. Resolution of current stocks

6. Implementing documentation strategies for better stock management

7. Ensuring that the Protocols related to storage, inventory, stock loss are being followed

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