Audit Support - Accountants Only

WHERE is this available?

This service is presently available in United Arab Emirates, Sultanate of Oman and the Republic of India.
We are adding more locations after 2020.

WHO NEEDS audit support?

1. Those who require the financial statements generated from the books of account maintained by you to be audited, we will do it for you.
2. Those who need superior quality financial statements to be prepared from the trial balance generated from the books of account maintained by you, we will assist you in preparing the same.
3. Other similar requirements

How much does it COST to avail audit support?

1. Tiny and small audits Read More

   We suggest you check the fee calculator for this nature of audit engagements at https://www.prudentialauditing.com/calc/auda.php and apply the reasonable discount if your client insists on the same.

   Our fee will be our 40% of the audit engagement. Depending on the scope of work and complexity of the engagement, this proportion is likely to change and will be considered on a case-to-case basis.

2. Large audits Read More

   These audits are carried out through one of the top 20 or top 50 audit firms in the country, depending on the country and location.

   The clients who require this audit have complex nature of business and a relatively high volume of transactions (scale of operations).

   These audits require elaborate audit techniques to be deployed. The documentation is extensive and a well cross-linked audit file is prepared for multi-tier reviews that will hold good under subsequent peer reviews.

   The ultimate audit firms usually charges 40% of the audit fees. In such cases, since the fees are at a 100% to 150% premium our fee will be our 30% of the audit engagement. Depending on the overall scope of work and further complexity of the engagement as work progresses, this proportion is likely to change and will be considered on a case-to-case basis.

3. Very large audits - only report preparation Read More

   We assist in preparation of audit reports that are acceptable to the auditor that is chosen by the client, where our experts prepare the report to the full satisfaction of the ultimate auditor. In some of these assignments, fee sharing does not work in anyone's favour and it is better to take them as independent engagements.

   Our fees for the report preparation in UAE are:

   	Big 4 or Big 10	Top 20 or Top 50	Other audit firms
   •	USD 800 per report or	USD 400 per report or	USD 200 per report or
   •	5% of the audit fee or	10% of the audit fee or	20% of the audit fee or
   •	USD 75 per hour	USD 75 per hour	USD 75 per hour
   	whichever is higher.	whichever is higher.	whichever is higher.

   In this nature of engagement, we do not envisage more than 1 visit to the client or auditor and subsequent visits will be charged at USD 100 per hour.

   This fee is applicable to stand-alone financial statements and not for consolidated financial statements.

   The supporting evidence of the audit, almost all communication regarding the audit with the client as well as the ultimate auditor and such matters are all handled by you, not by us.

   This service is provided to audit firms, accounting firms as well as directly to the clients.

4. Very large audits – report and audit file preparation Read More

   Like report preparation above, we assist in compiling the audit file along with the audit report. As above, fee sharing does not work and it is better to take up these engagements as separate assignments.

   Our fees for report preparation and file compilation in UAE are:

   	Big 4 or Big 10	Top 20 or Top 50	Other audit firms
   •	USD 2,000 per report or	USD 1,000 per report or	USD 500 per report or
   •	10% of the audit fee or	20% of the audit fee or	40% of the audit fee or
   •	USD 100 per hour	USD 100 per hour	USD 100 per hour
   	whichever is higher.	whichever is higher.	whichever is higher.

   There is a 25% discount in the hourly fee where the work is performed at our office.

   This fee is applicable to stand-alone financial statements and not for consolidated financial statements.

   The entire communication with the client and audit firm will be handled by us, however, in the event of a dispute with the client, your presence will be required.

   This service is provided to audit firms, accounting firms as well as directly to the clients.

5. Fees for other engagements can be mutually discussed on a case-to-case basis.

WHY should the work be given to Prudential Auditing?

1. History: We have been providing similar services to other audit firms in the industry for the last several years. As of today, we cater to the requirements of 11 audit firms.
2. Trust: We have a history of never poaching the clients or staff of our competitors.
3. Cost: With our methods of working, the scale of our operations and our unique location advantages, we can offer unparalleled service at a fantastic cost advantage.
4. Qualification: We have a significantly high number of qualified auditors compared to firms of our size and our team is more experienced in complex assignments like due diligence, business valuation, compliance audits and forensic audits, so our work is faster and better than our peers.
5. Reputation: Our reputation in the industry is impeccable.

If you have any more questions, please approach any of our auditors by phone or email and they will promptly address your concerns.