Professional ethics restrict an audit firm from disclosing specific details about clients or making specific revelations hinting to their identity or information that will indicate their financial performance or position. Hence broad client-base information is provided. An effort is made to keep the list up to date. Any reference to any client’s identity or information is purely coincidental & not intended – and the reference will be removed when brought to notice.
Verico Auditing has clients in manufacturing, trading, contracting and service providing – the 4 main classifications for licensing. Within this broad classification, other areas like logistics, mining, pharmaceuticals, semi-government organizations, cement manufacturing, road contracting, share broking, real estate development, ship owning and services, road transport, property management, financial services, medical services, hospitals, erection of power plants, manufacturing and installation of fuel pipelines, electronics, supermarket chains, agency, automobile dealerships, electrical installations, tower erection, printing & publishing and advertising.
With its operations centered in Dubai, services are provided to clients in Fujairah, Ras Al Khaimah, Sharjah, Ajman, Al Ain and Abu Dhabi, practically covering the entire UAE. When clients needed, these services have been provided beyond the UAE in Ethiopia, Afghanistan, Oman, Bahrain, Qatar, South Sudan and several other places. The services in India are not described here as they cover many aspects of taxation and reporting that are not relevant in the Middle East.
Certain specific areas deserve to be highlighted. These audits are actively conducted by Verico Auditing. Cement manufacturing plants typically have investments aggregating to AED 500 million and bank loans of about USD 100 million. Security Providers have a staff exceeding 750 people for each branch and a system was initiated where a track is maintained of the hourly inputs of the staff. For a distributor of pharmaceutical products, the duty audited during a year exceeds USD 10 million paid through over 5,000 customs bills of entry, while the freight and other charges exceed that mark in value as well as volume. A mining company not managed well could run into losses of AED 1 million per month – a project that could be turned around in 9 months and with an additional investment of USD 80 million made one of the largest and most modernized project in the region. A chain of clinics and pharmacies spread over the UAE with several doctors in each clinic and several products in each pharmacy was suggested with a system where all data could be mined and used appropriately. A chain of supermarkets with over 30 outlets and several lines of products within each is concurrently audited throughout the year. A real estate developer with projects in pipeline exceeding an investment of AED 250 million in each location is provided annual audit services. A lot can be said about the audits but some details make the client identifiable and hence suppressed.
At Fujairah, Verico Auditing specialise in audit of mining operations, logistics, shipping, fuel, construction and brokerage, to name a few. At Dubai, the speciality lies in compliance audits, supply chain audits, company formation, feasibility projects, RERA audits, management assistance and statutory audits, among several other areas. At other locations, the expertise is shared. In India, the specialisation is in statutory audits, taxation and company law matters.