Audit and Assurance
Our qualified auditors help UAE businesses identify and manage Risks and Opportunities beyond the traditional Finance Reporting functions
We respond to the ever-changing economic climate of our clients by providing high quality, value for money solutions every time. As a famous quote suggests, “change is the only constant!” IFC helps your business adapt to current accounting trends. IFC has expertise in helping clients cope up with change. Our team of experts can advise you about changes in accounting standards that could affect your business internally and externally At IFC, we provide our clients with services suited best for their business type.
An external audit is an examination that is conducted by an independent accountant. This type of audit is most commonly intended to result in a certification of the financial statements of an entity. This certification maybe required due to regulations, licensing authority or by certain investors and lenders. External Audit is compulsory for all the companies registered in UAE.
There are many subsidiaries of US, European and Far East companies established in UAE. There are external audit requirements based on Group instructions from the Parent Company Auditors. Our staff comes from diverse background and we work with many subsidiaries of listed companies from Europe and US based on Group Audit instructions.
Our Audit team is fully up to date with the International Financial Reporting Standards (IFRS) and we follow the global best practices for the Audit process.
Internal audit is a dynamic service helping organisations achieve their objectives. It is concerned with evaluating and improving the effectiveness of risk management, control and governance processes in an organisation.
The scope of Internal Audit function is defined and agreed with the Senior Management and owners of the business as the Internal Auditor helps improves the organisation. The role has evolved over the years from being the “policeman” for the Management to being a “Value added advisor” of the Management and company. Depending on the requirements, the Internal Auditor acts as a Coach, Risk Manager, Controls Expert, Efficiency specialist or a Problem solving partner.
Our team of qualified Chartered Accountants comes from a diverse background and are able to provide a bespoke service to our clients based on their requirements.
Company Liquidation, dissolution or de-registration of a company refers to the closure of business operations after paying off the liabilities to the creditors and distributing the assets of the company to its shareholders and owners. There is a detailed legal procedure laid down by each authority, Mainland DED or Freezone Authority.
Our staff understand that closing the company is a very difficult decision for the owners and hence, they work closely with the owners to smoothly complete the process. They are fully conversant with the whole process of liquidation with the relevant Authority and ensure that the process is completed and there are no open files or liabilities.
Due Diligence is generally required to evaluate the history, performance and ability of an organisation. This may be for the purpose of acquisition, investing or for the purpose of evaluating the company prior to establishing a long-term commercial arrangement.
The due diligence involves evaluating Financial, Operational, Legal and Commercial aspects of the business. Our team of experts follow a rigorous process and enable our clients in making the right decision by presenting an independent Impact assessment of the findings.
Forensic audit or fraud investigation demand is on the increase because of the increase in financial crimes worldwide. A forensic audit is a process of tracking & investigating the matters related to fraud, financial crimes and commercial disputes. Statistically, majority of the frauds are committed by known and trusted people of the organisation. We help determine the root cause of financial errors, alleged employee fraud, reduction in company revenue, increase in cost & other operational matters.
If you are suspecting that there maybe fraud in your company, our team of experienced professional can help you uncover the fraud. Alternatively, our fraud experts provide consultation to our clients to put together the right processes and controls to minimise or eliminate fraud.
VAT was introduced in UAE on 1st January 2018. There have been many updates and clarifications issued by the Federal Tax Authority since the implementation. Our team of VAT experts are fully up to date with all amendments and clarifications issued.
Our team reviews the clients financial records to ensure that they are compliant with VAT law. This gives our clients peace of mind as they do not have to worry in case of an official audit by Federal tax Authority.
A disciplined approach to review, evaluate and improve the effectiveness of an organization’s information technology infrastructure, policies and operations. It helps to determine whether a computer system safeguards assets, maintains data integrity, allows organizational goals to be achieved effectively and uses resources efficiently.
Our team has extensive knowledge of IT systems and testing procedures and they work with the business owners in assessing the risks within the company’s IT systems and infrastructure.
Business Risk Audits are preventive strategic tools that can help businesses stay on top of adverse situations. They are designed to identify potential risks, and consequently to inform about the actions that need to be taken to plan for, and respond to, risks.
As the business grows, the risk profile of the business changes. We have experienced professionals who have worked with businesses from startups to mature stages and understand the risks associated with each business cycle. We help identify the Business risks and work with the owner to help mitigate the risks identified.
There are specialist assignments whereby the Authority or Parent company may instruct Audit of specific areas of business. The process and scope for these assignments are limited to the instructions agreed.
Our team of experts understand the purpose of the assignments and work diligently to ensure the core objective is met.