A forensic audit is an examination and evaluation of a firm’s or individual’s financial records to derive evidence that can be used in a court of law or legal proceeding. A forensic audit may be conducted to prosecute a party for fraud, embezzlement, or other financial crimes.
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.
Many organizations might not maintain proper books of accounts at the starting point of their business. But later they realize importance of maintaining proper books of accounts. At RVG, we support our clients to prepare the books of accounts from the date of incorporation of the company till date.
In the case of cloud accounting, you keep your business books online. That includes records of income and expenses, and assets and liabilities.We maintain book-keeping and accounting activities on accounting Software. Which can be accessed by any authorized member of our client’s team, from anywhere in the world.
SOP is a set of instructions that describes all the relevant steps and activities of a process or procedure .Standard operating procedures are written, step-by-step instructions that describe how to perform a routine activity. Employees should complete them in the exact same way every time so that the business can remain consistent. The purpose of a SOP is to provide detailed instructions on how to carry out a task so that any team member can carry out the task correctly every time. The purpose or objective of a SOP should restate and expand a well-written title.
The UAE introduced Economic Substance Regulations to honor the UAE’s commitment as a member of the OECD Inclusive Framework on Base Erosion and Profit Shifting (BEPS), and in response to a review of the UAE tax framework by the EU which resulted in the UAE being included on the EU list of non-cooperative jurisdictions for tax purposes (EU Blacklist).
CbC Reporting requires large Multinational Groups of Entities (MNEs) to file a CbC Report that should provide a breakdown of the Multinational Group’s global revenue, profit before tax, income tax accrued and some other indicators of economic activities for each jurisdiction in which the MNE operates.
All the registered business are required to file a VAT return furnishing the details of sales, purchases output VAT and input VAT paid during the tax period. Here, the output VAT is the amount which is collected on sales and Input VAT is the amount which is paid to the supplier towards purchases / expenses.
UAE VAT reconsideration allows a taxable person to appeal for the review of the decision made by FTA. The authority may impose penalties if they come across a situation that has led to tax evasion from the taxable person in the UAE or for non-compliance and breaching the provisions of UAE VAT laws.
VAT Audit in UAE is the review performed by the FTA in order to verify that whether the business is following all the VAT laws and implementing VAT as per the regulation of FTA.All the businesses registered under VAT will not be audited. FTA will choose randomly and select the companies who are required to be audited.
VAT Transaction advisory services are all about guiding an entity about specific transactions. It is more useful when the entity has complex transactions with multi products, services, multi geographical locations, branches etc. Professional team of RVG can help clients with VAT transaction advisory services.
Enterprise resource planning (ERP) is the integrated management of main business processes, often in real time and mediated by software and technology. ERP is usually referred to as a category of business management software typically a suite of integrated applications, that an organization can use to collect, store, manage, and interpret data from many business activities.
Information is undeniably regarded as most valuable asset for an IT company and protecting it from outside and within have become the main issue of consideration for company. Information System Audit covers automated information processing system evaluation, non- automated processes and in between interface. IT audit also support to reduce risks of data tampering, data loss or leakage, service disruption and poor management of systems.
UAE has become a centre of attraction for foreign investors over the past few decades and now it is a dream of every businessman to start a business in UAE. Procedures, timelines, languages, costs and requirements can differ wildly – not only from country to country but also in different states and provinces.Forming a company in UAE can be very difficult if you are unaware of the legal formalities. It requires approvals from various government departments and a single mistake will result in a long legal process along with financial loss.
You can open a bank account in Dubai, UAE for your personal purposes as well as business purpose. If you are not a resident of UAE, you can open a personal bank account in UAE with specific limitations on the choice of banks and the features they offer. Most banks in the UAE permit non-residents to open savings bank accounts only. RVG provide bank account opening services in UAE making it easier for people to open bank accounts in Dubai and other Emirates
Liquidation is the method by which a LLC company (or a part of a company), sole establishment, Dubai free zone company or institution closes its operation and therefore the assets and property of the corporate or institution is distributed to creditors and shareholders (owners) of the UAE registered Company.
Company liquidation may be of the following two types:
1. Voluntary Liquidation
2. Compulsory Liquidation
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