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Special Purpose Audit

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Special Purpose Audit

As a provider of auditing services in Dubai, we also undertake special purpose audit. Special purpose audits are done on the specific requirement of the management of the company. This might involve specific areas/departmental transactions to be investigated along with specific business deals. Special purpose financial statements prepared in accordance with special purpose framework are designed to meet the financial needs of specific users according to the ISA. Certain procedures like agreed upon procedures will help to evaluate certain key areas.

Under the SPA the auditor is required to understand the purpose for which the financial statements are prepared, the intended users and applicable financial reporting framework determined by the management.

Special purpose audit engagement includes the following:

  • An auditor’s report on complete set of financial statements prepared in accordance with the financial reporting provisions as per the contract.
  • An auditor’s report on complete set of financial statements prepared in accordance with the tax basis of accounting in Jurisdiction.
  • An auditor’s report on complete set of financial statements prepared in accordance with the financial reporting provisions established by regulator.
  • Audit of component of a complete set of general purpose or special purpose financial statements, such as a single financial statement, specified accounts, elements of accounts, or items in a financial statement