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Forensic/Investigative Audit

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Forensic/Investigative Audit

A forensic audit can be defined as an audit that includes the examination of an entity's accounting records for evidence of possible fraud or activity. illegal, which can then be used in court, if necessary. Most accounting and auditing firms have a separate department that oversees forensic/investigative audits. These audits require not only specialized knowledge of accounting and auditing processes but also in-depth knowledge of the legal framework to be followed when conducting such audits. . Forensic audits include many different investigative activities. Forensic audits can be performed to arrest an individual or organization for embezzlement, fraud, or other types of financial crimes.
The process of a forensic audit is similar to a traditional financial audit, which means it involves planning, gathering evidence, and writing a report with the added step of appearing in court. . Typically, the level of testing for transactions and accounts in a forensic audit is more detailed than in a traditional external or internal audit.
 

Tax Audit

Basically, a tax audit is an assessment of whether an entity is in compliance with all applicable tax rules, laws, and regulations. In other words, this type of audit is carried out by the Federal Tax Service (AFC) with the main purpose of ensuring that an entity collects VAT from its customers and submits it to the tax authority on time. In addition, it is also used as a tool to assess whether an organization is in compliance with all relevant tax laws applicable in the UAE, such as VAT and excise tax laws.

When it comes to UAE tax audits, our team of qualified tax professionals can help you prepare your business for the FTA tax audit. 

We have developed a tax review process that we use when preparing businesses for  tax audits:

  • Review the entity's existing VAT system; 
  • Modify the calculation of VAT; 
  • Check the unit's VAT declaration; 
  • Compare the data declared on the VAT declaration with the data recorded in the accounting books of the unit
  • Consider paying input VAT of the unit. 
  • Overall compliance of the client's business with the applicable provisions of the VAT law.
     
Cost Audit

This involves reviewing an entity's cost accounts not only to verify their accuracy but also to verify that cost accounting principles have been followed correctly when preparing these accounts. In simple terms, a cost audit can be defined as a tool used to verify cost accounts and verify that these accounts have been prepared in accordance with the cost accounting plan. or not.
Without a thorough cost audit, weaknesses may not be checked. Undetected inefficiencies and potential losses will ultimately negatively impact the financial health of a business. It is therefore important that manufacturers, especially manufacturers of consumer goods, preferably have their cost accounts audited by an independent third party at least once a year.

Inventory Verification

An inventory audit is an audit in which an entity's inventory assets are physically counted/verified using system records. Any company with inventory should perform an audit at least once a year to ensure that there are no discrepancies between the inventory that appears in its accounting software and the inventory that is currently in the ompany premises or warehouses.
Inventory audits help companies classify inventories into the following categories:

  • Fast Moving Stocks;
  • Slow Moving Stocks;
  • Damaged Stocks;
  • Dead Stock;
  • Expired stock.

Such classification helps entities make decisions that can have a positive impact on their bottom line. It also helps businesses reduce costs, fight theft and fraud, and improve inventory management processes. All around the world, stock audits are considered a good tool for managing inventory assets.
 

Management Audit

A management audit basically involves analysis and assessment of the capabilities of an entity`s management in achieving corporate objectives. The purpose of such an audit is not only to appraise the performance of individuals but also to evaluate the effectiveness of the whole of the management in working as a team to satisfy the interests of all the stakeholders, maintain good relations with employees, and uphold reputational standards.
A management audit is considered an important tool for the continuous evaluation and appraisal of the methods as well as the performance of an entity`s management. The main objective of a management audit is to help an entity`s management in identifying its weaknesses and to help them in addressing them.
 

Performance Audit

Performance reviews include the independent assessment and evaluation of an entity's activities to determine whether specific functions, programs, or projects are working as intended to achieve objectives. stated goal/goal or not. Performance audits are often associated with government agencies and departments at all levels, as most government agencies receive federal funding.
The purpose of this audit is to identify any weaknesses that prevent the entity from achieving its stated objectives and to make recommendations to remediate the identified weaknesses so that the entity can achieve its goals. achieve your goals without interruption or delay.