Auditing Services

We provide a full range of audit services to meet various business needs of the clients. We are registered auditors under the Ministry of Economy and Department of Economic Development, UAE that enables to carry out the audits under the Commercial Company Law and under regulatory requirements.

Our audit and assurance services includes -

• - External Statutory Audits under UAE Commercial Company Law
• - Independent Audits
•    - For the purpose of Banks and Financial Institution
•    - For the settlement of Insurance Claims
•    - For the settlement of cases in Courts of Laws
• - Sarbanes Oxley compliance audit and consultancy
• - Stock Audits

EXTERNAL AUDITS

External Audits are also referred to as Statutory Audits. These Audits also known as Financial Statement Audits.

The Audit is required by Commercial Companies Law in UAE and Free Zone Laws.

The Audit is performed for all the Limited Liability Companies (LLC) formed in UAE and for Free Zone Establishments/Free Zone Companies setup under various free zones of the UAE.

Companies subject to external audit by Sangani and Company have following advantages over unaudited Companies -

• - Compliance with the Law of having the financials being audited.
• - Serves as a track record of the Company’s performance.
• - Creates confidence in the Company, its Operations and Management in the eyes of the various stakeholders ( partners/shareholders, suppliers, customers, banks etc) and confidence about the sector at large.
• - Ensures Completeness, Accuracy and Fair presentation of information in the financial statements and disclosures in accordance with the relevant accounting standards, rules and regulations.
• - As a by product of statutory audit, identification of internal management issues by Sangani and Company and consequent suggestion on either systems/controls, cost minimisation measures, analysis of company’s performance and comments thereon for immediate attention of the Company. This is possible through the Firm’s rich experience and exposure in many business sectors.
• - Continuous engagement with the client prior to commencement of audit, throughout the audit process and thereafter.
• - Throughout the Firm, Sangani and Company’s auditors use a standardised audit methodology designed to comply with the International Standards of Auditing and other relevant standards. Sangani and Company’s with its rich and long experience in many business sectors- retains its focus on quality, timeliness, suggestions/improvements highlighted in management reports, advanced audit methodology to ensure compliance with the professional standards and provide value to the Client.

INTERNAL AUDITS

Today’s business environment is becoming very complex due to the following reasons:

• - Changing Laws
• - Ever changing technology rendering the existing technology obsolete
• - Ever increasing globalisation requiring the business owner to be flexible and quick in taking decisions.

Continuous dynamism in the business environment results in various business risks facing the Company. In the quest or sole focus of growing the business, the owner may not identify or address the risks and also neglect the controls/systems in place. This could create obstacles to survival of the business.

Internal audits helps in identification and understanding the business risks facing the company and to understand/evaluate the controls in place to address the risks. Internal Audits are also known as management audits as the findings/results of these audits are for the management only.

Sangani and Company with its specifically assigned internal audit team assist the Company in the following -

• - In-depth analysis of the existing controls and systems in place for all the processes setup by the Company in running its operations.
• - Understanding the adequacy of existing controls in place
• - Identifying areas for implementation of better controls/systems.
• - Understanding of areas of cost minimisation or advising on the revenue generation streams.
• - Reporting to the management on existing controls, new controls etc.

REVENUE AUDITS OF RETAIL OUTLETS

Sangani and Company performs revenue audits of retail outlets to ensure completeness and accuracy of the numbers.