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Internal Audit is a vital service that offers independent, objective assurance and consulting to enhance the operations of an organization. It plays a critical role in maintaining the management of any company and ensuring that it achieves its business objectives effectively. With a systematic, disciplined approach, Internal Audit evaluates and enhances the effectiveness of an organization's risk management, control, and governance processes. It identifies areas of improvement and provides recommendations to add value to the business. An effective Internal Audit function provides a range of benefits to an organization, such as improving the quality of decision-making, enhancing the reliability and integrity of financial and operational information, and strengthening the organization's control environment. IPRAVO Internal Audit Services provides businesses with a range of audit services to help them achieve their objectives efficiently. Our experienced consultants bring a wealth of knowledge and expertise to evaluate and improve the effectiveness of risk management, control, and governance processes. Our services are tailored to meet the unique needs of each client and can include risk assessment, internal control evaluation, compliance testing, and process improvement recommendations. We can also provide support for audit committee meetings, management reporting, and stakeholder communications. Our approach to Internal Audit is to work collaboratively with our clients to understand their business objectives and tailor our services to add value to their operations. We use industry-leading tools and techniques to deliver high-quality audit services that help our clients achieve their goals.

External Audit is a critical service that provides an independent and objective evaluation of a company's financial statements, accounting records, and internal controls. It is conducted by an external audit firm that is not affiliated with the company being audited, and it is essential for validating the accuracy of a company's accounting practices and ensuring compliance with relevant accounting standards. In the UAE, all companies are required to conduct external audits in Dubai, and the compliance with Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) is mandatory. The external audit provides oversight of the business's management and seeks reassurance that the management team is performing effectively, and the investments made in the company are secure. The external audit process involves a thorough analysis of a company's financial statements, accounting records, and internal controls to determine the accuracy of calculations and the recording processes used. It provides assurance to stakeholders, such as investors, creditors, and regulators, that the financial statements provide a fair and accurate representation of the company's financial position. At IPRAVO, we provide a range of external audit services that are tailored to meet the specific needs of each client. Our experienced auditors use a risk-based approach to assess the effectiveness of a company's internal controls and evaluate the accuracy and completeness of financial statements. Our goal is to provide independent and objective assurance that adds value to our clients' businesses. We use industry-leading tools and techniques to deliver high-quality audit services that comply with relevant accounting standards and regulations.

Statutory audits play a crucial role in determining and ensuring the accuracy of an organization's financial records and statements. These audits are conducted to assess whether a business is providing reliable and truthful information to the public and stakeholders. Due to the complex and intricate nature of statutory audits, they are typically conducted by trained and experienced auditing firms. The primary objective of a statutory audit is to provide an independent and unbiased assessment of a company's financial statements, accounting practices, and internal controls. The audit firm examines the financial records, transactions, and supporting documentation to verify their accuracy and compliance with relevant accounting standards and regulatory requirements. During a statutory audit, the audit firm assesses the organization's financial health, examines the effectiveness of internal controls, identifies any potential fraud or irregularities, and provides an opinion on the fairness and reliability of the financial statements. The audit firm's findings and opinion are typically documented in an audit report, which is shared with stakeholders, including shareholders, investors, regulators, and the public. Engaging a trained and experienced auditing firm is essential for conducting statutory audits due to the specialized knowledge, skills, and expertise required. These firms have a deep understanding of auditing principles, financial reporting standards, and regulatory requirements. They employ qualified auditors who follow a systematic and rigorous audit approach to ensure the accuracy and integrity of the financial information being audited. IPRAVO, as an experienced auditing firm, is equipped to perform statutory audits with the highest level of professionalism and expertise. Our team of skilled auditors possesses in-depth knowledge of auditing standards and regulations, enabling us to provide reliable and comprehensive assessments of financial records and statements. We strive to deliver accurate and valuable insights that instill confidence in the financial reporting process of our clients.

Some of the benefits of conducting a VAT audit and complying with VAT regulations in the UAE include avoiding penalties and fines, improving financial management, enhancing the company's reputation and credibility, and ensuring better relationships with suppliers and customers. It also helps in identifying and rectifying any errors or discrepancies in the company's VAT accounting, leading to increased efficiency and reduced costs. Moreover, it can help a company identify potential areas for cost savings and improve cash flow management. Overall, conducting a VAT audit is a crucial step for any business to ensure compliance and reap the benefits of a well-managed VAT system.

Due diligence auditing plays a critical role in evaluating the financial performance and overall viability of a business through a series of comprehensive assessments. This type of audit provides valuable insights into various aspects of the target company, including its financial capabilities, management competence, customer base, and supplier relationships. By conducting a due diligence audit, a client can gain a clear and comprehensive understanding of the target company's overall financial standing. Due diligence audits are typically requested by individuals or companies who are considering entering a business relationship or transaction with another company. The primary objective of a due diligence audit is to obtain a thorough understanding of the target company's history, reputation, capabilities, and track record before engaging in any business arrangements. The process of due diligence auditing involves conducting a detailed examination of the target company's financial statements, operational records, contracts, legal documentation, internal controls, and other relevant information. The audit team assesses the accuracy and completeness of financial data, identifies any potential risks or liabilities, and evaluates the target company's overall financial health and performance. By conducting a due diligence audit, clients can mitigate risks, make informed decisions, and negotiate favorable terms when entering business transactions. It provides an opportunity to assess the compatibility, reliability, and potential synergies between the client's organization and the target company. Additionally, it helps identify any red flags or areas of concern that may impact the success or viability of the proposed business relationship. IPRAVO offers comprehensive due diligence audit services to assist clients in making informed business decisions. Our experienced auditors perform thorough assessments, gathering relevant information and providing valuable insights to support clients in evaluating the financial stability and potential of the target company. Our aim is to deliver accurate and reliable due diligence audit reports that empower our clients to make confident business decisions.