Closing Financial Statements Audit

Closing Financial Statements Audit

A Closing Financial Statements Audit is a comprehensive review of a company’s financial statements at the end of a reporting period to ensure that all accounts are accurate, complete, and compliant with applicable laws and accounting standards. This audit verifies that the financial records fairly represent the company’s financial position and performance.

Key Points:

Examines all balance sheet and income statement items for accuracy.

Ensures proper recognition of revenues, expenses, assets, and liabilities.

Confirms compliance with International Financial Reporting Standards (IFRS) and UAE regulations.

Provides assurance to management, investors, and regulators regarding financial statement reliability.

Purpose:

The audit helps organizations close their books accurately, identify discrepancies, and ensure that the financial statements present a true and fair view of the company’s financial performance and position at the period-end.