OVERVIEW
The Affiniax team have decades of experience as audit specialists and have provided assurance in growing businesses of all sizes. The basis of good corporate governance is having the financial accounts audited on a periodic basis in accordance with the internationally accepted standards. Our audit and assurance services are in accordance with international standards such as International Financial Reporting Standards (IFRS) for the presentation of financial statements and are based on our in depth understanding of the International Standards on Auditing (ISA). These assurance services ensure compliance with local statutory requirements as well as internal reporting to the stakeholders of any business. As all relationships are tailored to the specific needs of each client, the potential to maximise growth is realized by adopting the right technology as well as the associated practices for you. Our audit services are based on the internationally accepted audit methodology of risk based approach, which includes the review of internal controls existing within the organization, verification of selected financial transactions with third parties and our communication with them, to enable us to provide a conclusion on the accuracy and validity of the financial statements.
In addition to statutory audits that we provide, another integral service of the assurance function are internal audits directed towards risk assessment and risk management. The analysis of the existing way of doing business across various functions, the risks attached to them and mitigating those risks in a prevention-is-better-than-cure style encompasses our approach towards the internal audit.
OUR AUDIT AND ASSURANCE SPECIALISTS CAN PROVIDE:
- Statutory audit and review of financial statements
- Compilation of financial records and financial statements
- Assurance services for specific agreed upon procedures on financial records
- Review of existing financial and accounting policies and their deviations from the International Financial Reporting Standards (IFRS)
- Preparation and compilation of consolidated and combined financial statements in accordance with IFRS
- Internal audit and review of procedures and policies in place
- Audits in accordance with Real Estate Regulatory Agency (RERA) requirements:
- Owners Association (OA) audits
- Developers Project audits
- Trustee Accounts audits
Frequently Asked Questions (FAQs)
1. What is an external audit?
An external audit is an independent examination of a company’s financial statements and accounting records by a third-party auditor.
2. Why is an external audit important?
External audits ensure the accuracy and reliability of financial information, enhancing transparency, and building trust among stakeholders such as investors, regulators, and creditors.
3. What are the key objectives of an external audit?
The objectives typically include: expressing an opinion on the fairness of the financial statements, ensuring compliance with relevant accounting standards and regulations, and detecting and preventing fraud or errors.
4. What is the role of the external auditor?
The role of external auditors include planning and executing audit procedures, assessing internal controls, gathering audit evidence, and issuing an audit report with findings and recommendations.
5. What are the different types of audit opinions?
External auditors may reach certain opinions based on their examination of financial statements, and these include unqualified opinions (clean opinion), qualified opinions, adverse opinions, and disclaimer of opinion.
6. How does the external audit process work?
Steps involved in conducting an external audit include: planning, risk assessment, performing audit procedures, evaluating internal controls, communicating findings, and issuing the audit report.
7. What are the typical challenges faced during an external audit?
Most commonly our experts encounter challenges such as: resource constraints, complex accounting issues, disagreements over audit findings, and regulatory changes.
8. How often are external audits conducted?
The frequency of external audits varies depending on factors such as regulatory requirements, the size and nature of the organization, and stakeholder preferences.
9. What is the difference between an external audit and an internal audit?
External audits, which are conducted by independent third-party auditors, whereas internal audits, are performed by internal audit departments or external consultants hired by an organisation.
10. How can organizations prepare for an external audit?
Companies can employ certain measures such as maintaining accurate financial records, implementing strong internal controls, and collaborating proactively with auditors.
