We’re a leading firm of chartered accountants & VAT/Tax advisers supporting entrepreneurs, high net worth individuals, family offices and growing businesses in UAE.
The Federal Tax Authority (FTA) conducts VAT audits on a periodical basis to ensure compliance of the VAT Regulations by the companies in UAE. This is part of the enforcement procedures of FTA as laid down by the Tax Procedures Law published by the Ministry to identify non-compliances and possible tax evasion among VAT registrants. The FTA has in recent times increased the tax audits so a company can expect to be called up for a VAT audit at any time. It is pertinent that all VAT registered businesses should be ready with their VAT records and accounts to avoid any possible penalties.
A VAT diagnosis or VAT audit exists to review the goods and invoice flows to ensure their compliance. The audit can also consist of a comprehensive examination of the company accounts, in order to identify the purchases and sales flows, and check their compatibility.
Add value to your business by using the audit as a basis to identify and resolve commercial issues and to improve your business processes.
Reduces the risk of inadvertent double payment of VAT, incorrect VAT being charged by the suppliers, etc, and further assist in reducing exposure to penalties from the Tax Authority.
Business will be prepared to face official tax audits by having all the required details ready on hand and avoid errors which may happen due to last-minute hastiness.
As compliance is thoroughly examined, the chances of fraud to be conducted by the business are greatly reduced.
The auditor checks if the industry guidelines are followed in the company.
The past reports are evaluated and the work procedures are also checked.
All the financial details like bank account details and cash book details are also checked to ensure the report is error free.
Our audit approach is founded on detailed risk assessments and corroborated analytical review which involves understanding what makes each individual business tick. We put robust and considered planning at the centre of our process, and involve the client at all stages.
Auditing is done for various sections, and different auditing reports are generated. We review the generated document to make sure it is with respect to the federal law of UAE. It is further merged into one before presenting in front of the board of directors and shareholders.