Auditing Services

Financial Auditing report is a legally required assessment of a company’s or a government’s financial data, establishing its accuracy. Serves the purpose of analyses financial information such as financial transactions and records. It is a legally required review of true and fair presentation of a company’s financial statements and records.
 
Our Auditing Services Include:
1. Statutory Audit
Statutory audit is generally called as external audit in most of the countries. Spectrum  performs   audit of the financial statements of its clients under its auditing division, Spectrum      Auditing and it is  listed in many of the free zones, banks and other financial institutions in United Arab Emirates.
We conduct our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. We perform procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected by us depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
 
2. External audit
An external audit that is also termed as financial audit, deals with the analyzation of a company’s financial affairs. This is the most common type of audit. External audit is about investigating the financial statements of an organization by an external auditor to establish truth and fairness.
An external audit is an examination that is conducted by an independent accountant. This type of audit is most commonly intended to result in a certification of the financial statements of an entity. This certification is required by certain investors and lenders, and for all publicly-held businesses. Real Estate Audit
 
3. Internal Audit
Internal Auditors’ roles include supervising, evaluating, investigating and analyzing organizational risk and controls; and reviewing and confirming information and compliance with policies, procedures, and laws. Working together with management, the internal auditors provide assurance that as far as possible risks are significantly reduced and that the organization’s corporate governance is forceful and capable. In addition Internal auditors make recommendations for And, when there is room for improvement, internal auditors make recommendations for augmenting processes, policies, and procedures.”
Internal audit is a key driver of effective management control, proactive risk management, good corporate governance and ongoing process improvement. Our comprehensive range of internal audit solutions include:
- Helping organizations to develop and implement risk based internal audit methodologies
- Helping firms carry out risk assessment evaluation and testing
- Providing specialized additional resource to in-house internal audit departments
- Liaising with external auditors in relation to their annual statutory audit procedure
- Developing standard operating procedures
 
4. Stock Audit / Inventory Audit / Physical Verification
Depending on the type of business you are in, the stock can be one of the main items in the Balance sheet, it contributes highly to the total current assets, hence effects the fair representation of your firm financial situation.
In such businesses where stock is considered of great value and can have major influence on the company financial situation, it is very important to have an accurate count of inventory leading to an accurate figure in the balance sheet. Weakness in inventory controls could result in bankruptcy. Al Araidi Auditing can support you by monitoring the physical count and verification of your inventory and stock then provide an audited statement verifying the accuracy of stock value and in case the outcome does not match the expected book value; further investigations can take place to identify the lack of contra
 
5. Assurance to the shareholders and/or regulators
An audit provides the highest level of assurance on an organization’s financial statements. An audit provides assurance that an organization’s financial statements are free of material misstatement and are fairly presented based upon the application of generally accepted accounting principles.
An audit includes:
- confirmation with outside parties
- testing selected transactions by examining supporting documents
- completing physical inspections and observations
- Considering and evaluating the internal control system of the organization.
 
6. Liquidation/ Insolvency
When a Company ceases its operations, all the assets of the company are distributed to the Shareholders of the Company after settlement of dues to creditors and lenders. However, there is much more to the process of liquidating a Company. The regulations are in place to ensure all parties involved are treated fairly – that one party does not benefit at the expense of others involved. Company liquidation can be voluntary (instigated by the business owners) or compulsory (where authorities force the business to cease operating). Voluntary liquidation commonly results from continuous losses, a bank call on a loan, or changes in business environment causing the business to be impracticable. In some circumstances creditors can call for a voluntary liquidation. Authorities may force a business to liquidate for several reasons. A forced liquidation will occur when a company no longer has liquid funds required to maintain daily operations; creditors are not being paid; or the company commits a serious offense against established laws and regulations. Ignoring the company liquidation rules has some significant penalties for Company owners and top managers so it is important to properly end the company operations. The first step is to designate a liquidator. The duties of the liquidator are set forth in official regulations and only approved firms may be designated as liquidators.