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 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 […]
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 […]
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 […]
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, […]
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 […]
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 Audits: A Strategic Imperative for UAE Construction Companies
The United Arab Emirates (UAE) construction industry is a thriving sector, characterized by ambitious projects, rapid growth, and a complex regulatory environment. Amidst this dynamic landscape, internal audits play a critical role in ensuring compliance, mitigating risks, and enhancing operational efficiency for construction companies. The Pivotal Role of Internal Audits in the UAE Construction Industry […]
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 […]
UAE Trading Companies: Empowering Internal Audit for Sustainable Growth
The UAE’s trading industry, a vibrant hub of global commerce and innovation, operates under a dynamic and complex regulatory landscape. In this dynamic environment, ensuring compliance, safeguarding assets, and maintaining transparency are paramount for trading companies to thrive. This is where robust internal audit practices come into play, serving as a critical tool for achieving […]
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. […]
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, […]
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 […]
