A. Financial Statements Audit
The purpose of periodic external audit is to enable the auditor
to express an opinion on the financial statements of the
company that are prepared by the company’s management
and presented for audit. External audit is usually carried out
for statutory purposes in compliance with the prevailing law
and can be conducted only by registered audit and
accounting firms.
An audit report is aimed at highlighting whether the financial
statements prepared by an organization present a true and
fair picture, and if they have been prepared in accordance with
the appropriate reporting framework.
Through comprehensive planning, we devote time to fully
understanding each client and the business. By this, we can
identify the key areas and risks to which the businesses are
exposed and hence focus our audit effort thereon. We plan
our engagements based on an assessment of internal controls
and resources at client organizations, which in turn helps us to
provide cost-effective external auditing services. Our
recommendations allow our clients to make practical business
decisions leading to improvements in operations and thereby
reducing inefficiencies.
Regular communication with our clients ensures quick
resolutions to matters of all types, thus ensuring issues do not
become problems, leading to delivery of desired results.
Our trusted external auditors in Dubai work side by
side with your business to mitigate risks, improve
operations and ensure compliance with regulations.
Why should you hire Bookworks Auditing?
Your worth as a company will be exhibited through the
audited financial statements based on which, people
will want to do business with you or would be willing to
provide loans to you. It is also closely related to the
value of auditing firm you’re appointing which is why
you want to stick with the best auditing firms in UAE.
Bookworks is providing audit service through its other
division “Standard Mentors Auditing and Assurance” for
more than 500 clients in Trading, Construction and Real
estate, Healthcare, Logistics, and other services.
We have performed audits for establishments, limited
liability companies, private joint stock companies,
public joint stock companies, private offices, foreign
offices and others. Our certified team practices the
code of ethics persistently and is known for its integrity,
objectivity, and professionalism.
All our external audits are issued through our other
licensed company “Standard Mentors Auditing &
Assurance”. This company is registered in almost all the
local and international banks available in United Arab
Emirates. Established in 2012 and for many years it
gained the trust of government sectors and our clients.
B. Forensic Audit
i. Internal Audit
“Internal auditing is an independent, objective assurance
consulting activity designed to add value and improve an
organization’s operations. It helps an organization accomplish
its objectives by bringing a systematic, disciplined approach to
evaluate and improve effectiveness and risk management,
control and governance processes.”
Internal auditing is the evaluation of internal controls of the
company, the risks involved in financial reporting and
bookkeeping as well as data collection and regulatory
compliance. An internal auditor reviews every aspect of the
company from management’s ethics to effectiveness of
strategies applied for operating activities in different
departments. It is the internal auditor’s responsibility to
year from the commencement date of the Agreement in
proportion to the actual ICV achieved as per the latest
ICV certificate.Supplier to submit the required ICV
certificate to prove achievement of the ICV
milestone to release the respective payment
accordingly.Types of ICV improvement plan:
• Company based Improvement Plan
• Agreement based Improvement Plan
C. Steps for ICV certification
The ICV process will be as below:
• Data Population
The population of the ‘Supplier Submission Form’ given by
ADNOC is dependent
on the last audited financial statements. It requires several
a satisfactory ICV certification.
details that are present
in the previously audited financial statements.
The step is the first and most vital in the whole process
of ICV certification.
• Agreed-upon procedures
The population of the ‘Supplier Submission Form’ given by
ADNOC is dependent on the last evaluated financial
statements. The step can substantially increase the chances of
a satisfactory ICV certification.
• Report delivery
• The delivery of a Factual Finding Report based on the work
carried out during the process. The report helps in identifying
shortcomings within the enterprise and plays a vital role in
awarding of ICV certification.
• Form validation ICV Certification will be signed and stamped
by ADNOC approved bodies that will have a validity of one
year from the issue date. The tedious process of ICV
certification ends with form validation.
ICV Certification execution
Initiation of the engagement with meeting with the
stakeholders and the timeline will be set for
performing certification. The meeting discusses
every detail of ICV Certification that helps in making
a satisfactory decision.
• Understanding
the informationAnalyzing current practices and
making a detailed report. The company must
conduct a holistic analysis of current practices
adopted by the management in each
field of the organization. The report compiled needs
to contain all the broad points to gain a better
understanding.
• Review
The company must review the information
populated in the Supplier submission
form. The step uses sample selection & testing to
perform a complete and satisfactory review of the
information previously generated in the process.
• Certification
It helps in finding potential errors and risks, grading
the draft, and discussing findings with management.
The process ends with a closing meeting to discuss
the certification process.