Corporate Tax Registration is mandatory
In the evolving landscape of global business, free zones in the UAE have emerged as attractive hubs for international trade and foreign investment. Known for their regulatory advantages, including tax exemptions and simplified business setup, UAE free zones are often seen as a strategic gateway for companies expanding into new markets. However, recent updates to […]
Recent Sukuk Issuance: Accounting Considerations for UAE Businesses
The recent surge in sukuk issuance, reaching $91.9 billion in the first half of 2024, highlights significant growth in Islamic finance, particularly impacting businesses and auditors in the UAE. This trend is crucial for financial institutions, corporate issuers, investment firms, regulatory bodies, and SMEs involved in or considering sukuk issuance. Understanding these implications ensures compliance […]
Ensuring Compliance and Financial Integrity in Dubai’s Real Estate with Escrow Accounts
Dubai’s real estate market faced significant regulatory action when three developers were fined Dhs500,000 each for failing to comply with the necessary registration procedures for off-plan projects. These fines were imposed by the Dubai Land Department (DLD) under Law No. 8 of 2007 on Real Estate Development Escrow Accounts. This incident underscores the critical role […]
UAE Tourism & Travel: Forecast & Strategies for Sustainable Growth (Next-Level Accounting & Tax Solutions)
The UAE’s tourism industry is poised for a meteoric rise. 2023’s record-breaking visitor numbers and the highly anticipated launch of a Schengen-style unified GCC tourist visa by year-end paint a picture of an overflowing cornucopia of opportunity. But beneath the surface of luxury hotels and dazzling attractions lies a complex financial landscape demanding sophisticated strategies. This isn’t just about […]
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 […]
INTERNAL AUDIT CHECKLIST FOR HEALTHCARE INDUSTRY
Internal audits in the healthcare industry are fundamental for maintaining compliance, ensuring patient safety, optimizing operations, safeguarding financial integrity, and fostering a culture of continuous improvement and transparency. They serve as a proactive mechanism to identify, address, and prevent potential issues, ultimately enhancing the overall performance and reputation of healthcare organizations. Empower Your Healthcare: Navigate compliance […]
Internal Audit: Ensuring the Sparkle of the UAE’s Gold and Diamonds Industry
The UAE’s gold and diamond industry is a dazzling hub of commerce, attracting global investors and enthusiasts. This vibrant industry is characterized by its intricate supply chains, high-value transactions, and evolving regulations. Amidst the brilliance of precious metals and gems lies the need for robust internal audit practices to ensure compliance, safeguard assets, and maintain […]
How to use audit results to improve financial controls and performance
Financial audits are a crucial aspect of ensuring transparency and accountability in organizations, especially in the dynamic business landscape of the United Arab Emirates (UAE). In this article, we will delve into the intricacies of financial audits, exploring how the results can be leveraged to enhance financial controls and overall performance. Introduction Financial audits are […]
The Importance of Internal Audit in the UAE Tech Scene to Kickstart 2024 Right!
In the rapidly evolving tech world of the UAE, financial internal audit is more critical than ever. Here’s why: 1. Spotting Financial Irregularities: In the complex world of technology, financial discrepancies can easily go unnoticed. A robust internal audit system acts as a vigilant guardian, identifying irregularities that might slip through the digital cracks. 2. […]
Pass Your Next Healthcare Auditing With AM Audit
The healthcare industry in the UAE is not only a cornerstone of public welfare but also a challenge, highly regulated sector that demands precise and rigorous auditing. As healthcare institutions strive to deliver top-tier patient care while adhering to stringent regulatory frameworks, the role of the auditor becomes indispensable. A deep understanding of the unique […]
Case Study: Business Restructuring of a Trading LLC in Dubai, UAE
Company Overview Industry: Wholesale and Retail TradeLocation: Dubai, UAEEstablished: 2005Revenue (2023): AED 300 millionEmployees: 200Challenges: Declining profitability, high operational costs, regulatory compliance issues, inefficient tax planning, and lack of internal control mechanisms. Pre-Restructuring Analysis Financial Health Assessment An in-depth financial analysis revealed several issues: Operational and Strategic Assessment Compliance and Regulatory Issues Restructuring Strategy The restructuring strategy focused on financial, operational, […]
Finding Hidden Profits: A UAE Manufacturing Audit Success Story
Success in UAE business often boils down to seizing opportunities and being innovative. This is a real-life account of how a player in the tech manufacturing sector discovered unexpected profits through a routine audit conducted by AM Audit. The audit uncovered a treasure trove of possibilities within their operational data. The Audit-Driven Revelation This leading […]
Case Study: Internal Audit Uncovers Major Discrepancies in Inventory and Transactions
Company: An importer and distributor of consumer electronics, found itself confronting substantial financial irregularities. Internal Audit – Initial Discovery of Discrepancies During a routine quarterly internal audit in March 2023, the company’s internal audit team unearthed a series of alarming discrepancies within its financial records. These included: Internal Investigation and Limitations The internal audit team initiated […]
