AUDIT AND ACCOUNTING SERVICES

Transcription

1 AUDIT AND ACCOUNTING SERVICES Adding value to the business we serve An Independent member of UHY International

2 1 UHY Saxena Audit and Accounting Services ABOUT UHY SAXENA UHY Saxena is an audit and consultancy firm in the United Arab Emirates, established in The firm also specialises in corporate formations in the free zones, mainland and offshore locations, both in the United Arab Emirates and globally. The firm has a team of qualified professionals who are supported by well-experienced and well-trained staff. The core team has a rich, collective experience and their diverse skills sets span across functional domains and geographies, enabling the firm to deliver value added solutions to its clients. To complement the in-house skill sets, UHY Saxena has also established strong associations with companies, individuals and corporate specialists in various fields to meet our clients diverse needs. UHY Saxena understands that each client is unique and requires a distinctive approach to understand the needs of each, build trust and develop a strong relationship. Whether you are a publicly listed corporation, large or medium-sized company, privately owned business, not-for profit or public organisation, UHY Saxena is confident of having the right people and the right experience to deliver what matters at the highest level of service quality. In over 20 years since inception, the firms clientele has grown to include more than a thousand companies covering a wide range of business and trade. With office locations in Dubai, Abu Dhabi, Sharjah, Jebel Ali and Hamriyah and global network presence in more than 80 countries, the firm is never far away from clients. WHY UHY SAXENA? UHY ADVANTAGE Highly collaborative and participative approach leading to customer buy-in. Structured, methodical and logical approach leading to effective solutions. Strong skills in implementing the recommendations we develop. UHY APPROACH Entrepreneurial with a strong International orientation. Member firms in major business centres to provide a full range of business solutions. Holistic and integrated approach. Incise local knowledge and common sense approach. Association with consultants of many disciplines who complement in-house experience and provide a wide and comprehensive skill base. UHY Saxena is a member of UHY International, a UK company. Established in 1986 and based in London, UK. UHY is a network of independent accounting and consulting firms. UHY is a full member firm of Forum of Firms, an association of international networks of accounting firms that performs audits of financial statements that are or may be used across national borders. UHY Saxena is registered with the Public Company Accounting Oversight Board (PCAOB). OUR MISSION To provide quality and innovative professional services to companies and individuals by offering sound advice and customised solutions in all aspects of business through professional staff that are committed, competent and practice high standards of excellence. OUR VISION To be one of the leading audit and consulting firms in the region.

3 UHY Saxena Audit and Accounting Services 2 AUDIT AND ASSURANCE SERVICES Independent audit and assurance are not just about good governance but valuable tools for benchmarking and improving business performance. Besides meeting internal reporting requirements and statutory obligations, a robust annual audit identifies both threats and opportunities to your business or organisation. The firm adheres to International professional standards and provides independent opinions where these are requested. We have a thorough understanding of international regulations and legislation, and experience of complex reporting issues including International Financial Reporting Standards (IFRS). We provide intelligent insights and recommedations based on our expertise. Intelligent insight is provided and practical recommendations made. Our audit and accounting services include: External Audits Internal Audits Due Diligence RERA compliance Audits Accounts Outsourcing Services Budgeting, forecasting and planning Preparation of policies manual and accounting process EXTERNAL AUDITS Optimising the benefits of audit to our clients is a key priority. We provide highly reliable and studied financial opinions in accordance with national statutory requirements and in compliance with international accounting and auditing standards. Our work includes a review of internal controls, testing of selected transactions and communication with third parties to form our conclusions on financial statements. Our perspective of client s organisations, with our knowledge of industry, allows us to give practical business insights and ideas on financial and business risks on a continuous basis. Our experienced team of professional not only highlights the areas of opportunities, but also identifies potential challenges. We work in partnership with our clients to offer: Statutory audits and review of financial statements Compilation of financial statements and other financial reports. Special purpose audits - certification of sales. IFRS reporting and consolidation of financial statements.

4 3 UHY Saxena Audit and Accounting Services INTERNAL AUDITS Internal audit has matured as a function and many organisations see it as playing a vital role in assisting management in the effective discharge of their duties. It is no longer limited to financial issues but covers business and operational issues. We have assisted organisations in both establishing the internal audit department with its attendant recruitment and assisting in special tasks such as reviews of the function itself, providing benchmarks, risk and gap analysis and formulating action plans for implementation. The firm has also been retained in the role of an internal auditor as an outsourced function, where this has been cost effective and helped management by allowing them to concentrate on what they are really good at. The organisation benefits from a level of internal audit performance and delivery that is contractually agreed. The breadth of knowledge and experience across industries and sectors ensures that we provide audit and assurance services tailored to the unique needs of your business. Internal audits include internal review of policies and procedures, risk assessment and recommendations to the management, review of internal controls and design and implementation of adequate controls and process. DUE DILIGENCE Our due diligence services help our clients maximise the advantages of contemplated transactions and identify exposure and risks. Our multidisciplinary team of auditors, management consultants, lawyers and tax consultants, with the specialised knowledge the client needs, work under the direction of due diligence professionals. We offer an independent business review that provides a base of business owners, lenders or investors to assist finalizing a lending or investment decision. Whether a business is seeking to raise funds or investors seeking to acquire reassurance of a business viability and credit worthiness, we can assist by providing due diligence services that ensure focus on key issues and options; Current financial position of the entity. Projected financial statements and cash flow. Business strategy and growth potential. Sensitivity analysis. Local laws and synergies.

5 UHY Saxena Audit and Accounting Services 4 RERA COMPLIANCE AUDITS The Real Estate Regulatory Authority (RERA), the regulatory arm of the Dubai Land Department, has accredited auditing firms and bureaus to conduct financial auditing of real estate projects registered with RERA. UHY Saxena was among the first registered and accredited firms of auditors approved by RERA. We have experience in conducting financial and regulatory audits of developer projects, escrow trustee accounts and affairs of the owners association. We provide the financial audit report in accordance with IFRS and accounting principles and RERA management reports which highlights other regulatory matters, issues and matters that are considered pertinent to form part of our reporting. The firm provides auditors reports, conclusion matter to be reported and opinion on: DEVELOPER S PROJECT AUDIT The audit comprises of review of the control environment, review of internal controls processes and developer s compliance with applicable laws and regulations. We provide reasonable assurance that the financial statements reflect a true and fair view of the financial position and financial performance of the project in accordance with International Financial Reporting Standards and applicable RERA laws and regulations. In cases where required, we assist the Developer in meeting the requirements of RERA for audit compliance purposes. TRUSTEE ACCOUNTS AUDIT We provide a detailed report for guarantee accounts maintained with account trustee. A review of the effectiveness of control environment and internal controls processes is carried out which includes review of the risk management practices, customer management, customer complaint management, quality management and other relevant management policies. The account trustee s compliance with the applicable laws and regulations is also reviewed. We provide reasonable assurance that the financial statements reflect a true and fair view of the financial position and financial performance of the project in accordance with International Financial Reporting Standards and applicable RERA laws and regulations. OWNERS ASSOCIATION AUDIT The audit involves us whether books of accounts have been kept by the Owners Association, all income and expenditure from the Association accounts (both general and reserve) have been properly made or received in accordance with the laws. We provide our observations on whether there have been any errors, omissions, or areas of non-compliance with supporting audit evidence and also reasonable assurance that the financial statements reflect a true and fair view of the financial position and financial performance of the project in accordance with International Financial Reporting Standards and applicable RERA laws and regulations.

6 5 UHY Saxena Audit and Accounting Services ACCOUNTING SERVICES We have a dedicated team of accountants to undertake: periodic accounting services on a monthly or quarterly basis, one time updating of accounting backlog or annual accounting assignments. We assist clients in responding to new rules and regulations, including disclosure requirements, as well as to seek international opportunities to address certain challenges and offer advice on developing accounting functions, training staff or even outsourcing record keeping. Our staff has knowledge of operating software and we undertake in-house accounting or on site accounting projects. BUDGETING, FORECASTING & PLANNING We assist clients in preparation of cash flows for planning, budgeting, and forecasting. Professionals in the firm are well equipped to analyze the clients strategic and financial position in the regional and local marketplace. PREPARATION OF ACCOUNTING POLICIES AND PROCEDURES MANUAL We have the experience to prepare accounting and procedures manual s by understanding the nature and working of the accounting system of a client and then drafting the policies and procedures that will assist the client is placing internal controls in their organisation. INTERIM FINANCIAL MANAGEMENT Clients tend to have interim financial management issues either due to key personal leaving or increase in operations. We provide the resources to meet the gaps created by providing part time CFO s or deputation of staff with the required expertise. This service provides the clients with the time required to ensure they hire the correct staff or meet short term requirements. Interim management is a relatively new resourcing tool, but one which has rapidly become established as an invaluable aid to organizations of all sizes. Interim management is the answer to a wide range of problems, ideal for crisis or project management, managing change or turnarounds, smoothing the path of mergers or acquisitions or just providing a short-term stop-gap or skill set. Developing a real understanding of your business and the market you operate in enables our team to proactively help you drive greater efficiency and increase profitability.

7 UHY Saxena Audit and Accounting Services 6 GLOBAL REACH UHY Saxena is a member of UHY International. Established in 1986 and based in London, UK, UHY is a network of independent accounting and consulting firms. Each member of UHY is a legally separate and independent firm. UHY offers an exceptional competitive advantage national capabilities are enhanced by global resources and an attentive personal service. The network s teams, who cover nearly 270 business centres in 86 countries, pride themselves on their ability to combine local knowledge with regional, national and international skill sets. UHY brings together the global expertise of independent member firms, who are all highly regarded, professional and reputable in their own local markets. However, it is the UHY culture that really makes the difference for clients. The member firms know each other well; they are aware of each firm s specialist sector knowledge and about each other s individual expertise. Moreover, members are familiar with each other on a personal level through meeting and working together regularly. It is this cohesiveness that differentiates UHY from other international networks. Clients like working with UHY s approachable and downto-earth individuals who can offer innovative and practical solutions for mid-market clients as well as established multinationals. Globalisation and changing demographics continue to create new opportunities for both clients and member firms. The network s drive for professionalism, quality, integrity, innovation and our global reach have realised substantial growth for both us and our clients, who enjoy the significant competitive advantage of access to the expertise and knowledge of over 7,100 professionals worldwide. Our depth of experience and focus on small and medium-sized businesses has created the model partner network for the 21st Century. MEETING REPORTING STANDARDS, WHEREVER YOU DO BUSINESS Our firm is well-placed to carry out multi-national audit work and we frequently work with non-affiliated firms and advisors. We also have a thorough understanding of international regulations and legislation, and experience of complex reporting issues, including International Financial Reporting Standards (IFRS). The breadth of knowledge and experience across industries and sectors ensures our firm provide audit and assurance services tailored to the unique needs of your business. As well as meeting internal reporting requirements and statutory obligations, a robust annual audit identifies both threats and opportunities to your business or organisation. Intelligent insight is provided and practical recommendations made. UHY s membership of the Forum of Firms and commitment to IFRS mean our clients have access to the same quality of professional services as larger multinational players. Consistent values wherever in the world you do business.

8 LET US HELP YOU ACHIEVE FURTHER BUSINESS SUCCESS To find out how UHY Saxena can assist your business, contact us at: CORPORATE OFFICE 16th Floor, BB2 Tower Mazaya Business Avenue Jumeirah Lakes Towers P.O. BOX 23271, Dubai, UAE Phone Fax mail@uhyuae.com UHY Saxena Chartered Accountants (the Firm ) is a member of Urbach Hacker Young International Limited, a UK company, and forms part of the international UHY network of legally independent accounting and consulting firms. UHY is the brand name for the UHY international network. The services described herein are provided by the Firm and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members. UHY Saxena ABU DHABI DUBAI SHARJAH JEBEL ALI FREE ZONE HAMRIYAH FREE ZONE