Audit firms in UAE, Audit becomes an important part for any firm as it contributes to the shareholders. Audit & Assurance helps improve the credibility in financial context and it helps the company to go for better decisions.
There are many Audit firms in UAE that meet the business needs of their clients and deliver perfect audit and assurance services. They have a team of experienced professionals in sector of Auditing and accounting to deliver custom made services that suit your business needs better.
The services offered by many professional Audit firms in UAE are
When it comes to filing VAT, accounts becomes the key to all tax related concerns. It is quite helpful to seek help from account and audit firms to know how to prepare your company for VAT.
The introduction of VAT will make it mandatory for the businesses to maintain their records properly which will later be assessed as per the VAT liability that are solely based on the accounts records provided.
If you are not aware about accounts then it is always better to seek help from audit firms in Dubai. They will make sure that they maintain the records of your accounts in an organized way and ensure timely VAT return filing according to the terms of VAT.
Filing VAT on time is important
The registered individuals or businesses who reside in UAE need to file the VAT Return on time. VAT Returns now play a crucial role for your business as they indicate genuine record of your business transactions and tax. The FTA can also use these records if required for auditing.
Audit firms can be helpful
An audit is basically the examination of your financial records which can be related to profit, loss regardless of the size of your firm. When you hire a professional audit firm the experienced CAs plan and execute a systematic approach towards the audit.
The CAs makes sure that they study your accounting system thoroughly to know about the policies and other internal procedures. They identify the sectors where they need to carry out a complete audit to ensure your account is free of errors.
The CAs carries out a systematic plan in accordance to various procedures and rules and reaches conclusions to support their opinion based on the financial information.
There are some tests conducted to check and get into the details of balances and business transactions. Also the trends and important ratios are analyzed to check for fluctuations.
The audit team assess and review and create procedures that help them know whether the financial data is made according to the policies of accounts and whether they are implemented consistently.
They also check if the financial data provided goes with the statutory needs and necessary regulations. The audit team not only helps find out the areas that need improvement but also discuss various other needs of the clients regarding accounts and finances. It helps both audit team and business owner establish a perfect business operation that would help them keep their accounts well maintained.
Internal auditing is carried out by the audit team wherein they analyze, supervise, evaluate, investigate the controls and risk of the organization and then review the information to confirm if it abides the laws, procedures and policies. As the audit team works directly with the management they help the company reduce the risk factors and recommend new ways to bring in improvement.
At end of the audit they provide a report that states recommendations, facts and the necessary action plans that needs to be carried out by the management. The report includes the recommendations and action plans that help eliminate the risks.
Similarly operational audit is carried out to help the organization function well and it also helps the audit team to identify the dishonest employees who practice illegal practices. Operation audit certainly gives a boost to the business operations and helps it run smoothly and prosper.
Audit firms in UAE team prepares your company for VAT in every manner as it carries out a check on almost all the sectors of your business to remove the risks associated with business, operations, financial transactions etc. It will be always fruitful to appoint an audit team to improve the overall function of your business. It will certainly help you get ready to file VAT without any hassles as your business accounts and finances will be free of risks and errors.