Warehouse keeper Launch of Excisable Goods Stock Reporting Requirements
Are you a Warehouse Keeper registered with the FTA or an Excise Tax Registrant? Then this article is for you. Federal Tax Authority needs you to follow the below process to declare your Opening Stock as of 1st January 2021. Step 1: Warehouse keeper will have to Appoint Certified External Auditor to verify the Opening […]
A Feasibility Study for your Business
Today’s market world’s dynamic nature has contributed to a rise in organizations’ challenges and uncertainties. The growth in consumer interest has led to a dramatic increase in rivalry, as more and more businesses are now seeking to satisfy these consumers’ demands. It has been important for companies to outsmart the competition in terms of delivering […]
ESR Deadline Announcement
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Dubai-Freezone-Company-Formation-Guide
We often find it reluctant to set up our own company. But creating a company in the UAE is a reasonably simple and hassle-free process. However, incorporating a business in the UAE involves a UAE resident owning 51% of the firm, commonly referred to as a partner or sponsor, and many other factors, such as […]
UAE Economic Substance Regulations (ESR): An In-Depth Exploration
The landscape of business operations in the United Arab Emirates (UAE) has undergone a transformative shift with the introduction of the Economic Substance Regulations (ESR). Designed to bolster the country’s economic framework and align with global standards, ESR places a spotlight on the genuine economic presence of businesses within the UAE. In this comprehensive blog, […]
A Guide to Company Financial Evaluations
Understanding a company’s financial health is crucial for investors, creditors, and potential employees alike. But deciphering the numbers on a financial statement can be daunting. That’s where financial evaluation comes in – a powerful tool that delves into a company’s financial performance and position. This guide aims to equip you to navigate the world of […]
Dubai Logistics: Guide to cost reduction & Boosting Efficiency
Dubai’s logistics sector is poised for explosive growth thanks to the ambitious Commercial and Logistics Land Transport Strategy 2030. But with fierce competition, even a slight edge in efficiency and cost reduction can be the difference between market dominance and struggling to stay afloat. This blog discusses some accounting strategies, tax optimization tactics, and cutting-edge […]
UAE Corporate Tax & Compliance Guide: 2024 Updates You Need to Know
The UAE has introduced several significant changes to its corporate tax and compliance landscape. These changes are crucial for companies offering accounting, auditing, tax, regulatory compliance, AML, and business and finance advisory services. Below, we outline the most critical updates and their implications for businesses operating in the UAE. Corporate Tax Regime The UAE’s new […]
Project Structuring and Bidding in UAE’s Public-Private Partnership (PPP) Framework
The UAE’s recent approval of the Public-Private Partnership (PPP) manual signifies a pivotal advancement in the nation’s strategic development efforts. This comprehensive manual outlines the methodologies and procedures essential for fostering successful collaborations between federal entities and private sector partners. This article will provide an advanced analysis of project structuring and bidding, elucidating the critical […]
Anti-Money Laundering in the UAE
Every country has faced problems related to money laundering, but measures are being taken for avoiding crimes related to finance terrorism and the ones that are organized. In the interests of protection against the potential to launder money and funding for terrorism, the government of UAE preserves a robust system for anti-money laundering (AML). Efforts […]
How To Ensure if Your Company is AML/CFT Compliant
Integrating the financing of terrorism (CFT) mechanisms and anti-money laundering (AML) strategies with your business operations can be a bit challenging. It becomes even more complicated when you have the most complex business structure, especially in size. The downsides of non-conformity to CFT/AML benchmarks are huge. They include muscular fines, financial sanctioning, and many others. All these […]
AML Compliance Requirements for Jewelers in UAE
The UAE’s economy is significantly influenced by the precious metals, gemstones, and jewelry industries. But it also serves as a draw for illegal activity and financial criminality. Jewelers must therefore guard against actions that finance terrorism and money laundering. In this article, we emphasize the elements that make the jewelry sector susceptible to acts of […]
AML checklist for charity organizations
Keeping an Anti-Money Laundering (AML) policy and procedures in place is crucial for charity organizations to maintain integrity, transparency, and compliance with legal regulations 1. AML Policy and Procedures: 2. Risk Assessment: 3. AML Training: 4. Customer Due Diligence (CDD): 5. Transaction Monitoring: 6. Record Keeping: 7. Reporting Suspicious Activities: 8. Whistleblower Policy: 9. Third-Party Relationships: 10. Geographic Risk Assessment: 11. Cash Handling Controls: 12. Donation […]
AML COMPLIANCE CHECKLIST FOR THE REAL ESTATE SECTOR IN THE UAE
Anti-Money Laundering (AML) compliance is essential in the real estate sector to prevent illicit financial activities. This comprehensive checklist provides a detailed overview of the key steps involved in ensuring AML compliance in the UAE’s real estate sector: Anti-Money Laundering (AML) -Real Estate Compliance Know Your Customer (KYC) Customer Identification: Collect relevant information to identify […]
Why External Auditors should be Appointed?
With the surge in newly established businesses in the UAE, it is rather evident that businesses are implored ( External Auditors ) to be the backbones of the economy. However, businesses need to be checked constantly to certify that they’re what they say they are. An audit process is mandatory in any publicly-held business. In […]
Internal Audit and Its benefits
An internal audit primary objective is to provide leadership with the highest level of independent assurance and recommendations related to the effectiveness of internal controls, governance, and risk management processes. Take a look at the benefits that Internal Audit brings along. them perform procedures and develop reports that provide findings and recommendations to help improve controls, processes, and procedures. Internal audit can help the new system implementations address any risks or control deficiencies before a system goes live. it help ensure that organizations comply with the applicable laws and regulations. A practical it function can facilitate smoother external financial statement audits. it can be the alliance between management and third parties to ensure that adequate controls are in place throughout an organization’s supply chain. iy function is an essential investment for a. If your organization is exploring the benefits of an internal audit, a significant first step is to consult an auditing firm – AM Audit.
Tips To Support Internal Audits
As a business, quality is one of the things that should dominate your operations. To maintain said quality in business operations, you need a foremost optimal Quality Management Tool – internal audits. This begs the question, what are internal audits and how do you support the internal audits? In this post, you will find the […]
What Are the Seven Parts of An Audit Report?
The concept of auditing has become a crucial aspect of modern business practices. With the increasing statistics of financial fraud, about 49% currently. Auditing helps determine how accurate a business’s financial reports are and points out loopholes in a financial statement. Essentially, auditing provides a ‘truth-test’ analysis of a company’s financial reports. Auditing is an essential […]
Top Audit Firm in Dubai
Every business sector is unique and different, but all the areas needed are expert financial advice and accountancy. Here at AM Audit, the Accounting & Audit firm in UAE with Top Auditors, Accountants, and a specialist service team to provide you with the best services. With practices all over the UAE, our experts will help […]
How to Choose the Right Auditor for your Company ? 4 Things to Consider before Choosing
An auditor is like yearly health check-ups. You presumably don’t look forward to getting one, but they are very crucial for you (and your company) to operate accordingly in the long run. Before choosing a doctor for you or an auditor for your company, you must build your grounds to find the correct blend of […]
3 Principles that Boost the Internal Audit
The challenges of recent instances have highlighted how the internal audit feature remains a trusted consultant for corporations. It have functions which have effectively helped the companies navigate via risks during the pandemic are guided by using 3 key concepts – agility, speed, and the potential to hold value-effectiveness. 1. Speed Internal Audit has traditionally issued audit […]
Which Audit Report You Require for your Business?
Have you ever wondered why you need an Audit report or why your investor or the Bank asks you for an Audit report? Doesn’t this thought of why the Stakeholder is easy with an Internal Audit Report While your Bank will insist on getting an External Audit Report puts you in a conflict? Now, first and foremost, […]
5 Steps to Beat Audit Exhaustion
Bogged down by the time-consuming nature of the audit, your company’s internal auditors even often suffer from ‘Audit Exhaustion.’ But all it takes is to pick the best approach to make a difference by allowing the consistency and smooth flow of the internal audit process. So, for implementing a risk-based method for your Internal Audit, […]
Has Technology Revolutionized the way We Audit?
Data analytics is increasing the accessibility of data; however, human intervention is still required to filter the data and to communicate and advise clients effectively.’ – Hisham Farouk INTRODUCTION Not long in the past, audits could be performed only by teams of accountants manually scouring financial facts reams. However, given the explosion of information in today’s digital […]
Why Auditors Must Be Approved by Banks in Dubai?
AM Audit provides high-quality audit services to clients in UAE. Our experienced and trusted audit firm understands the importance of ensuring financial statements are accurate and reliable. Bank approval is a requirement in Dubai, indicating the importance of having a qualified and trustworthy auditor. There are several reasons why this requirement exists in Dubai. Ensuring […]
FTA Tax Audit
As per Federal Decree-Law no. 7 on taxation the Federal Tax Authority (FTA) has the legal right to perform a tax audit on any person to determine their compliance with the relevant provisions of the law FTA can initiate a VAT audit for checking any potential errors or non-conformities. Usually, the FTA schedules audit for […]
Don’t Avoid External Audit – Here is Why?
Annual external audits are a stressful period for the UAE firms, and the audits are frequently a highly tiresome procedure for business owners. Many even ask “it is necessary to audit in the UAE” because the country does not have a corporation tax. As the filing of an audit report is not obligatory, small enterprises […]
External Audit & its Types
An external audit is a financial examination that an independent accountant conducts. The sole purpose of an external audit is to provide confidence and assurance to lenders, stakeholders, or investors about the financial statements issued by their company that they are truly and fairly present their organization’s results and financial position. The primary objective of […]
What is a Forensic Audit?
A forensic audit reviews the accounting statements to collect facts used in a court of trial or civil practice. Among municipal and federal law enforcement, corporate banking, and private investigators, it plays crucial positions. Forensic auditors are extremely valuable after a case has been constructed, from examining and evaluating records to aiding in court. Only […]
UAE Real Estate Internal Audit: Challenges and Compliance
The UAE’s real estate sector is a dynamic and thriving industry, offering lucrative opportunities for investors and developers. However, this rapid growth and complexity also demand robust internal audit practices to ensure compliance with evolving regulations, safeguard assets, and optimize operational efficiency. The Significance of Internal Audit in Real Estate Internal audit plays a pivotal […]
