Audit & Assurance

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Audit & Assurance

Baker Tilly is committed to delivering audit services that provide clients the assurance of having financial statements that fairly state their financial position.

Our audit professionals actively communicate their findings and provide knowledge-based insights throughout the audit process. We deliver value that goes beyond our audit opinion, which helps clients anticipate and resolve issues critical to the success of their businesses.

An external audit is an independent examination of the financial statements prepared by the organization.

It is usually conducted for statutory purposes and results in an audit opinion about whether the financial statements give a ‘true and fair’ view of the state of affairs of the organization and operations for the period.

Audit of financial statements services includes :
  • Preparation of financial statements in accordance with International Financial Reporting Standards (IFRS).
  • Critically examining the underlying accounts and processes in accordance of International Standards on Auditing (ISA) using a risk based approach.
  • Performing control testing as a part of the audit process and providing pro-active responses where there is a lack of an adequate & effective control environment.
  • Providing reliable input and assurance on the financial statements to the Company’s shareholders and stakeholders.

An Internal Audit is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations.

Working in partnership with management, our team of internal auditors will provide the board and executive management assurance that risks are mitigated and that the organization’s corporate governance is strong and effective

Our Internal Audit services include :
  • Monitoring, assessing, and analyzing organizational risk and controls;
  • Reviewing and confirming information and compliance with policies, procedures, and laws; and
  • Making recommendations for enhancing processes, policies & procedures where there is room for improvement.

Real Estate Regulatory Agency (“RERA”), established in Dubai, UAE in the year 2007, is a government agency that formulates, regulates, manages and licenses various real estates related activities in Dubai.

RERA requires all its developers to have an independent “ESCROW” account and also to undertake an audit to check on the current status of the project and update the records with regards to the progress of the construction. Besides this all completed projects must have their own Owner’s Association, which needs to maintain and audit its books of accounts with annual submission to RERA.

Expert team at Baker Tilly is well versed with stipulated audit regulations and operation of Escrow Trust Account, Owner’s Association & Developer’s progress status and has mammoth experience & know-how of conducting such audits.

The scope of a RERA audit includes :

a. Financial Audit – To review :

  • A list of units sold, units cancelled and cash received from buyers
  • Mortgage/finance amount received for the project from financial institutions
  • Retention a/c balance and verify it represents 5% of total funds received
  • Paid land costs and other related payments (registration fees, oqood etc.)
  • Project construction, management & marketing related payments
  • Advance payments released to the contractor(s) or other parties
  • Advance payment guarantee and performance bond issued

b. Operational Audit – To assess the effectiveness of control environment and activities of the company.

c. Compliance Audit – To verify whether or not the developer is in compliance with the applicable real estate laws & regulations as required by RERA.

An agreed-upon procedures engagement is an engagement in which an audit firm is engaged to carry out those procedures of an audit nature to which the auditor, the entity and any appropriate third parties have agreed.

Agreed upon procedures will not replace an audit. However, they are helpful in identifying and correcting certain accounting procedures with the goal of rectifying them and improving your organization’s controls.

The primary deliverables of our agreed-upon procedures reviews include :
  • Detailed project plan for the audit
  • Comprehensive information request list allowing the you and your team to gather documentation in advance of fieldwork
  • The independent auditor’s report