Assurance
From Stone Age to Cyber Age of Assurance Services
The traditional audit is dying and nextgen assurance is dominating the world of business!
Traditionally speaking, an audit is an “independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon. However, modern day assurance goes far beyond a traditional audit. While a traditional audit ensures reports or processes adhere to the best practice standards, laws, industry standards or internal policies, the modern day assurance enhances the credibility and reliability of information for decision-making purposes.
The profession of Audit and Assurance has seen tremendous evolution over the last couple of decades, in which technology has taken over the audit profession in an unprecedented manner through adoption of Data Analytics, Artificial Intelligence, Machine Learning, and Robotic Process Automation (RPA). Since the COVID pandemic, the rise of remote working has led to the development of virtual audit methodologies, and, most importantly, organizations are moving from traditional periodic audits to continuous auditing mechanisms, providing stakeholders with real time insights into financial health and operational efficiency. With the increasing prevalence of cyber threats, auditors are prioritizing cybersecurity assessments and compliance within their audit frameworks. This includes evaluating an organization’s IT controls and data protection measures.
SZ Chartered Accountants have kept up with the pace of changing needs of the Assurance and Audit profession by developing an ecosystem of technology providers, industry experts, legal practitioners and compliance professionals.
Our Comprehensive Suite of Assurance Services
01. External Audit, Review and Assurance
We have in-depth knowledge of today’s globally accepted standards on auditing and assurance such as the ISAs, ISREs, and ISAEs issued by IAASB, Our external audit, review and assurance practice offers the following services:
Independent external audit of statutory financial statements
Independent external review reporting
Independent external assurance
Providing support on developing integrated reporting frameworks
02. IFRS Advisory and Corporate Reporting
Our team of IFRS experts possess cutting edge expertise in the following areas:
IFRS/IPSAS/US GAAP compliant financial statements preparation
Transition to new accounting standards
IFRS-GAAP conversions
Consolidations support
Business combination and reorganization accounting
Developing non-financial, integrated annual reports
Non-Financial data driven reporting to management and BOD
03. Investment Performance Assurance
In the investment management industry, external audit of investment performance refers to the expression of a reasonable assurance based opinion on the measurement, analysis, interpretation, assessment, and presentation of investment results. While the management is responsible for investment performance reporting, we, as independent auditors, provide assurance on the information presented about the return and risk of investment portfolios over specified periods. Our niche service offerings in this regard include the following:
Key Performance Indicators (KPIs) based independent audit of investment performance
Investment Performance Evaluation
04. External Audit of Organizational Governance
The doctrine of Corporate Governance has been around for decades aiming to continuously improve the organizational environment, policy framework and modus operandi. Majority of governmental authorities vested with the regulation of capital markets and public sectors have issued laws and regulations. With the advent of ESG framework around the world over the past few years Corporate Governance monitoring for public interest entities has become a top priority agenda for the regulators. To keep compliant with the Codes of Corporate Governance and to maintain a robust governance structure for our clients, we offer the following support:
Corporate Governance Audit
BoD Effectiveness Audit
05. Agreed Upon Procedures
An Agreed-Upon Procedures (AUP) engagement envisages a standardized set of actions outlined by our client to perform an audit on a specific test or business process. This type of service is usually engaged by those clients who are in need of revealing the outcomes of a function, project, program or a specified component of business. We work with our clients to articulate the precise scope of the AUP engagement and deliver the AUP services in a diligent manner.
06. IT, Cyber Security and IT Governance Audit
General IT Controls (GITC) Audit
Assesses the effectiveness of controls over IT frameworks, including access controls, change management, and data backup and recovery processes.
Application Controls Audit
Focuses on controls within specific applications to ensure the accuracy, validity, and completeness of data processing.
Vulnerability Assessment
Identifies vulnerabilities in an organization’s IT systems and networks to mitigate risks.
Penetration Testing
Simulates attacks on the system to identify weaknesses that could be exploited by malicious actors.
Security Architecture Review
Evaluates the security of the organization’s architecture and makes recommendations for improvements.
Vendor Risk Assessment
Evaluates the security posture of third-party vendors to ensure they meet the organization’s security requirements and do not pose an undue risk.
Cloud Security Assessments
Evaluates the security measures and controls in place when leveraging cloud environments, ensuring data protection and compliance with relevant regulations.
ITIL Framework Assessment
Evaluates the adoption and effectiveness of ITIL (Information Technology Infrastructure Library) practices within the IT service management processes.
COBIT Framework Assessment
Assesses the organization’s governance and management of enterprise IT using the COBIT (Control Objectives for Information and Related Technologies) framework.
07. Our Credentials
Our Assurance and Audit team comprises professional accountants, technologists, legal and industry experts who have served a diverse portfolio of clients from all the major sectors of business i.e. energy, resources, industrials, consumer, B2B, financial services, technology, media, telecom, healthcare, government, public services, international development, etc, in multiple jurisdictions of the world.
Leadership
Muhammad Altaf Hussain
Head of Consultancy and Tax Division
altaf@szca.ae
+971509717890
Request for Proposal
Latest Publications
Tax Bites Edition 2 of 2024
Assurance Bites Edition 01 of 2024
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