“For a Company, preparing itself and its financial records ready for auditing by an External Auditor in UAE can be very time consuming, exhausting and difficult job. The reasons may vary from improper books of accounts kept to inadequate details available to prepare for the External Auditors to verify and provide a clean (unqualified) audit opinion on the Annual Audited Financial Statements of the Company. Push Digits has a team of highly qualified and competent Chartered Accountants who can make this job easy for you professionally by aligning the accounts of the Company in the exact way External Auditors will expect to see. Our Group Auditors, NUF Chartered Accountants have in depth experience of what the usual audit requirements of an External Audit are and hence benefiting our clients greatly with our Audit Preparation Services.”
What does an Audit Entail?
The process of an audit is to examine a Company and its records by a Professional Audit Firm which is independent of that Company. The Auditors then present their Audit Report as a result of the audit undertaken. The audited Financial Statements of a Company includes the below mentioned components:
Components of an Audited Financial Statements
1. Director’s Report
2. Auditor’s Report
3. Statement of Financial Position
4. Statement of Profit or Loss & other Comprehensive Income
5. Statement of changes in Equity
6. Statement of Cash Flows
7. Notes to the Financial Statements comprising of significant accounting policies and other disclosures to help the readers better understand the financial figures
The Overall Objective of an Audit
The overall objective of an audit is to form an independent and unbiased opinion on the information presented in the Financial Statements whether that information reflects the true and fair view of the operations of that Company or not. For instance, the Auditors verify and give their opinion on whether the reported revenues, expenses, profit/loss, assets, liabilities and equity are stated at their true and fair values or are there any material misstatements.
Auditors are required professionally to follow ISAs (International Standards on Auditing) while performing the annual financial audit of any Company which are issued by IFAC (International Federation of Accountants) through the IAASB (International Auditing and Assurance Standards Board).
Why do you need an Audit?
Companies have various reasons on why they need their annual financial audit to be performed by external Auditors. We have mentioned some of these reasons below, why a Company needs audited Financial Statements.
Reasons why you need an audit
1. To seek an independent opinion on the truth and fairness of the Financial Statements of a Company by its stakeholders such as shareholders, management, customers and suppliers
2. For submitting to the Government Departments for various reasons
3. To fulfill the requirement of Free Zones
in UAE for the license renewal
4. Submission to the banks for renewal of credit facilities
5. To present the audited figures to the buyer or investor in case of a merger or acquisition of a Company
Our expertise and experience in professional accounting and consultancy equips us to provide our services to a wide range of clients ranging from service providers, traders to manufacturers. Our clients have every reason to say that we are the best professionals in the town in terms of our quality work and competitive prices.
Outsourcing is not necessarily an external option when Professional Accounting Services are rendered with intimacy and high level of commitment. That truly speaks for our experience with Push Digits.
COO – Middle East / UFC Gym
Push Digits has helped Mapto Media professionalize our accounting and have so far been a great choice to outsource this function to. It is a pleasure to work with Push Digits and we can only highly recommend them to anyone else who considers the same.
Managing Director / Mapto Media
Farhan is a very responsive business partner to Climax. No matter when we have questions, he always follows up quickly. This is very important when we operate on time zones that are 11 hours apart. Push Digits use of Xero technology is very helpful, providing immediate visibility into our financial information so that we can work together to ensure the financials are complete and accurate. Push Digits works closely with it’s clients to ensure that they deliver timely and accurate information. While our relationship is only a couple of months old, we have been very pleased thus far with the support we receive from Farhan and his team.
Michael T. Love
Chief Financial Officer, Vice President / CLIMAX Portable Machining & Welding Systems
I have started dealing with Push Digits 3 months ago and I have a startup trading business where it has quite complicated transactions internally and externally e.g. expenses, reimbursements, receivables, cash on hand and many others. Push Digits Team knows how to categorize and deal with each single transaction in a professional way. They are always there to answer my questions (morning to late evening) when I make new transactions or advise on how to do effective accounting for my business. Moreover, they also suggested a brilliant clouds based online accounting software called Xero that turns all our accounting work online in a simple friendly way. I would highly recommend Push Digits and their services.
General Manager / Tamara Foodstuff Trading
Push Digits are very efficient and provide a very high quality accounting service. They are very prompt and organized which keeps us very happy. We would very much recommend their services to anyone looking for top notch accountants.
Steven M Curbelo
Managing Director / Brooklyn General Maintenance
“Push Digits team is very professional and responsive. Their work representation is up to the mark. We wish the team good luck.”
Director / Fruitful
We had assign the Inventory data entry work in Tally.ERP 9 Accounting Software of our Company to the team of Push Digits. We feel that Push Digits is very good and capable enough to deliver the results in decided time frame and cost with accuracy in results.
Finance Manager / GME Aviation Services DWC LLC
Push digits is our first choice to receive diversified management services with pronounced flexibility and eminent expertise.
Finance and Accounts Manager / Atlas Foundations Company L.L.C.
Push Digits has been very helpful in getting my bookkeeping processes set-up. The staff is very flexible and have been able to provide me with the exact support that I need. I am very grateful for their contributions to my company.
Husni Al Bayari
Managing Partner / Davie & Bay Real Estate
How Push Digits can Help!
Push Digits has a team of professionally qualified Chartered Accountants who are supervised by experienced and dedicated Partners, all of whom have in-depth experience and knowledge of accounting as well as financial statutory auditing. Our team is well versed with all IFRS (International Financial Reporting Standards) as well as local laws and regulations.
The team of Push Digits can help your Company in an excellent way to prepare and arrange your accounts in order to meet the requirements of the statutory audit and to be ready for the Auditors to do their audit. Since our professional staff are experienced in the preparation of accounts for the audit, we can save time, energy and costs for your financial year end audit preparation significantly.
What will we do?
1. Finalization of accounting entries
2. Posting of year end journal entries and adjustments, for example accruals and prepayments
3. Finalization of trial balance
4. Schedules preparation for the following account heads;
a) Fixed assets
b) Intangible assets
c) Investment properties
d) Any other non-current investments such as equity shares
e) Aging analysis of inventories, receivables and payables
f) Geographical analysis of receivables and revenue
g) List of stock and inventories held
h) NRV schedule of inventories
i) Party wise list of receivable and payables
j) Schedules of prepayments, advances and other receivables
k) Gratuity and leave salary calculation schedule as per UAE labor law
l) Schedules of other payables and accrued expenses
m) Month wise analysis of revenue and purchases
n) Bank turnover schedule for revenue
o) Month wise analysis of direct and indirect expenses
5. Preparation of draft Financial Statements in accordance with IFRS (International Financial Reporting Standards)
6. Full co-ordination with external auditors in meeting and providing their audit requirements
We train our staff on the highest professional and ethical standards of accounting and audit preparation, hence our clients always get complete satisfaction from timely statutory audit completion which in turn relieves them from their reporting responsibility within the required timeframe. Our strong emphasis on continuous improvement gives us an edge to provide quality and efficient accounting and audit preparation services to our clients.
Reasons to use our Audit Preparation Services
1. Lack of competent accountant or finance team to prepare for the year end statutory audit
2. Non-existence of accounts for year end audit, for which we can do your accounting through our expert professional accountants
3. Absence of a proper accounting software
to generate reports for year end financial audit, for which our experienced consultants can provide you with best accounting software solution
4. Supervision by experienced and dedicated Partners to overlook the whole audit preparation process in order to maximize efficiency
5. Our strategic partnership with UAE’s renowned Audit Firm, being registered with all banks, free zones and government departments of UAE, provides you extra leverage for using our audit preparation services
Push Digits deploys the best of its experienced staff to prepare your Company accounts in a shape ready to be audited by the External Auditors in an efficient way so as to get the audited Financial Statements within the deadlines stipulated. Our audit preparation services are priced at affordable and cost competitive levels so that we can provide our clients the best audit preparation experience while making them retain the maximum value derived from using our services.