Audit and Assurance
01 Build and Maintain Trust and Transparency
In these challenging times, trust and transparency of the presented financial information are more important than ever. Hence, Audit comes as a vital tool to provide those values, as Auditors’ independence and the scrutiny they perform will bring confidence in those numbers through the assessment and examination of the company’s financial information, which is performed in line with the International Standards on Auditing (ISA).
Audit is an activity which provides reasonable assurance that the financial records are a fair and accurate representation of the transactions a company claim to represent.
At Bayswater Financials we do believe that independent auditors are playing their critical role as a trusted independent party between providers of business financial information and the users of that information. Such role is getting even more importance in times of economic crises and fluctuations, as stakeholders will ask more questions and will demand more transparency and assurance, to act and take relevant decisions.
Hence, we do respond to that demand proactively in listening to the stakeholders, through continuous learning and developing of new processes that enable us to perform quality audit and get more relevant and valuable outputs to the stakeholders.
02 Why each business needs an Audit
Each business needs to provide comfort and assurance to the investors and other stakeholders on their financial performance, even where a full audit is considered unnecessary.
You may need to support key statements, assumptions and disclosures in your entity’s financial statements or consider the suitability of established accounting policies following a significant change in the business. You may also require a wider review of the operation of your finance function.
Audit will help you in doing the following:
- Essential tool for annual profit share / dividends allocation to partners / investors.
- Essential tool for any investing decision: Start-up, expand and merge.
- Get credibility of annual financial performance results.
- Ensure Stronger internal financial discipline
- Ensure Improved management of the financial risks of business
03 Our Approach
We strongly believe that audit, although a statutory requirement, can add value to businesses and assist management in their decision-making process. Our approach to audit is to ensure that each project is well planned, reflects the actual results, and provides relevant information to the owners, investors, and other stakeholders.
We are committed to provide the highest standards of audit service based on building a long-term, director-led client relationship. We always pursue to provide visionary and practical advice to our clients, derived from a thorough understanding of their businesses and their needs. This is made possible by the quality of our people and our depth of expertise at all levels.
04 Five-Step Audit Approach
- Planning: obtain an in-depth understanding of your entity.
- Risk Assessment: Consider how fraud or error could result in a material misstatement of your financial statements.
- Internal Control Evaluation: Evaluate in place controls at an entity level which relate to financial reporting.
- Audit Testing: Perform a combination of tests of controls, substantive tests of details and analytical procedures.
- Concluding and Reporting:
- Report on the fair presentation of the Financial Statements;
- Management letter that describes control deficiencies identified during the audit and relevant recommendations;
- Communications to the audit committee with our observations.
05 Start-ups and entrepreneurs
Although we always recommend the full audit practice, we conduct a cost-effective and focused assurance reviews of your key areas of importance to your business. Without bearing cost of full audit. Such solutions we are ready to provide to start-ups and entrepreneurs businesses who are looking to grow and scale up on a solid financial ground.
Our Audit will be:
Tailored: cost-effective examination of critical areas of your financial reporting systems and processes.
Objective: Get peace of mind through having an independent review, which will support you in making any strategic decision, giving you easier access of access to external finance source.
06 Who we are
Our Mission is to always “Play A Critical Supportive Role In Our Clients’ Growth Journey”
Bayswater Financials has been founded in the Emirate of Abu Dhabi to support its clients in the area related to accounting, audit and advisory. Our key advantage will always be our personnel. Either junior or senior staff, we pay full attention to all aspects of personal and academic qualities, in addition to the working experience and skills. This is to ensure that our clients will get a service they look to acquire.
In such dynamic economy like UAE, we do believe the need to perform a best in class Audit and Financial Advisory services to ensure that businesses are utilizing their resources in an ideal way, through their growth and improvement journey, and allow them enhance their productivity.
Our Directors have at least 15 years of experience gained within the big four firms in the field. Such experience was gained through working with clients from different and various industries.
We work continuously to improve the quality of our services, invest in our people and ensure that quality is in everything we do. We are proud to work with our clients and stakeholders, and utilize our knowledge, skills and experience to help achieve our goal and create the targeted positive impact.