Audit & Assurance – ExpertsPlusGroup

Audit Services

Services

An audit is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements as well as non-financial disclosures present a true and fair view of the concern. It also attempts to ensure that the books of accounts are properly maintained by the concern as required by law.

Any subject matter may be audited. Audits provide third party assurance to various stakeholders that the subject matter is free from material misstatement. As a result of an audit, stakeholders may effectively evaluate and improve the effectiveness of risk management, control, and the governance process over the subject matter.

If your company is subject to statutory audits, then it is imperative to find the right firm to conduct them to a regulatory body’s satisfaction. Experts Plus Group’s team have many years’ experience offering our clients thorough audits that can be held up to scrutiny by even the most exacting standard.

Importantly, our audit teams are led by senior employees with knowledge of your company’s industry and how it relates to your financial systems and reporting. By making sure that our team is familiar with your particular commercial sector we can also bring an advisory aspect to the audit, so that it is not only a necessary exercise, but also one that can be conducted with a view to improving existing systems.

A statutory audit might be a necessary requirement and expense for your company, but Experts Plus Group can also make it an opportunity. By keeping a broad view when examining internal audit reports, financial statements, financial software, records of transactions, company accounts and other areas, we can not only deliver on the audit at hand but also make recommendations on how to improve the systems in place.

In this way, your company is not only receiving its initial requirement but an added advisory service. Experts Plus Group thinks that statutory audits done this way are the best way.

We have a professional duty to provide an unbiased and objective view. We are independent from the operations we evaluate and report to the highest level in an organisation: senior managers and governors. Typically this is the board of directors or the board of trustees, the accounting officer or the audit committee.

We have qualified, skilled and experienced people who can work in accordance with the code of ethics and the International Standards.

Experts Plus Group evaluates the accuracy of controls at business unit levels and recommends improvement; evaluate links among those business units; verify physical assets and make sure they are protected; ensure compliance with established business procedures of the firm; and investigate internal fraud or behavior in violation of company policy.

We are performing VAT health checks / Tax audit to make sure VAT has been implemented properly and entity is tax compliant. Our VAT audit includes the followings:

Understanding VAT impact and key processes

Review the VAT impact assessment carried out by the client.
Review the process of identifying the type of supply (standard rated, zero rated, exempt or out of the scope).
Review the process of identification of partial exemption component and its accounting treatment.
Review the processes of identification of deemed supply.

Master data verification

Review the master data of suppliers and customers with VAT registration
Review of accuracy of tax registration number with FTA verification.

Output tax verification

Review the process of identifying entries which are out of the scope, zero rated, exempt and standard rated.
Review the process of posting in the VAT ledger from the source documents.
Review of process of classification of sales and output tax Emirates wise.

Input tax verification

Review the process to reconcile count and total value of transactions with input tax.
Review the process to identify the blocked input tax expenses and its posting in the ledgers.
Review the process of allocating input tax into taxable and exempt supplies.

Reverse charge mechanism validation

All imports codes have been updated in the FTA portal which is linked with the custom portal.
Reviewing the process to make sure RCM is being applied on concerned goods and services.
Review of goods and services on which RCM is being applied.
Review of accounting entry posted in the system for RCM.
Review of RCM liability booked in the system.

Invoice and credit note check

Review of sales invoices issued to the customers and purchase invoices received by the vendors and checking its compliance as per Article 59 of the UAE VAT Regulations.
Review of credit notes and checking its compliance as per Article 60 of the UAE VAT Regulations.

Compliance

Review of internal reports extracted from the system to prepare VAT Returns submitted for the last periods.
Review of VAT Calculations and VAT return
Review of compliance with FTA Laws

Transitional Rules

Review of processes of identification of contracts and transactions where transitional rules are applicable and verify its applications.

The thought of an employee abusing their trusted position is not one management want to entertain, but unfortunately at times they must. Dealing swiftly and expertly with any accusation or suspicion of fraud is integral to a company’s operation and reputation.

Experts Plus Group has experience dealing with these occurrences and can move fast to forensically examine accounts uncovering and identifying wrongdoing. We then prepare the needed data to support any action or litigation the company decides to take.

Faced with our robust data and unquestionable proof, most fraudsters will agree to resolve the matter as quietly and quickly as possible, allowing the company to avoid any negative publicity that can hurt their corporate image or tarnish their relationship with stakeholders. However, if an easy resolution cannot be attained, Experts Plus Group team members can act as expert witnesses for our client’s action.

Once the event that required Experts Plus Group’s services is resolved, we further help the client to examine, in detail, the systems that allowed any breaches and identify how to shore them up avoiding a similar situation in future. We work with the client until they reach a new level of security that will guard against future fraud.

The reliable supply of the orders is a significant element in the efficient and smooth functioning of the business. The objective of reliable supply is to achieve sustainable improvement and one of the best ways to achieve this is to carry out an audit of the supply chain. The audit should cover the supply chain holistically, from management to the shop floor and across the full breadth of supply services. The following five key areas can be used as a guide to ensure appropriate coverage:

Areas to be Covered by Experts Plus Group

Strategy

– Experts Plus Group chalked out clear and consistent plan about the delivery of the services

Organization Structure

– Experts Plus Group has a suitable organizational structure, with clear accountabilities and sufficient resources to complete the required work.

People, Culture and Skills

We have trained people who have excellent skills.
Organizational Culture – Experts Plus Group has highly motivated team.

Supply Processes

– Experts Plus Group in depth look at the following:

Demand Management.
Sourcing.
Cataloguing.
Purchasing.
Inventory Management.
Disposals.
Vendor Management.

Technology

– We have appropriate tools, particularly software, that support personnel in the execution of the supply processes, along with appropriate training and support

The Outcomes

– An effective supply chain audit by Experts Plus Group will result in following benefits:

Assessment of the performance as compared to the different areas of your business and, potentially, against benchmarks with other organizations of a similar size and nature.
An agreed and prioritized action plan for improvement of supply chain, with timings, costs, and resource requirements.
Reductions in procurement costs and MRO parts inventories alongwith improvements in stores productivity and service levels.
Better contract management leading to better supplier performance.