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What is the meaning of DDA (Dubai Development Authority) Audit In Dubai?
  • auditing
  • 2022-12-06

The Dubai Development Authority (formerly the Dubai Creative Cluster Authority) is in charge of policing the city's many free zones, business parks, and clusters, all of which cater to specific sectors of the economy. Compliance with DDA approval standards and regulations, particularly in the building and construction sectors, allows the industries and business parks operating in the clusters to interact and collaborate efficiently with one another. When it comes to launching a business or developing a new building, all of the districts that fall under DDA Dubai's purview coordinate their efforts to ensure compliance with DDA standards adhered to, it aims to provide each venture with a professional atmosphere and opportunities to work with the world's top companies.

 

Why We Need DDA Dubai?

1) Master Planning:- DAT can help you get DDA permission before you start construction in Dubai. Any type of zoning permission in Dubai can be applied for, and our professionals can do it for you, from environmental to architectural. Building permit procedures for changes and new designs may be needed at various points during construction. We have extensive expertise obtaining permits for building services and interior build-outs. For the benefit of our dependable clients with audit service, this streamlines the approval process for our experts to complete.

 

2) Zoning Service:- If your planned development or renovation falls under the purview of the Dubai Development Authority (DDA), DAT may assist you in securing the necessary zoning permits. Our goal is to provide our clients in the construction industry with a reliable schedule for the delivery of services and the creation of master plans. Time is of the essence, and we know how crucial DDA approval is to the success of your projects. That's why, after carefully reviewing your application, we move quickly to submit it.

 

3) DDA Building Approvals:- We can begin the post master plan permits once our experts have helped you get DDA approval for master plans. While the specifics of obtaining zoning approval in Dubai can change depending on the type of project at hand, you can rest assured that we've got you covered. Since the success of our clients initiatives issues on this phase, we give it our full focus. Before we submit the application, please feel free to voice any issues you may have. This is not simply for your peace of mind; once the application for a master planning permit has been filed for DDA approval with auditing firm, it cannot be changed. If you need assistance acquiring permits to make alterations to your master plan, we are here to help.

 

Why DDA Audit Report Is Important?

Our services are available to you as DDA-approved auditors because licence renewal in DDA requires an audit firm businesses in the UAE are subject to a new corporate tax and other regulations enacted by the federal government. The mainland licencing authorities would expect an annual filing of audited financial statements or you can also consider audit service for audit purposes.

 

What are the required documents for DDA audit report?

The following documents are required for DDA audit service report:-

??Duly filled Application 

??Copy of Trade License or Non Occupancy letter

??Copy of the EJARI

??NOC from the Landlord, Building Owner, Developer, or Property Management

??Letter of Contractor Appointment 

??Copy of Tenancy Contract or Deed

??Drawings and Plans of floors, ceiling, etc.

??DCD Approved Documents and Drawings

??DDA or the Tecom Drawing Review

 

Which are the best auditing firms available in UAE?

In spite of the fact that the United Arab Emirates is home to numerous auditing firm, many companies not just in Dubai but throughout the world rely on Risians Accounting Auditing services in Dubai as their trusted financial advisor.

Conclusion:- This blog post will enlighten you on why you need DDA auditing report and where to find an auditing firm in UAE, which are essential for the growth of your business.

 

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Tips To Minimize the Expenses In Your Business
  • Accounting
  • 2022-12-05

What is expenses for your business?

The primary goal of any company is to maximise profits through the sale of goods and services. When it comes to making money, every company does everything in its power to increase earnings. The current economic climate is characterised by intense rivalry, making it challenging for any one company to maintain a foothold in the market for an extended period of time. Making a living and a profit at the same time has become a formidable challenge. Companies and governments are unable to increase demand for their products or services, and consumers will not pay higher prices. The only thing they can do to ensure sufficient earnings is to reduce costs. The challenge now is how a company can cut its expenses. With Risians Accounting Firm has arrived with some fascinating proposals for cutting expenses for accountant firm in Dubai for your business development.

 

How to cut expenses for your business?

 

The expenses for ideas for cutting your company's costs. The finest advice I've come across for saving money is included below. It's possible that some of the suggestions are overly simplistic, but even small adjustments can have a big impact on the company's costs:-

?? Auditing costs every month One must obviously know the costs his company faces before attempting to reduce them. He will need to look through all of the invoices, rent payments, utility bills, pay check slips, and other documents related to money spent to get a full picture of the costs. With this information, he will have a general picture of the company's cash outflow. The company can save money by reviewing spending every month. The management will be able to determine which bills do not need to be paid every month thanks to the monthly review method. If businesses find it too time-consuming to evaluate their monthly spending in-house, they can engage accountants to handle these cost management responsibilities on their behalf or outsource the accounting work entirely. ?? Taking measures to minimise wasteful spending Once the company has analysed its costs, it can cut costs wherever it sees fit. It has the flexibility to reduce office space or bargain with suppliers as needed. Spending less on things like business trips, client lunches, and raw material stockpiles can help keep costs down. One of the most important things to remember is that even minor savings made throughout the year add up to a substantial sum when added to the total for the year. ?? Contracting Out The Work Accounting, auditing, marketing, and other business functions are sometimes better off being outsourced due to the high costs and time commitments involved in doing them in-house. The company can then choose to outsource the work, which may be more efficient and less prone to mistakes. Risiansaccounting, an Outsourced Accountant in Dubai, offers a wide range of services, including bookkeeping, auditing, payroll, and more. As a result of outsourcing, the company has access to high-quality services at a price it can afford. ?? The mechanisation of everyday tasks In this day and age of machine learning and cutting-edge technology, the use of physical labour for repetitive activities is not only time-consuming and difficult, but also expensive. Therefore, in such a situation, the company can adopt software to execute simple and repetitive operations, thereby increasing the efficiency of the organisation and allowing its employees to focus on more complex and nuanced tasks. ?? Reducing manufacturing expenses It is imperative that businesses always seek ways to reduce production costs without compromising product quality or quantity. They won't have to waste money on ineffective materials like cardboard, paper, and plastic. One alternative is to cut down on waste during production, which will also help keep costs down. ?? Making a plan for allocating company resources Business budgets should be prepared at the beginning of each financial year to inform both management and staff of the anticipated income and expenses for the coming year. To prepare ready, it's a good idea to look over the company's previous financial records, including its income, expenditures, and other metrics, to get a feel for how well the company has performed in the past. Companies can hire experts like accountant firm in dubai to assist them. As a result, a budget is a useful assistance for monitoring financial resources for accountant services. ?? Filing your tax return in a timely manner As tax season approaches, the company can save money by claiming tax credits and deductions as soon as possible. Fortunately, there are many transactions and expenses that qualify for a tax deduction, which can be used to offset the cost to some degree.

What to do and don't for cutting expenses?

Here are some things to remember to do and not to do in order to cut costs for your company:-

?You should always try to negotiate a better price with your suppliers. ?Always take advantage of tax breaks. ?Push for organic promotion. ?Make no concessions in either the quality or quantity of your products. ?Don't discount the future expenses. ?Never let cost-cutting pressures lead to employee dissatisfaction.

 

There are many of auditing services in the United Arab Emirates, but many international firms choose Risiansaccounting to be their financial management.It will help you see the benefits of expenses cutting for business with a reputable accountant or accountant firm in UAE by minimising your exposure to auditing and other financial risks.

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7 Reasons To Conduct External Audit In Dubai
  • Auditing
  • 2022-11-25

Reasons for considering external audit for your business in dubai. Which will make you consider taking financial management services for your business. 

What are the reasons for external audt in dubai?

1. Abiding by the Law in Dubai:- Appointing an External Auditor is useful for checking financial statement conformity with regulations with auidting firm in dubai for your services. The items in the books of accounts that are not in accordance with the governing regulation can be found by an external auditor. Appointing an external auditors is beneficial because it provides objective comments that can be used to adjust financial statements so that they are in line with regulations. Even if appointing an internal auditor can be helpful, it may not be enough on its own, thus it's also a good idea to hire an external auditor. The internal auditor may have trouble giving objective feedback to management and consequently postpone giving them this crucial piece of information.

 

2. External auditing prevents fraud:- Auditors from outside the company review the books and reports for discrepancies and report them to upper management. An external auditor also provides advise and feedback if any of the operations or transactions done by the company can put the business at risk of suspected fraud. Auditors in Dubai do in-depth research to identify potential threats and financial crimes, then provide recommendations to better manage such risks within the business.

 

3. Credibility:- When an independent auditing firm is hired to review and approve the company's financial accounts, the company's reputation is boosted. A successful external audit informs the public, financing firms and government agencies that the business is a dependable organisation. The financial reports approved by an external auditor or auditing services in Dubai is deemed more credible and reliable than those approved by an internal auditor.

 

4. Auditors from outside an organisation look at how things are done:- An external auditor's findings and recommendations, based on a careful examination of financial reports, can help a company get its financial house in order. The Risiansaccounting can also make suggestions for where the business should use its funds, as well as provide advice on how to improve operations. When it comes to improving a business's financial health and reputation, an auditing firm in Dubai, Abu Dhabi, United Arab Emirates (UAE) can supply a team of trained and experienced auditors who can work out a mutually agreeable solution.

 

5. Ensure the Internal Audit's Quality:- Appointing an external auditor is helpful since he or she can reduce the likelihood of accounting mistakes being committed. It's common for corporations to believe that a simple review of their books by internal auditors is sufficient. But this isn't always the case; an internal auditor who has been with the company for a while may have developed a bias that leads them to overlook or downplay certain mistakes in the books. Auditors from outside the organisation look at the reports made by the company's internal auditor to see if they're accurate. Internal auditors can also benefit from the advice and ideas of external auditors when it comes to strengthening the company's financial analysis and evaluation.

 

6. Gaining the trust of shareholders is facilitated by an external audit:- Investors in a firm have a right to know how their funds are being managed and what the company's overall financial standing is. The primary concern of a shareholder is the safe investment of his capital in a successful business. In order to show shareholders that the company is financially stable and lucrative, it is common practise to undertake an external audit.

 

7. Long term benefits over time:- The company may reap long-term benefits from hiring an external auditor, such as reassurance for management and owner/partners that improved operations and financial controls will lead to a successful business. More investors will be interested in your company, and public trust in it will rise as a result.

 

The best auditing firm in dubai is Risiansaccounting which is have pioneer experience for the same from many years. 

Conclusion:- After reading this blog you will understand external audits and need of auditing firm in dubai for your financial management.

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Top 5 Reasons To Hire An Audit Firm UAE
  • auidting
  • 2022-11-23

It's important to hire an audit firm in UAE because it’s necessary and there are some reasons for hiring for your financial statements.

What are the reasons for hiring audit firms?

1.Safety for financiers from fraud attempts:- The main reason for  auditing firm can help businesses find instances of fraud and other mistakes. A good auditing firm will also advise businesses on what they can do to avoid fraud and assist them implement those recommendations. When it comes to the severity of the damage, fraud can happen at any level of a business. By completing a fraud prevention audit, a firm may obtain a detailed outline of the financial health of the organisation, allowing for an in-depth analysis of the company's inner workings.

 

2. Financial report accuracy:- Financial records need to be audited on a regular basis for businesses. In order to be relied upon, a company's financial statements must be completely accurate. Auditors verify that a company follows generally accepted accounting principles in the United Arab Emirates and verify the correctness of the company's financial transactions. With an auditor's stamp of approval attesting to their accuracy, a company's financial statements carry more weight with investors. Building trustworthiness is essential for any company, but it is especially crucial in the early stages.

 

3.Knowledge and practical experience:- With a staff of highly trained professionals, auditing firm in Dubai are able to thoroughly investigate all relevant aspects of their audits. This information will help management evaluate the company and implement changes necessary to achieve their objectives. A company with extensive experience in auditing will have a much easier time managing and creating audit reports. Be sure to weigh the pros and cons of a potential auditing partner before contracting out auditing services.

 

4.Strict obedience to all current laws and rules:- An auditing firm could be useful for a company that wants to stay on the right side of the law. The company's reputation and finances are at risk if employees don't follow the rules. Auditing is valuable since it helps a company gain their customers' trust and avoid the financial penalties that come with not being compliant.

 

5.Internal control checks:- To verify internal controls and processes, a company may hire an auditing firm. Like the Auditors in the United Arab Emirates examine operational effectiveness to pinpoint key areas for development. In addition to spotting fraudulent changes or actions, auditing firms in Dubai also evaluate the accuracy and thoroughness of record-keeping procedures. As part of their duties, auditors examine a company's books to guarantee accurate tax payments and reliable safeguards for sensitive financial information.

 

Which are some of the best auditing firms available in UAE?

There are hundreds of auditing services in Dubai and across UAE however, Risiansaccounting is considered as a financial advisor for many businesses across not only UAE but all over the world as well.

Conclusion:- After reading this blog you will understand auditing service importance. Hire auditing service in dubai for your business development needs.

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Top 10 Audit Firms In United Arab Emirates
  • auditing
  • 2022-11-23

When doing company on a global scale, auditing is a crucial step. By doing so, you can rest assured that the businesses with which you do business are legitimate, and in turn, you can reassure potential business partners that you are a reliable and trustworthy partner. Businesses in the UAE are required, among other things, to have their financial records audited and to practise sound financial management. To meet this need, Dubai is home to a number of internationally recognised audit firm in dubai available. However, selecting an auditing firm based solely on its name recognition might be a costly mistake.

Top 10 Audit Firms In United Arab Emirates

1) Maauditing:- A group of chartered accountants and advisors is one of the best options for those looking for auditing services in the United Arab Emirates. The auditing firm has a stellar reputation in Dubai thanks to its many years of service to the city's most important industries. The company uses cutting-edge accounting software to provide a variety of services, including expert tax counselling VAT & Excise, audits and assurances, and financial advisory services.

 

2) PricewaterhouseCoopers:- It which operates in more than a hundred countries and provides services to organisations of all sizes and in every industry. Their advice, tax preparation, and insurance coverage are all first-rate. Their standing in the banking world inspires confidence, and this in turn makes your audited financials and account statements acceptable to any potential business partner. More than a hundred thousand small and medium-sized businesses, as well as eighty-four of the Global Fortune 500, are among the clients they serve. 

 

3) Deloitte:- It is a globally recognised auditing firm that has a strong reputation in Dubai and beyond for its excellent audits, tax preparation, risk management, and financial advising offerings. Big 4, it is also one of the most employers friendly company. At the moment, they have somewhere around 225,000 workers under their employ. They have extensive background auditing the financial data of major corporations around the world and are widely trusted by customers all across the world.

 

4) KPMG:- KMPG is another reputable and trustworthy auidting service business with a sterling reputation. It operates in 155 countries and is responsible for the management and provision of auditing, local and international taxation, assurance, consultancy, and advisory services. Time and money are conserved by being able to find the most common services in a single location. Thirty billion dollars a year is earned from customers.

 

5) Ernst & Young:- Then there's EY, who also have experience on a global scale and also considered as top 4 firms in world as well as one of the best companies to work in world. Services such as auditing, tax preparation, advice, and deals are all available. At EY, they treat their clients with the utmost respect, and we take pride in the honesty and reliability of our work. Their workforce is diverse in terms of culture and ethnicity, but united in their commitment to integrity and hard work. No one should be surprised by EY's annual revenue of more than $35 billion given the company's global reach.

 

6) Push Digits Chartered Accountants:- In Dubai, you'll find Push Digits Chartered Accountants, an auditing firm that's among the best in the world. It is an auditing and accounting firm in dubai with an impeccable reputation among international financial institutions thanks to its ISO certification. It has been recognised as one of the best auditing and accounting firms in the world by publications including USA Today, Entrepreneur, and FORBES. How does a company with millions in revenue end up on the same list as others with tens of billions in client accounts? is the first thing that comes to mind. This auditing firm may have a worldwide reputation, but they treat all of their clients equally. Relationships with each of them are intended to be long-lasting. Due to its tight ties to the Big4, it is able to offer services on par with those of the Big4 at up to 20 times lower prices than the majority of the organisations on this list, without sacrificing quality. Consider them for supporting your financial statements because of their excellent reputation around the world. Push Digits offers individualised support to corporations of all sizes across all industries, from oil and gas to real estate to importing and transhipping to Free Zone management to the gold, diamond, and commodity trading to the film and television production sectors. It has an exceptional reputation and is already trusted by worldwide banks.

 

7) BDO:- It generates almost $10 billion in year revenue from client accounts while facilitating its clients' global trade and commerce. They work to provide clients with a proactive and adaptable service that helps them overcome any problem. Since BDO has offices in all seven continents, they can provide assistance to their clients in 165 different countries across the world. Customers will have a positive professional experience, they said.

 

8) Grant Thornton:- It is highly regarded in the business world as a reliable tax preparation, auditors, and professional accounting firm. Since the firm's inception, it has worked with clients from a wide variety of sectors, providing them with individualised service. They bring in about $2.7 billion a year in profit.

 

9) Crowe:- Among the top ten largest international accounting companies is Crowe. It operates out of 220 offices in 130 countries. This company is pleased to have a client roster that includes many recognisable names. In order to guarantee their customers happiness, they go above and beyond. 

 

10) Risians Accounting:- Risians Accounting & Auditing Solutions is a consultancy and advice organisation that helps medium and small enterprises with issues like risk management, turnaround strategies, and expansion. The company serves customers in a wide range of markets and professional settings.

 

Which one is best audit firms in UAE?

There are many of auditing service  across UAE however,  Risiansaccounting is  considered as the best auditors for many businesses across UAE.

Yu Should Also Read:- TOP 5 REASONS TO HIRE AN AUDIT FIRM UAE

 

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Is Auditing Mandatory In UAE?
  • Auditing
  • 2022-11-17

What is Audit?

The purpose of an audit is to verify the accuracy of a company’s reported financial information. This is something that, at the end of each fiscal year, you should have checked and report through by a financial advisor or auditing firm each year.

Why is audit mandatory in UAE?

Some types of free zone organisations, such as free zone corporations  and free zone establishments, are required to have their financials audited. However, most free zones may not require audit reports for local or international corporate branches. It goes without saying that accurate and complete accounting records and paperwork must be made available in order to close off the audit. Business records in the United Arab Emirates must be kept for a minimum of five years. All mainland businesses are required by law to have their books audited annually in accordance with the Commercial Companies Law. The audit report is required by law, but many businesses still don’t submit one because the legislation isn’t strictly enforced. While it’s true that some free zones, notably those in the northern emirates, don’t require audited accounts to be submitted for certain companies, it’s important to keep in mind that this waiver is only for the submission of the audit report to the authorities, and that the preparation of an audit report for the entity itself must still be taken into account. In light of the impending VAT in 2018, it will become increasingly vital for practically all types of organisations in the UAE to keep accurate books. Typically, companies have between three and six months following the end of their financial year or term to prepare the audit report and submit it to the general assembly. The management can gain insight into the company’s performance and areas that need additional attention thanks to accurate and regularly audited financial records.

 

The Article 27 of Chapter 2 of the new UAE Commercial Companies Law, Federal Law No. 2 of 2015, mandates that all businesses have their financial records audited by a certified public accountant who is also registered with the UAE Ministry of Economy. Unfortunately, not all businesses are that conscientious. There are a few common scenarios in which SMEs have their financial records audited.

 

What are the different kinds of audits that can be conducted in the UAE?

If you operate a business in Dubai, you should have an auditing agency in Dubai check your financial books once a year to make sure everything is in order. Auditors in Dubai investigate a business’s books, IT, and internal controls to ensure they’re in order. In-house auditors perform some audits, while Dubai-based firm or auditing service in Dubai handle others. In addition to tax audits, the Federal Tax Authority also conducts audits of other types.

1) Internal Auditing:-This type of audit is conducted by firms to see where they can enhance their internal controls, operational efficiency, or regulatory compliance. Though some companies may have auditing skills in-house, many prefer to work with one of Dubai’s best internal auditing firms. An internal audit can verify whether or not a company is practising good risk management and whether or not it is following global and regional best practises. Owners of businesses frequently conduct internal audits to ensure conformance with all relevant requirements, as well as to analyse and verify financial data, evaluate risk management policies and procedures, and investigate operational operations.

 

2) External Auditing:-It is wise to have an external auditor undertake an audit to make sure the company’s financial records are free of material misrepresentation. When conducting an external audit in Dubai, auditors examine books and records of transactions and balances and may double check specific aspects of the financial statements with third parties such as banks, customers, and suppliers. At the end of the audit, the auditing firms in the UAE will deliver an audit report. Lenders, creditors, shareholders, and investors all look to the audit opinion for information about a company’s financial health. All of Dubai’s free zones now need annual audits from its tenants. Businesses on the mainland are voluntarily conducting audits in the meantime.

 

3) Forensic auditing:- It is becoming increasingly important since the prevalence of corporate fraud necessitates more in-depth investigations of possible financial wrongdoing. Forensic auditing firms in Dubai monitor and investigate instances of financial wrongdoing, fraud, and business disputes. In the United Arab Emirates, filing a police report is not possible without first receiving approval from an auditor. During the audit, the root causes of problems with operations, such as accounting errors, allegations of employee fraud, declining income, and increasing expenditures, are determined. Forensic audits cover an expansive variety of investigation activities, such as those pertaining to fraud, embezzlement, and other forms of financial malfeasance. Forensic auditors may also look into bankruptcies, defunct companies, and other legal disputes. A forensic audit is carried out when there is a possibility that the evidence gathered can be used in court.

 

4) Audited of sales:- Businesses with retail locations in UAE shopping malls are required by law to submit an audited Statement of Gross Turnover to the appropriate authorities. In accordance with the Lease Agreement, you must do so. The lease will specify what costs are considered part of “gross sales,” which may or may not include commissions. To ensure that the tenant is abiding by the lease’s terms and to evaluate the sales collecting process, an audit of sales is conducted. This ensures the landlord that the company’s reported income is correct.

 

5) Tax auditing:- These are reviews of a company’s financial records and other pertinent information and data to ascertain conformity with UAE tax legislation and are done by the Federal Tax Authority in line with the Tax Procedures Law (Federal Decree-Law no. 7). The FTA performs tax audits of taxable firms as part of its mission to execute the UAE VAT Law and the Tax Procedures Law.

 

Conclusion:- Reading this blog post will help you learn about auditing firm and  services in Dubai, as well as auditing regulations and providers like Risiansaccounting, who are accessible for all of your accounting and tax preparation needs.

 

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What Accounting Standards Are Used In UAE?
  • Accounting
  • 2022-11-09

The principles of accounting and audit is important for any business out their in today's world. Today, we are going to explain the accounting standards are used in UAE and auditing firm requirements. 

What are the standards of account used in UAE? 

Financial statements must adhere to what are known as accounting standards. The rules are basically established to record how the transactions are to be made. It gives some leverage and some financial information to the creditors, lenders, and investors.

Basic accounting is very much necessary for the firms functioning in  auditing service in dubai or anyplace in the world. The accountant needs to constantly update the financial records; otherwise, there would be too many accounts to deal with. Accounting software must be installed by businesses in order to keep track of their money coming in and going out. They have to additionally take care of the revenues, disbursements, reimbursements, and all the receivables periodically too keep the organisation financially healthy.

According to local reports, many UAE residents are at a loss to make sense of the systemic changes that have been made to the organisation and presentation of their financial records. A few international accounting standards are widely adopted. grasp the norms specified for bookkeeping journal maintenance and the compilation of financial statements.

So, the corporations adopt different formats and rule me their accounting record. In this regard, G d Accounting Concepts (GAAP) and Inter Final Reporting Standards (IFRS) are two of the st often utilised bookkeeping principles.

That's why all these businesses have their own unique systems for keeping track of their books. In this sense, Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) are two of the most often utilised bookkeeping principles.

1)International Financial Reporting Standards:-

??The IASB (International Accounting Standards Board) has issued a set of guidelines.  The IFRS were issued as the international accounting standard for carrying out the duties and responsibilities of a financial management. It focuses on certain situations and business deals necessary for accounting purposes. The IFRS explains a methodical procedure that accountants can use to keep accurate records.

?? The guiding rules are meant to provide a common language that is well understood by the business individuals and accounting companies across the world.

 

2)Generally accepted accounting principles:-

??GAAP is comprised of all key concepts and rules to cope with the intricacy, difficulties, and aco s for managing corporate accounting. According to the GAAP (Generally Accepted Accounting Principles) standards set by the Financial Accounting Standards Board (FASB). The business people and accountancy companies across the world.

??It is consisting of all key concepts and rules to cope with the guidelines, difficulties, and accounting laws for managing corporate accounting. GAAP is the cornerstone of accounting processes as certified and utilised by the Financial Accounting Standards Board (FASB) (FASB). The deployment of GAAP requires substantial accounting services because it is utilised to handle balance sheets, revenue recognition, and outstanding classification of things and shared estimations for public presentation.

 

Which is considered important standard in UAE?

The government suggests IRFS for the auditing firm requirements. In accordance with regulations issued by the UAE Central Bank, the Securities and Commodities Authority (SCA) has mandated that all enterprises use IFRS. Therefore, all companies trading on the NASDAQ Dubai (formerly known as DIFX), Dubai Financial Market (DFM), or Abu Dhabi Securities Exchange (ADX) must maintain their books in compliance with IFRS (IFRS). Accordingly, all legitimately listed firms on the Abu Dhabi Securities exchange as of 2003 are required to produce the IFRS financial statements.

Businesses that are not listed on the aforementioned markets are not required to comply with IFRS, however doing so would be in the best interest of simplicity and openness. Top accountancy businesses near me can be easily located online if you ever have business plans in the United Arab Emirates. All of the accounting firms in Dubai provide first-rate assistance, and many even offer free initial consultations to those who are interested. They are reliable and friendly.

Until recently, businesses in the UAE were not held to any particular standards, but that has changed. Now, the UAE government requires its entrepreneurs to implement a set of guidelines known as standard. When trying to decide what to utilise b a for, b an individuals can sometimes become perplexed. Before recently, businesses in the UAE did not have to adhere to any specific regulations, but now the government is encouraging companies to use IFRS for all of their accounting needs. Business owners and managers can be unsure of the best options for ensuring that their operations are in line with financial rules and regulations.

Conclusion:- After understanding this article you will get overview of auditing firm and auditing service in dubai as well as most importantly accounting standards are used in UAE. If you have any suggestions or doubts than contact Risians Accounting Services for your queries.

 

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What Are The Regulations Of Auditing
  • Auditing
  • 2022-11-09

Audit is process of examination and observation of financial statements of a company. It is usually performed from a chartered accountant or audit firm for each financial year. 

What Are The Types Of Audit In UAE?

If you're a business owner in Dubai, having your financial books audit annually by auditing service in Dubai is a must to make sure everything is in order. During an audit, Dubai-based auditors look into a company's financial statements, systems, and internal controls. Some audits are done by an in-house team, while others are handled by outside auditing organisations based in Dubai. The Federal Tax Authority performs tax audits and audits of a different nature.

  • Internal Auditing:- To find out where there may be room for improvement in terms of internal controls, operational efficiency, or regulatory compliance, businesses often undertake internal audits. Although a company's own employees might be capable of conducting an audit, many instead hire one of the top internal auditing organisations in Dubai. A successful business relies on effective risk management and adherence to both global and regional best practises, both of which may be verified by an internal audit. When it comes to making sure their company is in compliance with all applicable laws and regulations, reviewing and verifying financial data, assessing risk management policies and procedures, and examining operational processes, business owners often undertake internal audits.

  • External Auditing:- To ensure that the company's financial records are free from serious misstatement, it is prudent to have an external auditor do an audit. In Dubai, auditors performing an external audit look into records of transactions and balances and may even verify certain aspects of the financial statements with third parties like banks, customers, and suppliers. When the audit is complete, the auditing firms in the UAE will provide an audit report. The audit opinion is used by lenders, creditors, shareholders, and investors to get insight into a company's financial standing. The majority of Dubai's free zones now require its tenants to submit an annual audit. Meanwhile, mainland businesses are voluntarily auditing themselves. Get the best external auditing service.

  • Forensic Auditing:- With the rise of corporate fraud, forensic auditing and investigations into financial misdeeds have taken on greater significance. Companies in Dubai that specialise in forensic auditing keep tabs on and investigate cases of fraud, financial crimes, and commercial disputes. Having an auditor's stamp of approval is required even while filing a police report in the United Arab Emirates. Financial mistakes, allegations of employee fraud, falling revenue, rising costs, and other issues with operations are traced back to their origins during the audit.

    There is a wide range of investigative tasks that go under the umbrella of "forensic audits," including looking into allegations of fraud, embezzlement, or other financial wrongdoing. Cases of bankruptcy litigation, corporate closures, and other legal conflicts may also fall under the purview of a forensic audit's scrutiny. When there is a chance that the evidence acquired can be utilised in court, a forensic audit is conducted.

  • Audit of sales:- Businesses operating retail outlets in UAE shopping malls are required by law to present an audited Statement of Gross Turnover to the relevant authorities. The stipulations in the Lease Agreement necessitate this. Gross sales will be defined in accordance with the lease agreement, which may include or omit certain sales-related expenses. An audit of sales can be used to check the tenant's adherence to the lease terms and to assess the sales collection procedure, both of which can serve to detect control deficiencies. This gives the landlord confidence in the accuracy of the business's reported revenue.

  • Tax Auditing:- Tax audits are conducted by the Federal Tax Authority (FTA) in accordance with the Tax Procedures Law (Federal Decree-Law no. 7), and involve a review of a company's financial records and other relevant information and data in order to determine compliance with UAE tax law. As part of its duty to enforce the UAE VAT Law and the Tax Procedures Law, the FTA conducts tax audits of taxable entities.

    The FTA conducts tax audits to check whether or not taxpayers are in compliance with all aspects of the legislation, such as producing valid Tax Invoices, receiving eligible VAT credits based on proper Tax Invoices from suppliers, etc. Tax agents or auditing firm registered with the Federal Tax Authority in the UAE provide pre-audit and post-audit assistance to businesses to help them remain in compliance with VAT regulations. Businesses should avoid working with tax preparers who aren't licenced by the FTA.

What are regulations of auditing in UAE?

The 'financial reporting ecosystem' is the latest regulations available and auditing service in dubai is necessary. Financial and administrative accounting, tax accounting, internal auditing, and judicial auditing have all been added to the financial reporting ecosystem by ministry of affairs, Al Nuaimi. 

Accounting and financial services provided in accordance with global best practises are what this rule is all about, as it will aid the authorities in this country in their fight against financial fraud.

More and more categories are being added. As a result, the auditing system will expand to include not just the registration and regulation of external auditors but also those of auditors specialising in internal, legal, and tax matters. More auditing methods, including ESGs and others, are on the horizon.  

Conclusion:- After reading this blog you will understand auditing firm and auditing service in Dubai along with the regulations of auditing and companies like Risians Accounting Firm is always available for your taxation needs?????? 

 

 

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Impact of corporate tax
  • Taxation
  • 2022-10-20

What is corporate tax?

A corporate is a legal entity that is distinct and distinct from its stockholders. The Income-tax Act requires both domestic and international corporations to pay corporate tax. A domestic corporation is taxed on its total income, whereas a foreign firm is only taxed on income earned within India, that is, money accumulated or received in India.

The types of companies come under this are:- 

  • Domestic company
    These are companies registered under the companies act and include majorly private and public entities.

  • Foreign Company
    These are not included companies in cts and control and management located in India.

 

 

Free Zone Person transact with mainland UAE but does not have a mainland branch, the Free Zone Person can keep the 0% corporate tax rate if its income from mainland UAE is restricted to 'passive' income.

The 0% corporation tax regime will also apply to transactions between Free Zone Persons and their group firms based on the UAE mainland.

A Free Zone Person who is based in a Designated Zone for VAT purposes can take advantage of the 0% corporation tax rate on profits from the sale of products to UAE mainland enterprises that are the importer of record for such items.

 

As we are aware, corporate tax is going to be effective on July 1, 2023. Though there are some proposed impacts set to happen on people according to the ministry of finance.

UAE corporate tax will apply to UAE firms and other legal persons incorporated in the UAE. Foreign legal entities with permanent establishments in the UAE or earning income from the UAE will be subject to corporate tax. Legal persons include Limited Liability Companies (LLC), Private Shareholding Companies, Public Joint Stock Companies, and other legal structures established under UAE law that have a separate legal personality.

Legal persons incorporated in a foreign jurisdiction are effectively maintained. Get the free corporate tax consultation service from the FTA-approved tax agents. 

The following are types of companies under corporate tax - 

  • Domestic companies in UAE mainland 
  • Companies in UAE free zones 
  • Foreign companies with permanent settlement in UAE 

Classification of residential share of legal people in UAE

Legal persons or companies are classified as residents and none residents - 

 

  • UAE residents have to be liable for payment 
  • Legal residents or companies in Dubai are automatically considered residents 
  • Foreign companies will be treated as residents if they have been working and maintained. Though tax advisors then follow proper strategy related to management. 
  • Non-residents will be subjected to UAE corporate tax on taxable income. 

Progressive UAE corporate tax rate in companies 

According to recent corporate tax law, 0% will apply to corporate annual taxable income.

Added 9% will be added later, the rest can be advised by corporate tax advisors in a more efficient way.

 

UAE corporate tax compliance requirement 

  • Corporate tax registration in UAE 
  • Tax registration number 
  • Calculating and  paying the tax liability 
  • File the tax return within 9 months 
  • Maintain and other records.

 

Key areas of impact for legal persons 

Review of systems and processes 

To assess the company's preparation for the UAE corporate tax framework, an assessment of present procedures and systems will be required. This study will cover revenue and expense accounting, inter-company transactions, capital assets, and inventory management, among other things.

Assess the impact of permanent establishment 

Because the idea of a Permanent Establishment (PE) will be implemented, foreign businesses doing business in the UAE must assess their present business models, long-term agreements and contracts, intragroup and cross-border activities, and so on.

 

These days auditing is a crucial part of every business.

To establish if their financial accounts must be audited by accredited auditing firms in the UAE, mainland enterprises must follow appropriate rules and regulations. Taxable income, on the other hand, will be computed using the profits declared in the financial accounts.

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Important Insights for Effectively Accounting Inventories
  • Accounting
  • 2022-10-19

Inventories are considered a crucial aspect of the business. It plays several roles in business and maintaining cash-related issues. Providing insights for demands and profits. They allocate values to each item at each process stage and then document them as company assets. 

A robust inventory accounting system will be able to account for these changes and alter corporate asset values and inventory expenses accordingly.

By measuring the value of products at various phases of production — for example, during the trial stage — a company can then change the variables at that stage to keep the product value stable, make desirable improvements until the final stage, and yet increase its profit margins. This would entail effectively lowering expenses.

Overall, inventory accounting determines the accurate value of assets at various phases of manufacturing and output. It contributes to ensuring an accurate depiction of the worth of all assets vital to both users and the host, which is reflected in the company's value. Close examination of the values determined in inventory accounting can assist organizations in increasing profit margins.

Key Points To Consider

  • Accurate value 
  • Helping businesses reach proper conclusions
  • Maximization of profits

Various inventory accounting methods are as follows -

The periodic inventory accounting method 

Under this method, the accounting of inventories doesn't happen directly after the sale happens but includes the revenue and tax of the business, representing 100% profit in the income statement of the business. At the end of every year or month. The organization will be dealing with autonomy in valuing inventory on its own. 

Closing and opening of the organization will be independently entered into accounts and will be calculated as gross profit. 

Cost of sales inventory accounting method 

Under this method, consideration is given to every entry regarding sales as profit or loss. The sale cost will be seen increasing when it sees inventories that are shipped. Purchases of inventory will be individual to assets on a balance sheet. 

 

First in first out method

Under this first sold is considered the first sold one.  A most effective method for alteration in the inventory of the business. This method is used for majorly processed food like beverages and food items. 

This contains supplies and product protection till its transportation. They maintain the balance of effective supply. The stock received and sold is under proper data. 

 

Inventory accounting is a simple process yet seems confusing sometimes. In that case, appointing reliable accounting inventory is crucial to maintain work consistently. 

We at Risians Accounting Firm, have a team of skilled professionals to meet your expectations and assist your clients by solving their issues. Feel free to contact us, Our expert stay always ready to bring your business towards growth.  

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Roles And Responsibilities Of Tax Agent
  • taxation
  • 2022-09-21

Every business consists of a team in which every personality is unique and known for their skills and abilities. 

Same as with content writers, marketers and etc. Just like HR is a valuable aspect of any business, tax agents are also required to be considered. 

The best method to ensure that you understand the tax regulations of the country in which you live and work is to hire a reputable and knowledgeable tax professional. One of the best tax advisers in Dubai and the UAE, providing tax services to businesses around the UAE. The company aids businesses in managing all tax-related responsibilities, such as tax payments and the accompanying legal issues. Our highly experienced tax specialists provide the best services possible to clients while supporting their businesses in complying with global tax standards.

Tax experts help businesses and individuals understand and navigate a country's taxation structure. Tax preparation, tax analysis, tax return filing, and tax payment are all part of the UAE's tax counselling services.

Certain European Union Member States have made the appointment of a tax agent mandatory for enterprises that are not based in the EU. This requires appointing a manager to oversee the formalities for the business accountable for VAT (VAT).

This implies that the accredited agent appointed by the foreign corporation fulfils the tax and VAT reporting requirements of the non-EU resident taxable person.

Hire the best tax agent in dubai.

 

Why are tax consultants crucial? 

A Better approach that makes a firm or individual informed of the country's current tax rules is to choose a tax consultant. Tax experts assist with the creation of tax accounting. They enhance the value of your company by:

  • weighing the benefits and drawbacks of your business structure
  • assisting you in choosing the appropriate VAT schemes, either voluntary or mandatory
  • Utilising effective tactics, increasing profitability and reducing expenses
  • minimising your tax liability and staying current with tax laws
  • Getting the right bookkeeping training can save you money and time.
  • establishing metrics-based performance evaluations to identify market trends. 

Before carrying out any operations within the referred territory, a tax agent must be appointed. A business that was founded outside of the EU is required to send a power of attorney that has been properly signed to its tax office.

As a result, the company's legal representative must make a written request for a representation mandate and send it to the tax authorities. The following details must be provided by the tax office:

  • The company's name and address were provided.
  • The tax agent's name and address The non-EU resident company's appointment of the agent
  • The agent's agreement to the appointment The agent's promise to carry out its duties
  • the day the rule went into force.

Taxation is mandatory in the UAE for all enterprises since the money collected goes toward the development of the country. Tax accounting ensures that companies and individuals file their tax returns by the law. A single accounting procedure blunder could cost the organisation a lot of money. As a result, individuals and corporations should exercise extreme caution while setting up a tax account.

  • Everyone is responsible for making regular tax payments.
  • To avoid legal ramifications, one should become acquainted with the tax rules and regulations that relate to the company.
  • To avoid paying late fees and penalties, register for your taxes on time.
  • Create tax documentation and keep track of it at all times 

Why appoint a tax agent 

To recoup tax debts and conduct operations in said EU territory for which said enterprises must pay VAT, numerous Member States of the EU have made it a legal need for non-EU resident companies that are incorporated in nations without mutual assistance clause to appoint a tax agent.

This is not only required by law, but it also provides non-EU member enterprises with a quick and affordable option to physically establish themselves.

Choosing a tax agent indeed allows non-EU-based businesses the opportunity to enter the European market without setting up a subsidiary. 

 

Major Tax Responsibilities 

An organization operating in taxable operations that are not based in the EU is represented by the tax agent. They make sure that their clients adhere to the law and that the business's accounting and tax procedures are honored.

Therefore, the tax advisor explicitly owes the following to their client:

  • Filing for VAT with the appropriate local tax authorities
  • Managing requests for VAT refunds
  • Checking completed operations and documents
  • VAT payment
  • Coordinating with the neighbourhood tax authorities
  • Assisting with any tax audits that may occur.
  • Comprehensive help is provided to customers by tax advisors. They support them with any issues about VAT.

More benefits related to tax consultants

  • Tax advisers for your organisation provide planning and vital information.
  • They investigate every aspect of the organisation while working with tax returns.
  • Tax advisors save time when it comes to completing tax returns.
  • They can give you up-to-date information on any changes to the tax policy.
  • Tax advisers can aid you in filing your income tax returns and audited financial statements.
  • They can conduct audits and help you renew your business licences and permits.
  • They can offer better guidance on how to calculate tax payments properly.
  • They may advise you on how to handle your taxes effectively and find ways to pay less in taxes.
  • They develop plans to steer clear of further fines and interest on your tax returns in the future.
  • When you need to provide documents for compliance with accounting and regulatory reporting obligations, they can give you peace of mind.

Tax agents do engage in examining commercial activity The agent will monitor your business activities to make sure you are abiding by the local laws that are in effect.

examining the bills' compliance. To reduce the risk of adjustment and prevent any issues during the recovery of VAT, the tax agent verifies the conformance of the invoices issued and received before submitting a refund request.

regulatory vigilance. The tax agent monitors regulations and routinely updates their client on tax reforms and adjustments.

support for any audits. In the event of a tax audit, the tax agent stands by their client and does their utmost to protect their interests.

 

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How Can A Company Achieve A Successful Annual Audit in UAE?
  • Auidting
  • 2022-09-08

The process that lends a specific set of financial statements full-fledged legitimacy is referred to as auditing. It can also help to improve corporate systems and controls.

In terms of information validity and trustworthiness, it enhanced functionality to some extent. It defends the monetary interests of businesses and firms.

For an auditor to produce reliable reports on financial statements, it is very needed to successfully analyse several key statistical claims. competent auditors can examine your company's financial accounts with great skill, but not every auditor will approach the task in a way that will fit your demands. As a result, it's crucial to pick an auditor who has the skills to do a great job in addition to the practices and mindset required to work well with the financial team and company management.

A quality audit checklist is a common document that keeps track of inquiries and responses. An effective tool for improving the processing is a quality audit. Your quality assurance system is ensured by the audit. And if you're prepared to make an audit checklist, check what the audit's purpose is first. or the group you are looking at.

Hire the UAE Top Auditors

Organisations are looking for a comprehensive and highly integrated solution to manage the whole life cycle of their audit management processes as a result of the regulatory environment's increasing complexity.

Types Of Auiting

Commonly there are two types of auidts.


- Internal Audit - 
Internal auditing is not by definition required, although it can be done to examine how an organisation does its daily business. The management of the entity chooses the work area for this kind of auditing.

- External Audit - Every independent legal entity must execute an external audit, in which a third party is invited to the organisation to conduct the auditing process and provide an assessment of the financial condition of any corporation.

Main Differences Between Internal & External Audit

Internal Audit - Conducted by an employee, the auditor is appointed by management with a proper continuous process. 

External Audit - Conducted by a third party, the auditor is appointed by members and done once a year.

An Important Step Towards Successful Audit in UAE -

Audit Execution - Fieldwork comprises acquiring and analysing data and information, primarily to determine if the organisation's internal controls are operating as needed. To create audit results, execution typically entails speaking with organisational officials, looking over documents, gathering data, etc.

Ensure Effective Audit - An efficient audit is finished on time and causes the least amount of inconvenience to the business. An efficient audit firm and team are necessary for a successful audit. The organisation needs strong procedures, and the team needs judgement, objectivity, and independence of thought in addition to knowledge of the business and its industry.

Risians Accounting Firm are known for their clear, comprehensive and effective policy that seems easy for internet users. 

Our unquestionable quality of work makes us stand apart in the crowd with the assurance of timely delivered projects maintained with consistency and loyalty. 

Teamwork - It is crucial to understand that pressure leads to large problems, especially when you are doing auditing, especially if it's your first time undergoing an audit. Though today's time is precious, everyone wants to succeed with the correct usage of time. Choosing an effective team to assign responsibilities is crucial.

Keeping Crucial Documents - Documents play a significant role in any business activity. It is an important aspect of keeping all documents with the preparation of an annual audit report. The important documents include all payroll records, bank accounts, your transaction details, trial balances, VAT return filings, loan statements, contracts etc. 

Planning Auditing In Well, An Organised Manner - Planning and organising save time and lead to success. Make sure to plan everything just before one day your team is going to do an audit. Assist your team members with their skills to avoid any error, if detected while testing, take an attempt to make proper charges. In These cases, there should be proper communication, and clarification is the best solution. It is crucial to develop a strategy and detailed approach for audit. Audit planning is very important to compete for the audit effectively within the specified time. Audit planning works important both for internal and external audits. 

Why Choose Risians Accounting Firm Audit Service? 

Having an effective auditor is one of the most significant needs of the hour, as an audit plays a crucial role in business. Risians Accounting are the most reliable, and best auditing, an accounting firm in UAE and offers considerable, quality earned services in Dubai with the help of an experienced, professional team. 

 

 

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My experience in working with this team is very much a positive one. Their professionalism is refreshing. Thank you for making the process a very pleasant experience.

Ms. Arshameh Parmoun Tag Properties

We have been working with RISIANS Chartered Accountants on a couple of assignments. At all times they are professional, organized with whatever assignments we have entrusted with them. Being a approved audit firm they are well aware with the regulations and compliances. I will recommend the team highly enough and shall certainly be engaging with them again and again in future assignments.

Moin Abbas Al Ajwad Auto Works

I would overall rate team RISIANS work as exceptional. The team was successful in delivering quality audit, irrespective of the tight deadline and it was way better than the predecessor. We can definitely build more knowledge for future.

Ajit G Vernekar AL SHAFAF REPACKING SERVICES

RISIANS proactiveness and precision towards managing our accounts and helping us constantly whenever we are in need of is a dynamic quality that makes us want to recommend to any company or an individual. Looking for a great accountants without any hesitation.

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