Audits and Risk Consulting
Audit & Assurance
As registered and approved auditors in the UAE, we provide our services to mainland and free trade zones in the UAE. We are focused on delivering a high-quality audit. The range of audit and assurance services offered by us adds value to the operations of the entity whilst fulfilling our responsibility to report independently to the entity’s shareholders.
Until a few years ago, audits of financial statements in the UAE were largely procedural and for most entities an exercise for license renewal, except for entities with bank facilities. However, developments in the UAE starting with the introduction of Value Added Tax (VAT) and Corporate Tax have significantly transformed the landscape and the importance of audited financial statements. As per Article 20 of the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses, the Taxable Income of each Taxable Person shall be determined separately, based on adequate, standalone financial statements prepared for financial reporting purposes in accordance with accounting standards accepted in the UAE.
At Prominent Auditors & Chartered Accountants LLC, we work with you side-by-side to determine the proper level of service you need based on the unique circumstances of your organization. Whether it's an audit, review, compilation, special financial analysis, or forecast, the service you require will depend upon many factors. Prominent Auditors will clearly guide you through the myriad of considerations in making this decision.
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Audits of financial statements
Statutory / External Audit
An audit is the highest level of financial statement service that an audit firm can provide to its client.
At Prominent Auditors, audit goes beyond the numbers to discover what the data reveals in order to guide you through current and future business challenges. Our audit procedure ensures that the financial statements are prepared as per the accepted accounting standards, which properly reflect the profitability, state of affairs, and cash flows of the entity.
Specialized teams are assembled to address the unique needs of different organizational types
At Prominent Auditors, audit goes beyond the numbers to discover what the data reveals in order to guide you through current and future business challenges. Our audit procedure ensures that the financial statements are prepared as per the accepted accounting standards, which properly reflect the profitability, state of affairs, and cash flows of the entity.
Specialized teams are assembled to address the unique needs of different organizational types
Limited Liability Companies
Freezone Companies
Sole Establishment
Partnership Firms
Non-Profit Organizations
Government Organizations
Retail Sales Audit
Prominent Auditors provides Retail Sales Audits to help clients provide financial information related to Sales to Lessor / Shopping Mall Management and supports decision-making with regard to rent.
Review
A review is often acceptable for lenders, investors, and management and serves as a cost-effective means of obtaining a reliable snapshot of company performance. At Prominent Auditors, we offer review services that include a deeper investigation of the numbers, by applying benchmarking techniques or additional procedures to offer greater feedback on performance.
Compilation
A compilation is an assembly of data in financial statement format. Our compilation services examine the data in conjunction with business procedures to provide a more robust picture of our client's financial operations.
Assurance services
Agreed upon procedures assurance, internal control assurance, etc. In addition to financial statements audit, the management or regulators will from time to time require independent assurance for compliance with certain requirements. The Federal Tax Authority will from time to time require an audit report for closing stock of products subject to excise duty. Our audit team has in-depth knowledge and experience in providing various assurance services, be it agreed-upon procedures, assurance assignments on internal controls implementation, regulatory compliance, etc.
Make your business stand out with our personalized accounting services.
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Special Audits and Risk Consulting
The special Audit function helps protect organizational assets and drive operational efficiencies while Risk Consulting is essential to assess potential risks to the business and implement effective risk management frameworks.
We deliver tailored internal audit solutions with compliance checks, risk management, and actionable insights for growth.
At Prominent Auditors, our experts assist stakeholders and their counsel, effectively capture significant evidence, analyze intricate financial and accounting data, and articulate their findings to audit committees, corporate boards, regulators, and judges.
This covers Fraud investigation, misappropriation of assets, financial statement reporting fraud, suspicious transaction audit, etc.
Standard Operating Procedures (SOPs) are written documents or work instructions that detail all of the steps involved in a procedure or process. The SOP development services include end-to-end level mapping of processes and formatting SOPs to your template and organization structures.
We have a team of experts to support your organization in developing SOPs for Operational, Financial, Commercial, andAadministrative areas, across various industries.
Governments across the globe have been taking measures to increase the scrutiny of AML/CFT processes and controls, to fight financial crimes. In December 2020, the UAE Cabinet adopted the formation of the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism with an aim to follow the international requirements in this sector. Therefore, it is essential for organizations to take full control of their processes and operations to avoid any risk of exposure to money laundering and terrorism funding activities.
We provide them with AML/CFT policy, controls, and procedures documentation services to help them remain compliant with the AML laws in UAE.
