"Accounting is the art of turning chaos into clarity and confusion into financial wisdom.”
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Auditing – Trends & Challenges
With a global pandemic upon us, organizations were faced with unprecedented uncertainty, and with a need to inculcate a rapid pace of change. While organizations were seeing this change – auditors were learning and implementing the changes to ensure efficient growth of the organization.
Let’s go through some of the trends and challenges that the audit firms in UAE might witness in 2022:
Audit Strategies will have to be changed, to ensure they seem relevant and useful. In the last 2 years, it was all about building resilience within the organizations. In 2022, it will be all about ensuring visible impact in the audit services – by taking on a dynamic approach to auditing – the focus will be on bringing short and collaborative resolutions. Therefore, internal audit firms in Dubai will look at building audit strategies that show the impact of audit and the value it can provide to any organization.
The focus in 2022 will be more on ensuring compliance with regulations and procedures. While auditors will investigate the past and reflect on the present – it will be more about out-of-the-box thinking, with emphasis on the future, and implementing the changes and approaches in business.
As newer risks emerge, 2022 will be all about efficiently managing the rapid and dramatic changes in the business lifecycle. Internal Audit Firms in Dubai will have to plan and account for unaccounted risks, and the way to manage these risks, that are going to arrive through the year.
Risk Management Frameworks to outline the risks, scope, criteria will have to be managed. Characterizing risk standards & models going ahead will require a more engaged and cooperative methodology. In the previous year, associations have connected with general medical care trained professionals and doctors to obviously comprehend wellbeing chances. The pandemic uncovered a few regions wherein associations need better cooperation, for example, understanding supply chains, strategic relations, and, as a rule, the effect of efficient failures of various enterprises, just as accessing various specialists in a wide scope of industries.
Are you ready to embrace the change? To know more about how audit firms in the UAE can assist you, reach out to TRC Pamco, one of the leading and experienced audit and consulting firms in the UAE.
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9 Reasons to hire an auditing firm
If you're a business owner, you know that keeping your finances in order is essential. That's why it's important to hire an auditing firm to help you stay on track. Here are nine reasons why you should do just that.
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How to choose a right approved auditor?
When choosing an auditor, it is important to choose someone who has the right qualifications and experience. Here are tips on how to choose a right approved auditor:
Qualification:
You must ensure that the auditor of the auditing firm with which you will be working is well qualified for the job. Check to see if they have been properly trained; this will allow the individual to judge their capabilities.
An individual can evaluate their abilities with training and certifications. As a result, if you want to achieve great accuracy in your work, make sure you pay attention to every subtle detail about the audit firm in UAE.
Industry experience:
An audit will typically be more effective and less likely to ask general questions if your auditor has experience in your industry. The ability to translate their analysis into practical steps that your company can take will also allow them to offer more pertinent value-added services.
The ability to translate their analysis into practical steps that your company can take will also allow them to offer more pertinent value-added services.
Use of technology:
You’re missing out on important insights into your business if your auditor isn’t using technology and data analytics to perform your audit. Technology can digest entire data sets across large organizations, allowing auditors to assess their findings, interpret the data, and focus on the business implications more quickly.
With the correct audit, the software can provide more hands-on advice and future-focused moves to maintain financial trustworthiness.
Quality assurance processes:
Any auditor you hire should be able to demonstrate how they ensure the quality of their professional services, such as compliance with relevant legislative requirements, auditing standards, and reporting best practices.
Reasonable fees:
The fee charged by an auditor is frequently a deciding factor. ASIC has emphasized that it is critical for company directors to make sure that the audit fees are reasonable and won’t have a negative impact on the audit’s quality.
Ongoing support for decision making and growth:
A good auditor doubles as a business advisor who keeps in touch with you frequently throughout the year to bring issues that are important to your company’s operations to your attention. Real-time data is frequently required for agile decision-making.
As one of the best auditors in Dubai, PKF provides high-quality audit, outsourced accounting and payroll, consulting, and tax services with a focus on client-focused, business-centric solutions.
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Confederate Business and Tax Consultancy are one of the best audit firm based out in Dubai We offer a range of Accounting, Audit services, and also VAT registration services across UAE
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Auditing firms in Abu Dhabi
Tax Adepts- If you are looking for an audit firm in Dubai, look no further. Our firm is one of the best in the industry and we provide a wide range of services to suit your needs. For more information contact us:- Email ID:-
[email protected] | Phone no:- +971526617611
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Accounting Firm in Abu Dhabi, we offer a wide range of accounting services to suit your needs. From bookkeeping and payroll to VAT and tax returns, our expert team will make sure you're in good hands.
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Leading Audit Firm in Dubai, UAE- Call us now +971 4 240 8784
AMCA Auditing is a professional Audit and Accounting firm in Dubai, UAE. Leading Audit Firm in Dubai UAE. We Served more than 20,000 Client in Small and Medium-sized enterprises Dubai, Abu Dhabi, and Sharjah UAE. AMCA Auditing is highly committed to delivering quality audit services at an affordable price.
Call Us Now +971 4 240 8784
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PAYROLL OUTSOURCING IN THE UAE
Payroll processing is so simple to do in UAE. Can you make a mistake when choosing the right payroll outsourcing service provider to process your payroll from Dubai or Abu Dhabi? It is, unfortunately. There are a lot of payroll outsourcing companies within the UAE with varied experience and some with questionable business practices. A few services are reliable and can meet international quality standards for service.
Here are ten things you must consider during the selection of your payroll outsourcing partner procedure for the UAE:
1. Service Scope Similar to other professional services knowing and defining the scope of payroll outsourcing services is the most crucial selection process. A reputable service provider will offer a precise definition of the scope, clearly defining your and their obligations. It is a problem if the scope of their services is contained only on one page and does not include the following areas:
. Updates to the regulatory framework
a. Payments and filings for statutory filings
b. Calculations at the end of service
c. Transfers of salary and WPS
d. Payroll distribution and report distribution
e. Assistance with audit
f. Calculations made retroactively
g. Financial accruals
h. Management leave
2. In-Country presence Many service providers claim they offer payroll outsourcing solutions in Abu Dhabi, Dubai, UAE, and the Middle East but do not have offices or employees in these areas. Beware of the service providers who handle your payroll but cannot assist you when an employee of the Ministry of Labor walks into your workplace.
3. Global Payroll Network Membership Check to see if the prospective service provider is a member of a global outsourcing network. Service providers must undergo a thorough due diligence procedure before being recognized as a global network member. You’re less likely to fail when choosing a payroll outsourcing service provider who has completed this due diligence process. The company’s membership also means that you will have easy access to the world’s most extensive payroll outsourcing system if your business expands and you require payroll outsourcing outside of the UAE.
4. Service Level Agreement – Make sure that you can confirm that the provider of service is prepared to sign an agreement on service levels that binds their charges to specific performance targets that include:
. Payroll calculation errors: a large number
a. Timelines for processing and payments
b. Time to respond to questions and queries
5. Professional Indemnity Insurance Verify that the service provider has adequate professional indemnity insurance coverage. That lets you recover any damages caused by the negligence or omission of the company, which includes any fines imposed by the government for incorrect or delayed tax or payroll calculation.
6. Payroll software’s a bit amazing that many payroll outsourcing service providers use Excel or other third-party software to calculate the payroll. Most of the Big 4 accounting firms in the UAE manage their clients’ payroll manually or using third-party software. That means that their services are costly. Even the tiniest modifications or changes to payroll reports are not feasible or extremely expensive.
7. Electronic Interfaces You should determine if the service provider can connect electronically with your existing software, such as:
. Accounting Software to upload general ledger transactions
a. HR software to download HR data
b. Time and Attendance Software is used to download employee attendance records, i.e., overtime, absences, etc.
8. Employee Self-Service Ask your payroll outsourcing company if they can give your employees access to an employee self-service portal and mobile apps to update their details, including requesting leave, keeping track of overtime, checking payslips, and more.
9. Helpline Check that the service provider can access their staff members who deliver services off-hours and on weekends. Payroll is extremely sensitive to time. It is not a good idea to find yourself in a position where you have to contact the payroll outsourcing company urgently because your WPS report was rejected or the payroll calculations have to be updated. You cannot get in touch with anyone at the office of the service provider.
10. References This is a matter of saying. Check the references of the service provider.
Outsourcing your payroll functions is likely to be one of the best options that you could do within the UAE or the Middle East in general. It can save you money and let you concentrate on other essential business activities. There’s an abundance of payroll outsourcing providers across Abu Dhabi and Dubai. But, you must be extremely cautious when choosing the best payroll outsourcing company for your company. You can find the most suitable and reliable provider if you make sure you ask the right questions during selecting.
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What is the necessity of having ISO 45001 Certification in UAE
Know more about ISO 45001 Certification in UAE
ISO 45001 Certification in UAE, workplace health and safety are crucial. Companies need to maintain employee welfare, follow the rules, and boost workflow efficiency. Here’s where ISO 45001 Certification in UAE comes into play. It helps established strong Occupational Health and Safety Management Systems (OHSMS). It benefits the employees and promotes sustainable business practices.
Let’s explore the importance of ISO 45001 Certification in UAE,
the advantage of having ISO 45001 Consultants in UAE, the significant role of Certification bodies in Abu Dhabi, the role of ISO 45001 Auditors in UAE, and why Factocert is a top ISO 45001 Consultants in UAE.
Significance of ISO 45001 Certification in UAE
ISO 45001 Certification in UAE is important for companies focusing on worker health and safety. This certification offers a structure to create, implement and maintain a good OHSMS. This ensures a safe working space and legal compliance. Getting ISO 45001 Certification signifies that UAE companies are committed to workplace safety, lessen work-related incidents, and increase productivity and efficiency.
Perks of Having ISO 45001 Consultants in UAE
Working with ISO 45001 Consultants in UAE can make setting up and maintaining an OHSMS easier. These consultants provide expert advice suited to each company’s specific needs.
Key advantages include
1.Specialized Advice: ISO 45001 Consultants offer expert insights for setting up OHSMS in line with ISO 45001 requirements. This ensures effective compliance and risk management.
2.Tailored Solutions: Consultants provide solutions to meet specific company requirements which increases the effectiveness of OHSMS.
3.Saving Money: Consultants help cut costs linked to incidents, insurance, and absenteeism by reducing workplace incidents and enhancing safety measures.
4.Ongoing Support: They offer continuous support to firms, helping keep the OHSMS efficient and compliant over time.
ISO 45001 Certification Bodies in Abu Dhabi Several bodies in Abu Dhabi provide ISO 45001 Certification.
They carry out audits to ensure compliance. Notable bodies include
1. Emirates Authority for Standardization and Metrology (ESMA): A key UAE body offering certification services for many ISO standards, including ISO 45001.
2. Bureau Veritas is a well-known global body that operates in Abu Dhabi and provides certification services for ISO 45001.
3. SGS UAE is another top certification body offering auditing and certification services for ISO 45001 in Abu Dhabi, ISO Certification In Philippines, .
Benefits of Having ISO 45001 Auditors in UAE ISO 45001 Auditors ensure that companies meet ISO 45001 standards.
Some benefits of having them include:
1. Neutral Assessment: Auditors provide an unbiased evaluation of a company’s OHSMS and ensure compliance.
2.Expertise and Experience: Auditors identify potential improvements providing valuable suggestions.
3.Compliance Assurance: Auditors help UAE companies stick to OHSMS rules reducing legal disputes and ensuring a safe work environment. 4.Continuous Improvement: Auditors help enhance OHSMS through ongoing evaluation and feedback, promoting a culture of safety and wellness.
Why Factocert is a leading ISO 45001 Consultant in UAE Factocert is a top ISO 45001 Consultant in UAE for several reasons:
1.Expert Advice: Factocert provides expert advice tailored for effective OHSMS implementation.
2.Cost-effective Services: Factocert’s services are affordable, making ISO 45001 Certification possible for all UAE organizations.
3. Customer Satisfaction: Factocert ensures client satisfaction and assists in achieving successful ISO 45001 Certification.
4. Continuous Support: Factocert provides ongoing support after the certification, helping companies sustain their OHSMS and keep it effective and compliant, ISO 14001 Certification in Bangalore, .
To conclude,
UAE companies prioritizing workplace health and safety, rule compliance, and boosted operational efficiency must go for ISO 45001 Certification. By having experienced ISO 45001 Consultants, dealing with recognized Certification bodies in Abu Dhabi, and leveraging ISO 45001 Auditors’ expertise, companies can achieve certification excellence and encourage a culture of safety and wellness. Factocert’s position as a leading ISO 45001 Consultants in UAE makes it a reliable partner for companies looking to improve their OHSMS and achieve successful ISO 45001 Certification, ISO 37001 Certification in Philippines..
Why Factocert for ISO Certification in UAE
We provide the best ISO consultants in UAE, Who are very knowledgeable and provide the best solution. And to know how to get ISO certification in the. Kindly reach us at
[email protected]. ISO Certification consultants work according to ISO standards and help organizations implement ISO certification in with proper documentation.
For more information visit: ISO 45001 Certification in UAE.
Related Article: ISO Consultants in UAE
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Auditing of Accounts Dubai:- AAB is the top auditing firm in Abu Dhabi. Our audit agency in UAE can assist you in handling the everyday duties of your business, saving you time to concentrate on the organization's goals and objectives. https://www.aabdxb.com/auditing-services-in-dubai/
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VAT Return Filing in UAE: A Detailed Guide
What is VAT Return?
The VAT (Value Added Tax) return is the summary of all the purchases and supplies (goods or services) made by VAT-registered businesses/taxable individuals for a particular tax period. This summary, including the details of the tax imposed at every stage of sale/purchase, reflects the tax liability of the taxable persons – which is to be submitted to the Federal Tax Authority (FTA).
Want a seamless VAT return filing in Dubai? Get professional assistance in achieving UAE VAT compliance from experts at TRC Pamco.
VAT Filing in UAE – The Complete Procedure
Open E-Services Portal
Firstly, go to the FTA e-services portal. Log in with your VAT account’s credentials to access the dashboard which will show the basic details of your tax registration, currently active and associated with the FTA.
Click VAT Tab
In the navigation bar (placed on the uppermost part of the screen), click the VAT tab and from the dropdown menu, select ‘VAT 201 – VAT Returns’. Now, click on the ‘VAT 201 – New VAT Return’ to start the procedure.
Enter Information
Here, a few details of the taxable person like name, tax registration number, etc. will have to be filled in.
Mentioning VAT Sales and Expenses
For the current tax period, all the relevant details of VAT sales and expenses – like the zero-rated supplies, exempt supplies, etc. – have to be submitted. Also, all the expenses bearing the current VAT rate of 5% are to be submitted.
Due Net VAT Calculations
The taxable person’s net VAT due calculations have to be shown here. For the due amount that is higher than the recoverable amount, the tax authority is to be paid. If vice versa, a VAT refund can be claimed.
Declaration
Through the ‘Declaration and Authorized Signatory’ portion, you declare the accuracy and correctness of all the information provided to the Federal Tax Authority.
Through the above-mentioned process, you/your expert tax consultant can carry out the VAT filing in UAE.
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Best Strategies and Tips to achieve a successful audit
In the earlier days – there was just one way of conducting audits – through lots of papers and checklists. However, over the years – we have evolved, and there more consistent and efficient ways to conduct an audit, in addition to using technology to automate processes.
A good audit demonstrates how the audit team has applied high-quality judgement to assess the evidence they have garnered – and it should be corroborative and contradictory, both. A robustly executed audit will utilize an appropriate variety of audit tools to provide an effective audit approach.
Setting a clear goal and objective is highly required along with creating a support system and establishing clear authority. Prioritizing and asking the right questions is another way to set the audit right. Below are a few strategies and tips to achieve a successful audit:
Review the previous conducted audit: Look out for the issues cited, and fix those before you begin. While you go through the previous audits – identify the risk or complex areas – so you know where the focus should be.
Assigning tasks based on expertise: This avoids any conflicts, and ensures no work is overlooked. The team looking after GL accounts should look after reconciliations, roll-forwards, supporting schedules and so on. This ensures everyone is clear on their profile, and multiple people doing the same task can be avoided.
Communication is key: Audit Requests are a priority during year-closing, so be careful with time and commitment, as closing the year and the audit which follows would need a lot of time from your accounting and finance team.
Provide regular updates to the team, so they are aware of the progress on the audit, and if you hit any bottlenecks, it can be fixed.
Are you looking for audit services in Dubai? Well - PKF UAE - best audit firms in Dubai is an approved auditor by the Ministry of Economy. PKF has a proven track record in delivering assurance services to clients ranging from small, family-owned businesses to large multi-national groups across various industries and sectors. PKF has built up an extensive level of experience and expertise and has a team that demonstrates these credentials. Reach out to them today!
for more details visit: https://pkfuae.com/
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Confederate Business and Tax Consultancy are one of the best audit firm based out in Dubai. We offer a range of Accounting, Audit services, and also VAT registration services across UAE.
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Best Accounting Service in Dubai, UAE
Lotus Touch Accounting and Bookkeeping Services is a top accounting firm in Dubai, UAE, offering comprehensive business consultation services. We focus on professional ethics and service quality, assisting businesses in establishing robust accounting and bookkeeping systems. We provide VAT, tax compliance, business advisory, AML compliance, audit support, ERP, and turn-around solutions.
Whether you're a startup, small business, or large corporation, Lotus Touch is committed to guiding you towards a brighter future. We offer our services in Ajman, Abu Dhabi, Dubai, Sharjah and UAE.
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