CA, ACCA, CIA, M.Com, Bsc (Hons.)
Partner at Push Digits
With the rise in corporate scandals and irregular financial practices, the need for an Independent Auditor to verify the financial records of a Company is increasing all the time. The competence and reputation of the Audit Firm performing the External Audit of a Company is equally important as the users of the Audited Financial Statements such as Government Authorities, Free Zones, Banks, Investors and other stakeholders see the Auditor’s work as significantly important in making their decisions. Our Audit Firm, Nadeem and Umendra Chartered Accountants is a very well recognized Audit Firm in UAE having a large client portfolio belonging to various industries and our Audit Reports are widely accepted in all Free Zones and Banks of UAE.
Competence, Independence, Integrity
Laws and regulations in the UAE require knowledge, skills, experience, and scrupulous effort to meet the rigid requirements of accounting and financial reporting. The expertise required to meet such stringent requirements comes from the various auditing firms operating in different emirates of the UAE. Specific knowledge of UAE laws and experience of working in the UAE cannot be acquired from audit firms operating outside the UAE.
Astounding Business Outlook of Sharjah
Sharjah is one of the emirates of the UAE having population of over 1,400,000 and covering area of 2590 square kilometres. The emirate of Sharjah is expected to grow 2% annually over the next two years as per S&P Global Ratings Agency. S&P global has also reaffirmed sovereign credit rating of ‘BBB+/A-2’ for Sharjah. The credit rating agency has said that Sharjah’s improved rating is driven by its strong financial position as well as its low risk exposure. With Expo 2020 around the corner and Dubai hosting the event, S&P Global expects Sharjah to hugely benefit from the said event. Sharjah’s financial position is likely to improve over the course of the next two years according to S&P global.
The purchasing power of people living in the emirate of Sharjah also increases the business potential of the Companies operating in the emirate. To further expand their business operations these business entities and corporations often look towards various investors and financing options. In order to attract investors and to obtain financial assistance from various financial institutions, businesses are required to portray their positive financial position and performance and for this the most important tool is an independent external audit performed by an approved Audit Firm in Sharjah. With our strategic partnership with Nadeem and Umendra Chartered Accountants, an approved audit firm in Sharjah and other Emirates of the United Arab Emirates, we provide our clients with independent and top notch audit and assurance services and that too at reasonable rates.
The UAE laws and regulations require Companies operating in different emirates of the UAE to be audited by auditors approved by the UAE ministry of economy.
The purpose of audit of companies operating in the Sharjah by approved auditors is to ensure that companies are complying with the relevant UAE laws and are also showcasing highest levels of corporate governance compliance.
What you get by using our Audit Services and why it is important for you to know!
Our world-class market is heavily relied on laws and regulations that help in eliminating unjust advantages. The Business entities with whom you want to conduct business will have the ultimate say in deciding whether they want to deal with you based on your ability to meet specific requirements. However, this is not the only criterion on which business entities base their decisions as in most cases large part of such decisions are based on business entities corporate reputation which is derived from independent audit of financial statements.
Now-a-days, perception of public helps greatly in building a company’s reputation. A business entity would not like to tarnish its image by doing business with companies that are involved in illegal activities or known for their incompetence and lack of resources remains.
If, for example, there is any kind of doubt regarding a company’s ability to continue as a Going Concern; ability to finance its operations and meet its financial obligations in the foreseeable future, other companies tend to stay away from such business entities. clear of them. These situations occur when a business entity’s accounting is not in compliance with the International Financial Reporting Standards (IFRS) as well as the laws and regulations applicable in the UAE. Most accounting and audit firms in Sharjah will aspire to provide your company with accounting and bookkeeping services in compliance with the applicable IFRS for the purpose of proper financial reporting but a lot of firms fail in doing so due to incompetence and lack of resources and therefore the selection of the right accounting firm is important for managing financial part of your business operations.
Quality accounting and bookkeeping services from a reputed accounting firm helps in assuring you that revenue figures reported in a specific period are complete and accurate, which in turn ensures that all the set financial targets for the period are met with by the entity. For exactly the same reason, it helps in ensuring that expenses incurred by the company during a specific period have been completely and accurately recorded as well as appropriately classified.
All type of information including the one mentioned above is highlighted and brought into stakeholders’ attention by accountancy & audit firms in Sharjah when conducting independent audit of a Company. This provides shareholders and other stakeholders with information regarding the company’s financial status, as of the audit date, by looking at the net change during the financial year/ period being audited.
Financial Statements audited by us provide the Shareholders and other Stakeholders with insight into the following key elements:
Assets which demonstrate the financial strength and health of your Company. They provide you with information regarding how much money the company will receive in the future which could be used for future investment, growth and making payments to parties. It also helps in highlighting asset balances against which provision for bad debts should be made in the company’s accounts which in turn reflects the effectiveness of the collection efforts made by the company’s management. All this information helps the company’s stakeholders in making informed business decisions and that too on timely basis.
We at Push Digits have specialized skills along with years of experience in Assets Management of Small and medium size entities and large companies. Our team will not only help you in management of your non-current and current assets but will also ensure that your employees are trained to carry out all the activities that are required for you to get the outcome we committed to you as per our agreement with you.
Liabilities of a business give provides information about how much the business entity owes debt to its banks, suppliers, related and other parties. Most of the stakeholders evaluate the company’s performance by comparing its assets with liabilities. Hence, efficient and effective management of Liabilities is essential for the long-term success of your business.
Push Digits has proven skills and expertise in management of Non-current Liabilities (mainly bank loans and facilities) and Current Liabilities (mainly trade payables). We provide our clients with the opportunity to meet our representatives where they can discuss and consult various business matters with our professionals. This initial meeting with our team professionals comes free of cost irrespective of your decision based on the outcome of our meeting with you.
Equity is that element of the financial statements that indicates as to how well the company is performing financially. If equity is increasing every year then confidence of the owners, investors and other stakeholders will remain high. If an entity’s equity gets eroded then it means that company is bearing continuous losses which ultimately arises doubt on the company’s ability to continue as a going concern.
At Push Digits, we treat our clients as our Business Partners. Apart from conducting audit of accounts, we also suggest our clients various business techniques and strategies that will either help them in turning their losses into profits or will put them in a position in which they can command good sum of money for their business.
Statement of Comprehensive Income (SOCI) which is also known as profit and loss statement provides you information about the company’s financial performance (Revenue, Expenses, Gross profit/ loss and Net Profit/ loss) at any point of time during a specific financial period.
At Push Digits, we present statement of profit and loss to our clients’ which provides them with information about their entity’s financial performance during a specific period. Our team of professionals will further assist you by highlighting the areas where you need to improve and giving you suggestions as to how you can increase your revenue and cut your costs based on the years of experience our professionals possess from auditing various companies operating in different industries.
Knowledge, Skills, Experience, Respect
Whether you are Small or large, individual or company, if you want to conduct business operations with other business entities in the UAE then it is essential for you to have your financial statements audited from a qualified, experienced and well-reputed team like ours.
Some businesses think that a favourable Audit Report is sufficient and adequate, but the reality is that the reputation of the audit firm issuing the report is just as important as the audit opinion. Even the favorable opinion from a disreputable audit firm, is essentially useless.
Less reputable firms will never offer a Management Letter to its clients at the completion of the audit. This tool helps the firms in highlighting the control weaknesses discovered during the course of the audit and bringing it in to the attention of the company owners and top management. This also assists in employment of corrective measures required to make the system stronger and healthier for subsequent financial and operational audits.
Playing Fair is the way to go
It is essential for a business to render external audit and assurance services if it wants to conduct business operations within the UAE. Every business entity must comply with the applicable accounting standards and reporting requirements so that its financials present a true and fair view. One of the main reasons behind many business entities consulting local audit firms for the audit of their financials is that they want to ensure that their books of accounts does not contain any information that is either misleading or in non-compliance of prevailing accounting and auditing standards.
Banks and other financial institutions, private lenders, permitting offices, Free Zone Authorities, real estate managers and all of the business entities with whom you want to conduct business operations with will refer to the Public Records before deciding to exchange goods/ services with you. All this creates a level playing field for all the parties involved, where the law and regulations apply equally to all the participants.
It is safe to say that one of the fairest systems exists in the United Arab Emirates. The system itself does not confer any advantage to an individual or company except for the situation in which one has the advantage only because of its unmatched abilities or unique talent. One of the most important assets for a business is its reputation. The perception of a business in the public eye also makes a lot of difference as a business having good reputation will attract more business opportunities while there will be fewer opportunities for business entities having bad reputation.
Audit firm conducting audit of your accounts will be responsible for creating your audit report that when issued will become part of the public record. The audit report when issued becomes an integral part of your business reputation, so you must work with the best audit firms in the emirate just like ours to ensure accuracy and reliability.
Other Elements of Reporting
Other components of proper financial reporting include services that run in the background like accounting & bookkeeping services, VAT & other consultancy services and forecasting & cash flow services. We at Push Digits are familiar with these types of tools as well as with all the laws and regulations applicable in the UAE, and therefore can help you in ensuring accuracy of figures presented in audited financial statements.
If any business entity wants to merge operations with another firm, create a subsidiary, or even close one of its business units, you will need assurance services such as Business Valuation, Feasibility Studies, Company Formation, Corporate Refinancing, and Financial Restructuring services.
Both the business entities will require a complete audit either external or internal both in case of splitting or joining finances; a system audit to ensure compatibility and in case entities systems are not compatible with each other then they can be made compatible through Software Consultancy. All this will have a huge impact on your profits, losses, tax position, and net values, system audits, tax and other business consultancy services.
While there are numerous auditing firms operating in the UAE, few can offer you top notch quality professionals having decades of experience in auditing various companies belonging to different industries, provided by our group audit firm Nadeem and Umendra Chartered Accountants. We are committed towards providing you with services that will not only maximize efficiency and effectiveness of your operations but will also help you in resolving your issues to ensure your long-term success. When you work with Nadeem Umendra Chartered Accountants and Push Digits, here is what you can expect from our services:
• Cost-competitive pricing;
• Team of professionals with Specialized Knowledge and industry experience of more than 20 years;
• Guaranteed Response time of 30 minutes;
• More than 50 detail-oriented consultants that are always ready to serve you;
• More than 3,500 satisfied clients and customers;
• Your confidentiality will not be breached;
• Top rated Certified Internal Auditors and Qualified Chartered Accountants having up-to-date knowledge as well as years of experience in working entities operating in different industries;
• Broad-based experience in every industry from engineering, aviation, retail, construction, petroleum and much more;
• On-time completion of audit, bringing as many audit professionals on-board depending on the nature and volume of work;
• Easy-access to our Partners, and availability to present outcome of the assignment to your shareholders and other stakeholders upon request;
• Training of your staff members so that they are able to prepare themselves for an efficient audit by arranging all the necessary documents and information in advance;
• And finally, we have multiple premises throughout the United Arab Emirates for your convenience, as well as offices in other parts of the world to assure international experience and knowledge to understand any international issues.
So please give us a call because we would love to hear from you. More importantly, we want to help you achieve top-flight reporting to show all your potential partners that you are the company that they want to do business with!