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Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities Accounting alludes to methodical and basic assessment of the considerable number of books, vouchers, records and reports with a goal to decide the unwavering quality and precision of bookkeeping explanation arranged by business organization in severe line with sound accounting standards.

This report presents writing survey on standard reviewing practices and techniques followed in UAE. Further use of PC helped apparatuses in electronic bookkeeping condition is definite. This report uncovers the variables influencing extortion and blunder because of feeble bookkeeping approaches and methods. Format of review report is introduced for away from of usefulness and ascertainment of precision of budget summaries. In addition, sound review framework results into great corporate administration and increases the value of the association. In addition, report basically analyzes the components that influence the inspector's autonomy. Benchmarks of worldwide advancement are talked about for up degree of standard reviewing standards and viable methodology in their application in current situation.

Literature Review

Standard auditing procedures and practices

Several studiers have been conducted on the accounting and auditing practices in this region. Due to time and space constraint only two and highly relevant studies are mentioned below

Financial reporting practices in selected Arab countries: an empirical study of Egypt, Saudi Arabia, and the United Arab Emirates by Jeffrey Kantor , Clare B. Roberts , Stephen B. Salter stated that the Financial reporting, Accounting and auditing practices arise from the need to inform the participants in the society in which they are developed. It is therefore not unreasonable to expect that accounting and reporting practices will generally reflect the environmental factors that influence business practice in that society. The Arab countries have a great deal in common, although they may perceive themselves from time to time as having different political and economic aims. Despite great wealth in some of them, they are all developing countries attempting to build a modern business infrastructure within the constraints of limitations in available social and physical resources. They share the common bond of an Islamic religious and cultural heritage, which specifies certain rules about life and economic activity. In many cases they share a heritage of economic or political colonialism but maintain a tradition of independence⁵.

An another relevant study to quote in this regard is Accounting standards and practices of financial institutions in GCC countries by Mostaque Hussain et.al. According to the study, there has been a growing tendency to establish closer ties among GCC (Gulf Cooperative Council) countries in economies and financial institutions. As a result, there is an increasing need for the harmonization of accounting regulations in order to improve cooperation and enhance the efficiency of financial institutions among GCC countries⁶. The study is an investigation of the accounting standards followed by the financial institutions in five GCC countries with some policy prescriptions for the harmonization of accounting regulations in GCC countries. This paper deals with accounting policies and practices including loans and provisions, assets, investments and taxation, liabilities and foreign exchange, revenue recognition and consolidation of GCC countries banking and other financial institutions. The study was an in depth analysis of the similarities and differences in accounting standards and practices in GCC countries except Kuwait.

There are no specific studies explaining how the accounting and auditing is conducted in the public sector undertakings in the UAE. The present study is an attempt to explain accounting and revenue audit procedures in the public sector undertakings in the UAE.

Data and Methodology

The present study is based on both secondary and primary sources of information collected from the officially published secondary sources like web sites, publication and annual reports of the public sectors undertakings and the primary sources include the summary of personal interviews conducted to the concerned accounting and auditing authorities of the public enterprises related. Information drawn from different sources has been processed and presented to strengthen the subject matter of the study. Since the main focus of the study is on the accounting and auditing practices in UAE, major part of the information is collected from the officially published records and reports.

The Study:

Accounting regulation and auditing practices are based on a system of detailed rules prescribed in standards and the law⁷. Accommodation of the rapid expansion of the several free zones established in the UAE and the administration of various types of industries located in this region needs a systematic application of required accounting and auditing practices in this region. As a result of the introduction of obligatory standards on the practitioners of all business entities and professionals, the importance of auditing and accounting profession has been increased tremendously in this region. There are around 3036 manufacturing industrial establishments are functioning with a capital investment of 62978 million AED in UAE during 2004 year. According to UAE directory, as on today there are 35 oil & petroleum gas and allied industrial establishments are engaged in various oil business and other services. Within its function the Ministry of finance and industry is accountable for supervising the organization of the industry affairs; further more, to urge the revenues with in the rules and principles of the provisions of federal Law number 1 of 1979.

Financial professionals who work with state and local governments must stay current with emerging governmental standards or face some unfortunate consequences. This one-of-a-kind tool discusses all the promulgated accounting principles applicable to financial reporting by state and local governments. No natural person or corporate entity may practice the auditing profession in the State, unless his/its name is registered in the Schedule of practicing Auditors, kept by the Ministry^8. As on today, according to the index UAE.com there are 17 accounting and auditing firms are engaged in the development and consolidating the rules and standards for the practice of the profession of accounting and auditing in UAE. Federal law number (22) of 1995 regarding organization of auditing profession and Federal law number (9) of 1975 regarding organizing accounting and auditing are the two basic statutory laws relating to accounting and auditing profession in the UAE.

Until 1992, there was no legislation prescribing accounting policies to be followed nor was there a prescribed minimum level of disclosure. Management and the auditor had considerable discretion in determining accounting policies that were to be followed⁹. As a result auditors reports are at variance making reference to proper books of account, international accounting guidelines, generally accepted auditing standards and generally accepted accounting principles.

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