Financial Audit
At Al-Hisab Tax Consultancy, we offer premier financial audit services to ensure the accuracy and transparency of your business’s financial records. Our comprehensive audit process includes a meticulous examination of your financial statements. The outcome is a validated audit report that confirms the fair, accurate, and objective presentation of your company’s financial information.
A financial audit is a comprehensive evaluation conducted by external experts to review a company’s financial records, statements, and documents. This process ensures that the company’s financial information is accurate, complete, and compliant with relevant regulations.
The primary objective of a financial audit is to enhance the reliability of a company’s financial position and operational performance. This is achieved through a detailed examination of financial statements, accounting records, and supporting documentation by an independent auditor.
By undergoing a financial audit, a company can identify internal management issues and gain valuable insights. These insights enable the business to better manage current and future risks, facilitating more informed decision-making.
Financial Statement
A financial statement is a comprehensive summary of a company’s financial information, detailing its assets (what it owns), liabilities (what it owes), and equity (the residual interest of the owners).
It ensures adherence to accounting standards such as Generally Accepted Accounting Principles (GAAP), International Accounting Standards (IAS), and International Financial Reporting Standards (IFRS). Our expert financial auditors meticulously examine these records to produce a precise and credible audit report, ensuring that the financial statements are accurate and comply with established reporting standards.
Types of Financial Statements:
- Income Statement: This shows the company’s revenues, expenses, and profits or losses over a specific period. It helps assess the company’s operational performance.
- Balance Sheet: This presents the company’s assets, liabilities, and equity at a specific point in time, offering a snapshot of its financial position.
- Cash Flow Statement: This outlines the cash inflows and outflows from operating, investing, and financing activities, providing insights into the company’s liquidity and cash management.
- Statement of Retained Earnings: This details changes in equity, including retained earnings, during a specific period, showing how profits are distributed or retained in the business.
These statements are essential for financial analysis, decision-making, and reporting to stakeholders such as investors, creditors, and management.