Audit & Assurance

Statutory/ External Audit

Which covers:

Audit of private companies

Audit of free zone companies

Audit of educational institutions, non – profit organisations and more
Non – Statutory/ Internal Audit
IFRS Services
- Adhering to the International Financial Reporting Standards (IFRS) is mandatory for almost all business within the U.A.E. with a requirement of statutory reporting.
The financial reporting standards are always changing rapidly and also increasing in complexity. Thus, we at Paul and Hassan strive to provide expert accounting advice and make complex accounting matters manageable.

Our services include:
- Technical advices
- Preparation of policies and accounting manual
- Preparation of financial statements
- Services for the implementation of new accounting standards
Some relevant IFRS, recently issued, which we draw your attention to are, as under:

a)IFRS 9 - Financial Instruments

The new requirement affects all industry sectors and covers the following:
- Classification & Measurement of Financial Assets & Financial Liabilities
- Impairment of the Financial Assets & Financial Liabilities as per the 3 stages Impairment Model as shown below
One of the requirements under this standard is – Provision of an impairment allowance, which needs to be provided periodically and any change made to the allowance has to be reported in the account of “Profit & Loss”. Additionally, disclosure requirements should be fulfilled as per the standard, if any.

b)IFRS 15- Revenue from Contracts with Customers

This standard involves a 5 step model (as shown under) which affects all industry sectors as it has now introduced a new, improved and detailed approach to accounting for revenue from contracts with customers.

It includes an exhaustive checklist of requirements which differ from the current guidance in IFRS.

c)IFRS 16 – Leases

This standard now changes the methods available for accounting for lease by removing the operating lease classification and requires the lessee to disclose a lease liability and a related right – of – use asset for all lease subject to certain exceptions.

In addition to the above the following will be impacted due to IFRS 16:
- Any asset and/ or property, plant and equipment whether acquired or hired from third party.
- Amortisation related to lease
- Accounting for lease
Having said the above, lessor accounting continues to follow the requirements as per IAS 17 in addition to few disclosures introduced under IFRS 16.

As for lessee accounting, the changes will affect the financials as shown below:
IS Assurance

Increasing reliance on IT systems to process, manage and store huge data along with continuously upgrading information technology is leading to complexity in the harmony between IT and financial reporting.

Hence, investing in the right information technology and system controls along with acquiring independent assurance on the same is imperative in achieving operational effectiveness of internal controls. As this further assists the management in generating objective, reliable and accurate data for financial reporting and decision – making process.
Other Assurance

a) Agreed upon Procedures

There could arise situations where an audit may not meet specific requirements as set by stakeholders. In such situations clients require reporting based on specific work/ requirements. Therefore, we at Paul and Hassan provide customised services based on ‘Agreed upon Procedures” engagements wherein, we offer and agree to performing specific procedures and no further to help you attain your desired result(s).

b) Real Estate Regulatory Agency (RERA) Audit

As per the regulations laid down by RERA, real estate developers should maintain ESCROW accounts for each project and get these accounts audited annually.

The aim of this audit is to assess the various activities of developers and to certify if the developer complies with the applicable rules and regulations as set down by RERA.

We at Paul & Hassan have both notable experience and in depth knowledge in conducting such services and reporting the same to RERA as per the scope of work.

c) Anti – Money Laundering

Many a times maintaining a balance between complying with government regulations and ensuring it does not hinder business growth can be a task. This is where we at Paul & Hassan come to your aid by providing services such as:

 AML/ KYC policy framework and audit/ remediation

 AML reporting standards.

d) Unified In – Country Value (ICV) Program

ICV Process Catalyst

A certification process standardized through a Memorandum of Understanding signed between ADNOC and Abu Dhabi Department of Economic Development. This is in line with the leadership vision and economic goals of the Government Accelerator Program (Ghadan 21).

In addition to the above parties, Abu Dhabi Ports and Aldar Properties are also part of the unified ICV certification process.

Businesses can now make a one – time application for the ICV Certification which will be applicable for the commercial evaluation process of services and goods procurement via the above mentioned 4 participating entities.

The objective of this program is to improve transparency, enhance localization measures in the Emirates, create job opportunities and accelerate the private sector’s contribution to the economic development in Abu Dhabi.

We at Paul & Hassan through our expertise provide support to our clients in streamlining of accounts and compilation of proper documentation, thus enabling our clients in achieving the highest possible score.

Services

a)IFRS 9 - Financial Instruments

b)IFRS 15- Revenue from Contracts with Customers

c)IFRS 16 – Leases

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