- What are the standards that PKF uses in auditing client financial statements (External audit)?
The audit of financial statements performed by PKF is as per the International Standards on Auditing (ISAs). ISAs are international standards issued by International Auditing and Assurance Standards Board. The standards are high quality standards promulgated to strengthen public confidence in the profession of auditing.
We fulfil our ethical responsibilities in accordance with the requirements of the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in the UAE.
- Which other assurance services are provided by PKF?
PKF UAE has proven expertise in carrying out various other assurance services including limited review of financial information, risk assessment and information systems reliability.
We are recognised by the Free Zones in the UAE including Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) as well as the Central Bank of UAE and Real Estate Regulatory Authority (RERA).
We have been appointed as one of Certifying Bodies to implement the Unified In-Country Value (ICV) Program as mandated by the Participating Entities in the UAE. We are also recognised by leading local and international banks and financial institutions
- Why PKF?
PKF UAE is approved auditor by the Ministry of Economy.
PKF has a proven track record in delivering assurance services to clients ranging from small, familyowned businesses to large multi-national groups across various industries and sectors. PKF has built up an extensive level of experience and expertise and has a team that demonstrates these credentials.
We at PKF believe in our people, and in giving clients direct access to our decision makers. We have specific experience of working with clients in various sectors and believe this knowledge is invaluable in delivering a quality service to our clients.
Our core engagement team on each assignment, with year-round focus, provides our clients with swift, thoughtful, and candid communication which in turn helps us in providing required technical support and timely services to our clients.
Significant experience of our team members across various industries helps in resolving industry specific, complex issues that may arise. Our team is empowered to make technical decisions specific to the industry in which a client operates.
Our technical team, with comprehensive knowledge on IFRSs, also provides IFRS training services to our non-assurance clients.
Further, as a member of PKF International Limited, we provide both the local perspective as well as global reach on account of presence of member firms across six continents.
- How often do the entities need to get their financial statements audited?
External / statutory audit is often conducted annually. However, based on specific requirements, it can be performed either quarterly or half-yearly
- Are there any regulatory requirements for audit of financial statements in the UAE?
The prevailing regulations in the UAE generally require that the financial statements of the entity are audited. Certain authorities also require that the audited financial statements should be submitted to them within the prescribed timeframe.
- What are the criteria that determine the audit fees?
Audit fees generally are driven by the time involved in completing the audit which in turn depends on the complexity and volume of operations to be audited.
- How does PKF ensure audit quality?
PKF is committed to a culture where quality comes first. We deliver high quality professional services with value insights, combining technical skills and sector experience whist maintaining integrity and independence. Our combination of size, depth of experience, cutting edge technology, infrastructure, and service philosophy helps us in providing quality services to our clients. Regular communication with clients ensures quick response to matters.
We encourage all our staff to attend technical conferences held by various professional bodies. The partners and managers also regularly attend international seminars/webinars to remain abreast with the latest developments in the field of audit.
We also conduct in-house trainings at regular intervals to keep staff updated on the International Standards on Auditing (ISAs), International Financial Reporting Standards (IFRSs) and local regulations.
- Why should clients having businesses in several countries engage PKF?
PKF member firms have presence across 400 offices. 220 member firms operate under the PKF brand in 150 countries across 6 continents and employ over 20,000 professionals. PKF International network means global standard of quality for our clients. “Local expertise wherever you are” is the promise. Member firms of PKF International Limited share the same commitment: high quality, partner-led services tailored to each clients’ requirements and grounded in local knowledge. At the same time, membership of the network allows the sharing of knowledge, experience and the skill that is so vital for our clients who do business in multiple locations.
