A foreign exchange company which is also known as forex broker is a company that allows currency exchange and international payments to both private individuals and companies.
Exchange companies are an integral part of UAE Economy. There are more than 130 registered money exchange companies as per UAE Central Bank. Billions of amount of currencies are remitted from UAE to other countries and Exchange houses play a very important role in this.
Why need Audit?
In general, companies get their books of accounts audited in the following circumstances.
i) Legal Requirements: Branch of Foreign Companies, Liquidation process and other Government Authorities
ii) Management purpose: to understand the financial position, to evaluate the performance of the entity, to assess the progress of the business
iii) Third party requirements: such as Banks, and/or other non- banking financial institutions and suppliers
A financial audit is an independent, objective evaluation of an organization’s financial reports and financial reporting processes. The primary purpose of financial audits is to give regulators, investors, directors, and manager’s reasonable assurance that financial statements are accurate and complete.
Financial statements are supposed to depict the “True and Fair” position of the business and a financial audit conducted to provide an opinion whether “financial statements” (the information being verified) are stated in accordance with specified criteria. In providing an opinion whether financial statements are fairly stated in accordance with accounting standards, the auditor gathers evidence to determine whether the statements contain material errors or other misstatements.
BMS is equipped with sound professionals to do the audit procedures adequately to provide you with the best possible service.
In addition, financial audit exists to add credibility to the implied assertion by an organization’s management that its financial statements fairly represent the organization’s position and performance to the firm’s stakeholders. The principal stakeholders of a company are typically its shareholders, but other parties such as tax authorities, banks, regulators, suppliers, customers and employees may also have an interest in knowing that the financial statements are presented fairly, in all material aspects.
We are confident that our audit procedures, in accordance with professional standards, will always provide you a true and fair view of your financial statements.
BMS AUDITING & CONSULTING CO. Suite No.1001, 10th floor, Smart Height, Dubai, United Arab Emirates PH: +971 45516399 | MOB : +971 555569829 email@example.com | firstname.lastname@example.org