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Audit & Assurance
Audit & Assurance is the process of analyzing company accounts and verifying data in financial statements with supporting documents. The audit process also identifies the risks involved in business operations concerning the industry and market. Auditors and audit firms in Dubai, UAE, examine the financial processes and strategies to enhance the performance and quality of the auditing process for companies in Dubai and the UAE.
A financial audit is an objective examination and evaluation of the financial statements of an organization to make sure that the financial records are a fair and accurate representation of the transactions they claim to represent.
Internal auditors are employed by the company or organization for whom they are performing an audit, and the resulting audit report is given directly to management and the board of directors. Consultant auditors, while not employed internally, use the standards of the company they are auditing as opposed to a separate set of standards. These types of auditors are used when an organization doesn’t have the in-house resources to audit certain parts of their own operations.
External auditing involves independent auditors reviewing a company’s financial statements to identify any material misstatements. These unbiased audits boost confidence in the accuracy and completeness of financial reports, helping stakeholders make informed decisions. Unlike internal audits, external audits are conducted by third parties who follow different standards, ensuring their independence and candidness without affecting daily work relationships within the company.
Due diligence is an investigation, audit, or review conducted to verify the facts of a matter under consideration. In finance, it involves examining financial records before entering into a transaction with another party.
- Preparing Audit Plan
- Obtaining Information from Client
- Assessing the misstatement Risk
- Performing the test of controls
- Audit Completion
- Report
An Information System Audit serves to evaluate automated and non-automated information processing systems to ensure their efficiency and security. It aims to reduce risks such as data tampering, loss, or leakage, and improve system management and safeguard valuable company information from internal and external threats.
International Financial Reporting Standards (IFRS) are a set of accounting rules for the financial statements of public companies intended to make them consistent, transparent, and easily comparable worldwide.
Accounting & Bookkeeping
Accounting refers to the process of keeping financial records pertaining to the business. It involves the process of recording, summarizing, analyzing, and reporting all the transactions. The reports generated by various streams of accounting are useful for business decisions. These reports give detailed information about the financial status of the business.
Bookkeeping is a transactional and administrative function that maintains financial transactions such as purchases, receipts, sales, and payments regularly. Accounting is more subjective, delivering financial insights based on information gathered from accounting data to business owners.
Maintaining proper accounting records in Dubai is crucial for several reasons. Firstly, it ensures compliance with the laws and regulations set forth by the United Arab Emirates, particularly the standards issued by the Ministry of Economy based on the International Financial Reporting Standards (IFRS). Accurate financial records are necessary for the preparation and submission of financial statements to the government, which helps in maintaining transparency and accountability. Proper accounting also facilitates effective financial management, aiding businesses in making informed decisions, managing cash flow, and planning for future growth. Additionally, it helps in avoiding legal penalties and fines associated with non-compliance. For auditing firms, adherence to these standards ensures credibility and reliability in financial reporting, fostering trust among stakeholders, investors, and regulatory bodies.
In the case of cloud accounting, you keep your business books online. That includes records of income and expenses, and assets and liabilities. The information is encrypted, much like a bank, so only people with the login can view the data. Businesses started using cloud accounting software – also known as online accounting software. We maintain book-keeping and accounting activities on accounting Software like Zohobooks. Which can be accessed by any authorized member of our client’s team, from anywhere in the world. It becomes extremely easy for our client to access the accounting database, on a real-time basis. This is a typical cloud-based accounting service that we offer to our clients.
Many organizations might not maintain proper books of accounts at the starting point of their business. But later they realize the importance of maintaining proper books of accounts. Backlog updating is the process of updating the books of accounts from the date of incorporation of the company till date.
Outsourcing accounting services is a strategic decision for many companies in Dubai due to several compelling reasons. Firstly, compliance with UAE legal requirements, such as maintaining proper books of account for at least five years and adhering to VAT regulations, necessitates meticulous record-keeping and timely tax return filings. This can be a complex and resource-intensive task for businesses. Secondly, outsourcing allows companies to focus on their core activities without the distraction of managing intricate accounting processes. Firms like RVG, which use up-to-date accounting software and employ expert chartered accountants, provide reliable and efficient solutions. Additionally, cloud accounting offers further advantages by ensuring accessibility and real-time financial tracking. Hence, outsourcing not only simplifies compliance and enhances accuracy but also supports overall business efficiency and strategic focus.
- Reduce Cost
- Save Time
- Expert Advice
- Improving Productivity
Standard Operating Procedures (SOP) are written, step-by-step instructions describing how to perform routine activities. They ensure consistency and accuracy by having employees’ complete tasks the same way every time.
Purpose of SOP
An SOP provides detailed instructions for tasks so any team member can perform them correctly. The SOP should:
– Restate and expand on the task title.
– Be updated annually to stay relevant to the organization’s current needs.
Benefits of SOP
- SOPs help maintain safety and efficiency in departments such as: Production/Operations
- Sales and Customer Service
- Finance
Corporate Tax
Corporate Tax is a form of direct tax levied on the net income or profit of corporations and other businesses.
Corporate Tax is sometimes also referred to as “Corporate Income Tax” or “Business Profits Tax” in other jurisdictions.
Getting Started
Finding a top trustworthy chartered accountants firm to trust with your money and financial future is just as important as finding a good doctor. You want someone you can trust, who has your best interests at heart, and takes the time to get to know you. Let’s get started!
Please click on the link to contact us or call our office at +971 56 679 6910, and our team will set up your initial complimentary consultation. In this meeting, we will review your full financial picture, and evaluate if we are the best Consultant for you.
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