VAT relief: UAE latest changes on late payment of VAT penalties for businesses Earlier, voluntary disclosures too carried high penalty charges and that’s scaled back
Audit Process in the UAE
Financial auditing is the process of examining an organization’s (or individual’s) financial records to determine if they are accurate and in accordance with any applicable rules (including accepted accounting standards), regulations, and laws.
External auditors come in from outside the organization to examine accounting and financial records and provide an independent opinion on these records. Law requires that all public companies have their financial statements externally audited.
Internal auditors work for the organization as internal employees to examine records and help improve internal processes such as operations, internal controls, risk management, and governance.
The firm’s audit approach is based on understanding the client, including the industry in which they operate, its organizational structure and its internal control processes.
Accordingly, the Alya’s audit process does not consist solely of verifying data in the financial statements with supporting documentation. It also includes analyzing the client’s business risks in its business environment. Alya’s audit teams examine the objectives of the business and its strategy, and analyzes its business processes, their inherent risks and related internal controls.
Our audit practice provides auditing services to a large number of companies, ranging from startups to multinational corporations operating across the varied UAE economic spectrum. We create specific areas of specialization and exploit economies of scale.
We add value by focusing client’s attention on risk points and highlighting leading practice ideas for improving controls. Our audit teams specialize in the sectors in which the clients operate. Our methodology is based on industry-focused services. Accordingly, different auditing teams have diverse industry focuses. This enables the firm to provide quality professional services, while ensuring uniformity and consistency. In the UAE, our sector-specific teams include:
1) Financial services
2) Infrastructure, government and healthcare
3) Consumer and industrial markets
4) Technology, media and telecommunications
How we can help:
A customized auditing plan aligned with client needs. The firm’s business structure and special areas of focus facilitate the preparation of a customized auditing plan for each client. This process helps us to provide:
- An effective and focused auditing approach – focusing on genuine risks makes it possible to focus on those areas where financial statements are exposed to the highest risk, while saving resources in other areas.
- Added value for the client – analyzing business process and examining risks and controls enables audit teams to spot both weaknesses and possibilities for improvement in the various business divisions, adding value for the client.
- Quality control – improving the presentation of the financial statements and accompanying notes to more accurately reflect the business financial position and the results of its operations.
Top Auditors and Accountants in UAE,Dubai
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