Special Purpose Audit and Agreed upon Procedures
Special purpose audit refers to non-statutory audit intended for presentation to specific users or is focused on specific components of financial statements. Agreed upon procedures are engagements wherein auditor performs specific procedures agreed upon with the client and third parties.
These types of audit / procedures are usually performed for following purposes –
- Sales audit – identifying turnover based rent,
- Revenue audit – identifying revenue leakage, verification of franchise royalties, complying with revenue sharing agreements,
- Quarterly Empost audit – Calculation of empost fees payable to Empost
- Tax audit – compliance with applicable tax laws
Service Scope
The MBK team discusses the specific purpose of the special audit / procedures with the client and prepares a customized audit plan accordingly.
While conducting Special audit and agreed upon procedures, MBK applies auditing procedures in accordance with International Standard on Related Services (ISRS 4400 – Engagements to Perform Agreed-upon Procedures Regarding Financial Information).
Value Proposition
Selecting MBK Auditing means working with a firm that understands the complexities of UAE financial regulations and provides solutions to maintain business compliance and financial stability. The commitment to accuracy, efficiency, and transparency supports businesses in their financial management.
Benefits to Clients
- Verification of accuracy in revenue reporting across all channels
- Strengthened internal control frameworks in sales operations
- Ensures tax compliance with Federal Tax Authority requirements
- Facilitates contractual compliance including lease agreements and franchise arrangements
- Detection of frauds, weaknesses, and revenue leakage
- Improved revenue recognition practices
Registrations and Affiliations
- MBK Auditing LLC is registered as approved auditor in all major free zones in UAE including DIFC .
- MBK Auditing LLC is empanelled as auditor with major banking institutions in the UAE
- MBK Auditing LLC is registered as Offshore agent with JAFZA and RAKICC , the two offshore jurisdictions in UAE.
- MBK Auditing LLC is a member of GMNI , an association of legally independent accounting firms worldwide.
- Mr. Rajeev Kulkarni, Managing Partner is a qualified Chartered Accountant, registered with Ministry of Economy and Tourism (MoET).
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