When audit companies in Dubai report their financial results, they are usually based on estimates prepared by management. Examples include provisions for bad debts, guarantee obligations, pending litigation costs, impairment of goodwill, and fair value of acquired intangible assets. How do auditors in Dubai assess whether the amounts for these items in the financial statements …
Accounting Estimates: How Do Auditors Evaluate Them? Read More »
Every company registered in the United Arab Emirates must be audited following the laws of the United Arab Emirates to generate income. In addition, check record books, taxes due, refunds, and other financial or non-financial matters. There are various types of audits, such as internal audits, external audits, statutory audits, excise audits, financial audits, VAT …
Companies operating in Dubai, UAE, are required by law to be audited, which proves that the company is operating in compliance with commercial law standards, as auditors in Dubai play a vital role. Under the Commercial Companies Law, all mainland firms are mandated to have their financial statements audited. In addition, SMEs must keep financial …
What UAE Auditors Do And Why You Should Know About Them Read More »
Accounting and auditing are specialized fields, but auditing has a wider range than accounting because it requires a solid understanding of various acts, and taxation rules, knowledge of accounting and auditing standards, and communication skills. Apart from this, confidentiality, integrity, honesty, and independence are basic requirements that must be maintained when performing audit procedures. The …
Here is the good news, some of the penalties and tax rules are reduced in a recent cabinet meeting to ease the business and taxpayers. The UAE Cabinet recently confirmed several updates to the administrative penalties applicable to companies violating taxes in the country. As part of Cabinet Resolution No. 49, several incentives were introduced …
UAE Tax Rules Relaxed, Penalties Reduced In The UAE Read More »
An Accounts Payable Recovery Audit, or AP Audit, analyzes recorded data for Accounts Payable. This is usually done using proprietary software that handles data analysis without interfering with day-to-day business activities. This review helps identify overpayments, insufficient discounts, duplicate payments, pricing errors, unclaimed supplier credits, and more. Why Do An Accounts Payable Recovery Audit? Even …
