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Our Auditing

A properly conducted audit adds value to a client’s business on several fronts and there are compelling reasons for any company to undertake the audit process.

Financial history is littered with cases of major fraud and defalcation that occur across the economic spectrum. Our function, as auditors, is not specifically designed to cover deliberate fraud but the very nature of the work, applied in a responsible and professional manner, should highlight the points of weaknesses where fraud may be perpetrated.

  • An audit provides an independent check on an entity’s internal controls and, at the same time, ensures their effectiveness. The updating of these controls is usually overlooked as an organisation expands its operations. However, the audit function reviews the adequacy of controls in the current situation and, as such, Al Ghaith & Co are usually in a position to report, in writing, of details of weaknesses together with their recommendations to correct them.

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    The importance of an independent audit in smaller entities is very important so that any mistrust or misunderstanding between parties can be rectified and a “comfort factor” be given to owners.

  • Formal audits are mandatory for LLC companies and on-shore companies in Jebel Ali and other free zones. Furthermore official audits are often required by financial institutions to further banking arrangements. Al Ghaith & Co is registered with both the Department for Economic Affairs and the Jebel Ali Free Zone to carry out all types of audit.

Audit Objectives

Our responsibility is to audit the financial statements of companies and report our findings to the owner. The financial statements will comprise the financial position at a period in time and the related statements of financial performance and movements in equity for the period then ended. These will be prepared in accordance with International Financial Reporting Standards (IFRS)

We will report whether; we have obtained all the necessary information and documents to satisfy the audit purpose and we consider that:

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  • Proper books of accounts have been maintained
  • All relevant schedules have been reconciled to the trial balance
  • The financial statements comply with IFRS
  • The financial statements give a true and fair view of the company’s financial standing

The main aim of the audit is to express our opinion on the financial statements. The audit will follow IFRS which require that we plan and carry out our work to obtain reasonable assurance about whether the financial statements are free from material misstatements – whether this be by fraud or error. An audit will include:

  • Examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements
  • Circularising selected debtors, creditors, banks and other related parties for external confirmations
  • Assessing accounting principles used
  • Assessing significant estimates made by management
  • Evaluating the financial statement presentation

Owners’ Responsibilities

As the owners are responsible for the financial statements, they must establish and maintain internal controls and ensure that adequate accounting records are kept. These should:

  • Correctly report and explain all financial transactions
  • Enable the financial position of the company to be determined at any time
  • Comply with IFRS
  • Be readily available for audit purposes

The owners are also responsible for safeguarding the company’s assets and for the prevention of fraud and error as well as ensuring that the company does not contravene any of the country’s laws.

Auditor’s Responsibilities

Our audit program is based on the premise that we obtain reasonable – but not absolute – assurance of detecting error or fraud or any other illegal act that would have a material effect of the company’s financial statements.

We must point out that the audit process has inherent limitations as it is based on selective testing of the data underpinning the financial statements and this includes judgments relating to areas to be tested and the nature, timing, extent and results of the tests to be carried out. Audits are therefore subject to the proviso that material errors, fraud or other illegal acts may not be detected. Because of the characteristics of fraud, an audit designed and executed in accordance with generally accepted auditing standards might not detect a material fraud.

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Clients will be advised if – in the course of our audit - we were to discover any illegal acts, material errors or any suspicion of fraud.

Although the audit is not designed to identify all significant weaknesses in your internal control procedures, we will notify you of any that came to our notice. Our internal control review is for the purpose that we are satisfied to give an opinion on the financial statements.

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