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What to Consider When Choosing an Audit Firm in Dubai

Audit is the process of examination of an organization’s financial statements and checking the accuracy of financial reports. It is audit that tells you about any misrepresentation done in financial records, any misuse of funds, any fraud, and any dishonest activities done in a company.

So obviously, when you are hiring an audit firm in Dubai ( ethicsplusuae.com/audit-firm ), you need someone expert in its field and can perform its duties right. But the biggest problem is every firm out there claims to be an expert.

Well, you cannot rely on what they say. You have to find an actual reliable, expert firm. That’s why we have listed down few key things you need to consider while choosing an audit firm in Dubai.

1. Credentials

This is the most basic thing that you first of all need to ensure. Ask your firm to show copies of their training and qualifications that certify them to perform the assessments your organization requires. Make sure they hold a valid license. A valid license ensures that the firm is registered with Govt. regulating authorities and functioning in compliance with set standards. As you are choosing an audit firm, the most reputed approving authority is DMCC. Look for DMCC approved auditors.

2. Experience

Experience plays an important role while choosing an audit firm. Look for an auditing firm with experience specific to your industry. A team that has performed audits of your business type in the past will have the knowledge for anticipating what your audit will look like. Ask your firm to provide evidence of its experience. It is very easy to write on the website that we have that many years of experience, but difficult to prove it.

3. Reputation

The reputation of audit firm in Dubai ( https://ethicsplusuae.com/ ) gives you an idea about the quality of services of a firm. Read the reviews and testimonials of clients to get some idea about the reputation of a firm. Positive reviews and clients’ recommendations show clients are satisfied with the firm’s work. Check the list of clients the firm has worked for. It will also give you some indication of the firm's reputation. A well-reputed firm has a list of well-established clients. Apart from this, any awards and accolades add to the credibility of the firm. Ask your firm if they have any such accomplishments.

4. Customer service

The next thing you need to consider is customer service. And the most important part of customer service is communication. You should not be waiting for a reply to your query from a firm for days. Auditors working on your project should be easy to reach and generous to your queries.

5. Cost

At last, consider the cost of the services of a firm. Get quotes from three to five audit firms of the same level to know the actual cost of the project. Choose an audit firm that offers the best value, not the best price.

So these are the five things you need to consider while choosing an audit firm in Dubai.

Why Consider Hiring an Accounting Firm in Dubai and Not a Solo Practitioner?

Efficient financial management is the central part of your business activities that determine the fate of your valued endeavor. In the startup stage, your financial aspects may not be vast and can be handled by a single bookkeeper or accountant. However, as your business starts growing with more number of customers, vendors, manpower, liabilities, and resources, your financial responsibilities multiply uniformly.

Meeting accounting obligations for an upcoming small, medium or startup company is huge and hard to maintain comprehensively by a single accountant. Hence, it is essential for you to ensure that you work with a specialized accounting firm in Dubai ( ethicsplusuae.com/accounting-compilation ) and not a solo professional or any average accounting group. In order to reap the best benefits of your effective financial management system, while hiring a company, consider the most vital points as a parameter to judge them.

Knowledge and Experience

In-depth knowledge and long experience matter significantly in the area of financial management. As you must not work with armature, inexperienced or newcomers in the trade while hiring accounting firm in Dubai, make sure that the entity has a background with high reputation. The success stories can be found through the web page reviews as well as from your like-minded agencies. As experience and knowledge combine in expertise, factors like business ethics, commitment, and due diligence are some of the great attributes that make an enterprise acclaimed in the industry. Also, ensure that the professionals there are updated with the latest changes in accounting standards and tax laws.

Range of Services

As you’re motivated to work with an accounting firm to attain all-embracing financial services, and not to rely on any single professional, it’s moreover not practical to hire two or three firms to take care of your various accounting needs. Find an accounting partner that can support your enterprise right from bookkeeping to maintaining bills payable/ receivable, debtors/creditors accountant, payrolls, tax matters, auditing, and other accounting services.

Ethics and Professionalism

Ethics, integrity, and professionalism are valued traits of an accounting firm. As an outsourced partner, the agency is going to deal with the most sensitive financial database of your business and naturally on the route, they will come to know all your business secrets like your vendors, valued clients, distribution channel, financial matters and more. While they should be committed to work sticking to the tax laws and accounting standard of the State, keeping all client information 100% confidential should be their professional code of conduct.

Technologies and Tools

Before hiring your accounting firm in Dubai ( https://ethicsplusuae.com/ ), make sure that the agency is equipped with the newest technologies and tools to maximize efficiency and consistency in financial management. As for example, whereas maintaining Cloud-based accounting standard has now been a global standard, if your accounting firm wonders about the trend and still aware of its great advantages, you should not spend your time there and look for a savvy service provider.

Teamwork

The accounting firm your hire is expected to work remotely as well as closely with your office staff and management to get needful data on a daily basis. Before, initiating the job, they visit your office, evaluate the kind and volume of your business, know about your expectation from them, and accordingly suggest you best methodologies that they’re going to follow to optimize the effectiveness of your financial management system. Hence, as they should be comfortable to work with their clients, equally, from the viewpoint of financial advisors, they should have the competence to recommend the gaps in the processes as well as measures to protect your company from fraud, threat, and all other vulnerabilities.

Everything About Tax for Expats

Myth #1: American expats don’t have to file annual U.S. tax returns because they live abroad or already file a tax return with a foreign government

This is one of the biggest myths when it comes to tax for expats. Even if a person is living abroad ( www.EsquireGroup.com/tax-for-expats ), he or she is still required by the U.S. government to file annual tax returns regardless of which country they live in and earn money. Every U.S. citizen and permanent resident is required by law to comply with U.S. tax laws, which require filing a tax return.

Myth #2: You don’t need to report your foreign income on your U.S. tax return

This is another big myth about tax for expats. Some people believe that they only need to report their U.S. income on their U.S. tax returns, but this is simply not the case. The U.S. is one of only two countries in the world that taxes its expats on their global income. In other words, regardless of where a U.S. citizen lives and works, they are required to report all of their income. That’s right: ALL of it.

Myth #3: Tax-Deferrals work the same in my country of residence as they do in the U.S.

One myth people erroneously believe about tax for expats is that if the contribution they make to their retirement or savings plans are deferred in their country of residence, they are automatically tax-deferred in the United States. Unfortunately, this is untrue. In many countries, people are allowed to contribute a pension plan or other investment savings plan and enjoy tax-deferrals. However, that country’s financial regulations and allowances have absolutely no bearing on the U.S. government’s taxation of your pension or investment plans. In fact, the U.S. can tax expats on both the annual employer contributions and earnings.

Myth #4: I don’t need a lawyer

One of the mistakes many expats make when it comes to taxes for expats is believing that they have all the information and resources they need to comply with international tax laws and make smart financial decisions.

Unfortunately, tax laws are often very complicated, and international taxation is even more so. There are a number of factors people don’t realize when it comes to taxes for expats. Furthermore, there is a lot of misinformation out there that could potentially cause even the most willing and well-meaning expat to fall into non-compliance with U.S. tax laws. In recent years, U.S. laws regarding non-compliant

The best thing for an expat to do is to consult with an experienced lawyer who specializes in international tax law to make sure that they are fully compliant with U.S. tax laws, as well as the laws of their country of residence. But an experienced lawyer won’t only help their client stay compliant with tax laws, they’ll also help them plan for their financial future ( www.EsquireGroup.com/about ), advising them on how to make smart decisions with their income and investments and avoid double or over-taxation. If a person is already out-of-compliance with U.S. tax laws, an international tax lawyer will work with them through various legal channels to help them get back in the good books of the IRS.

Importance of External Audit for Your Business

The process of audit ensures that the your books reflect a true picture of the financial health of the business. There are two types of audits- internal and external. In an internal audit ( ethicsplusuae.com/audit-assurance ), the evaluation process is carried out in house by the employees of the organization and in an external audit, the evaluation is carried out by an outside firm.

An audit basically provides an assurance to the shareholders that the financial statements of the company are accurate and represented in an appropriate manner. Here are four stages of a financial statement audit.

Stage 1: Planning and risk assessment

The primary stage of audit, planning and risk assessment involves around gaining an understanding of the business in which it operates. This information is used to assess the risks associated with the business and its impact on the financial statement of the organization.

Stage 2: Testing internal controls

At the second step, the internal controls of the organization are tested. This includes checking the security of the computer and reconciling the accounts. The auditor looks whether the assets are safeguarded or not and also looks whether the internal controls are in place or not. If not, the same is reported in the audit report. The auditor then decides whether he should base the financial audit on sample transactions or whether he should test all the transactions. A strong team of professionals offer services for audit in Dubai. They ensure that the organization complies to the requirements specified by the body.

Stage 3: Substantive Procedures

At this stage, evidence is collected that the figures represented in the financial statements are true and reliable. If the internal controls are found to be strong and efficient, auditors rely on this stage. There are different ways in which this stage works. One is conducting an analysis of the financial statements through methods like ratio comparison. Another is a reconciliation in cash and bank. There is examination of the documents and speaking to the management for more information.

Stage 4: Finalization

This is the last and final stage of auditing where the auditor has to compile the reports and present the final report to the shareholders, management and the third parties. There are many types of software available which can be used to perform the audit. It helps review all the transactions in one go without making a mistake.

An audit is important for an organization and it helps build trust and confidence of the users. It is an expensive examination of the financial statements of the organization and it is not something that can ever be ignored. If you do not have adequate knowledge about audit ( https://ethicsplusuae.com/ ), you can hire professionals for audit in Dubai and they will guide you with the same. Grow your business with the right partners by your side.

Everything About Internal Audit

Internal controls are very important and every organization should have them well placed. Depending on the size and type of the organization, the internal controls need to be placed. In today’s marketplace, internal audit is of prominent importance. Internal controls and internal audit ( Ethicsplusuae/internal-audit ) are inter related. Internal audit helps in the facilitation of compliance with the laws and regulations and gives peace of mind to the management to operate their business in an efficient manner. Internal controls lay a system where the employees and the employers are aware of their responsibility and conduct their operations in an ethical manner. Internal audit helps a business prepare for the external audits which will be carried out on an annual basis.

It is a key factor in building strong client relationships. It helps in adhering to the regulations and reduces the fine and penalties. Internal audit in Dubai helps in building strong business relationships while maintaining strong internal ethics and compliance. Professional experts offer services of internal audit which will help you remove any loopholes and build a strong employer employee relationship. If you have efficient internal audit, the external audit will look easy and convenient. There will be lesser number of queries and issues raised by the external auditor if the internal audit is carried out from time to time. It will also help you prepare the final accounts with ease and to comply with the laws of the State.

It is ideal to hire the services of experts for the purpose of internal audit as they are well aware about the latest laws and amendments made from time to time. Professionals offer services for internal audit in Dubai and will also help you mitigate risks. Every business faces certain risks that need to be mitigated in order to reduce the losses as much as possible and internal audit can help you do the same. Consider the size and type of your business and build a strong internal control system so as to make the business ethical and efficient.

There are a number of taxation rules and auditing rules that you need to abide by and if you have a professional helping you with the same, the task will become much easier. Internal audit is not restricted to preparing the financial statements, it goes much beyond that. It also helps serve a number of issues with ease. Whatever the size and type of your business, internal audit is important and very helpful. Choose the right professionals to help you achieve success and take your business ( https://ethicsplusuae.com/ ) to its potential with strong internal controls and an efficient internal audit team led by an experienced professional from the industry.