Audit & Assurance
External Audit
In the midst of multifaceted and dynamic market conditions, we are keen on attaining organizational benefits and adding value to regulators, shareholders and other stakeholders by offering international professional services in line with internationally accepted accounting standards and methodologies. Our innovative and exceptionally talented team is committed to undertaking all possible measures to eliminate fraud and stimulate transparency by scrutinizing your financial statements and reporting methodology. Our complete compliance with the local governing laws certifies its accuracy and credibility.
Years of experience and extensive technical knowledge in the financial and accounting industry enable us to communicate with clients regarding business issues and help identify organizational areas susceptible to risks, based upon which we design solutions that mitigate those risks. We help our clients monitor their organizational code of conduct, have regular reviews to assess the quality, economy and efficiency of the operational performance and implement strategies for improvement. Our services are structured to adapt to the nature and size of the organization and guarantee you of a fair and true view of the entity on the financial statements.
As our value added service, we also provide a working guidance on regulatory reporting requirements.
Our Statutory audit covers a clientele of various types of entities, in accordance to global accounting rules and regulations like IFRS & IGAPP. The types of entities we cover include:
- Audit of listed companies
- Audit of private companies
- Audit of educational institutions, trust, non-profit organizations etc
- Audit of Free Zone entities
- Audit of cross-border entities
Our specialist Internal Audit services provide audit and reviews of financial statements and reporting on internal controls following applicable professional standards. We help organizations enhance the effectiveness & quality of their internal control system and help boards and senior executives had better manage enterprise risks.
At ODEH & Company, our internal audit team looks beyond the typical financial audit by testing the effectiveness of procedures and provide timely communication regarding professional development and insights regarding matters that may affect the organization’s business.
Internal audit serves the efficiency of businesses as it offers, among other things:
- Sound advice on operations, performance, and internal controls.
- An assessment of whether the procedures adopted to comply with the envisioned policies.
- An assessment of whether best practices are being implemented throughout the organization.
Thus, in-house internal audit staff can be costly. Therefore, outsourcing a company’s internal needs may be a feasible option. Thus, outsourcing of such a service means that the company will only pay for the services hours given by our internal audit team, saving time, training, tools, and office space while at the same time getting the benefit of the service.
Internal Audit
Review
Financial statement reviews are generally performed on interim financial statements, including monthly, quarterly, and semi-annual financial statements. As a limited assurance engagement, as compared to an audit, a review offers added flexibility to those who do not require a full audit yet still require an independent opinion on the financial statements.
Our review procedures are based on International Standards on Review Engagements and our sophisticated analytical review procedures that utilise the Caseware assurance software (a comprehensive assurance software tool utilised by the top international accounting firms in over 130 countries around the world ) as our working papers supporting for our review reports. This allowed us to truly automate our review engagements while increasing accuracy and transparency of the financial statements and working papers.
We realize that each business has its own unique opportunities and challenges; therefore, we are cognizant on the need to carefully tailor our review procedures and inquiries based on our deep knowledge of the United Arab Emirates Federal Company Laws so our clients are not inundated by inapplicable inquiries and procedures
Agreed Upon Procedures
In an agreed-upon procedures engagement, we work with our clients to identify and perform certain procedures and assist our clients in evaluating certain individual items of financial data, based on their needs.
Agreed-upon procedures are engagements undertaken following the International Standard on Related Services (ISRS 4400) applicable to agreed-upon procedures, in which an auditor is engaged to carry out specified procedures designed by an entity or any appropriate third parties, agreed and to report on factual findings.
An engagement to perform agreed-upon procedures may involve the auditor in performing certain procedures concerning individual accounts of financial data (for example, accounts payable, accounts receivable, purchases from related parties and sales and profits of a segment of an entity), a financial statement (for example, a balance sheet) or even a complete set of financial statements.
The objective of an agreed-upon procedures engagement is for the auditor to carry out procedures of an audit nature to which the auditor, the entity, and any appropriate third parties have agreed and to report on factual findings.
As the auditor simply provides a report of the factual findings of agreed-upon procedures, no assurance is expressed. Instead, users of the report assess for themselves the procedures and findings reported by the auditor and draw their conclusions from the auditor’s work.
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.