20 07 2020

Accounting and auditing for companies in the UAE

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Conducting accounting and auditing is necessary for any enterprise, no matter where it is located. Accounting is mandatory in countries with direct taxation. Fortunately, the UAE is not one of them. There are no corporate and income taxes, as well as taxes on exports and imports in the Free Economy Zones in the UAE. It is important to understand that audit, regardless of obligations, is important and necessary to verify all financial activities of the company. Timely reporting helps you determine how things are going in your company and if there are any financial problems.

Since 2018 5% VAT was introduced, and companies that fell under the prescribed requirements became obliged to conduct an audit, tax declarations and pay accrued taxes.

You can audit the company with the help of a specialist. There are about 700 qualified audit firms in the UAE and finding the right one is easy. The specialist will conduct a full check of all necessary indicators and make a conclusion, fully guaranteeing the confidentiality of the information provided.

In general, an audit is an analysis of all company data. An independent auditor checks whether all operations taking place at the enterprise are in accordance with their intended purpose and identify inconsistencies and possible adverse costs.

If you decide to take a corporate loan, then your annual report should reflect the results of the audit of your company, otherwise you may simply be refused a loan. Remember that the audit company should be independent, and the audit itself should consist of a financial and operational report.

What gives you an audit? An audit provides a guarantee that your company will not encounter problems related to mismatch of profit and loss, improper movement of funds and unexpected changes in capital. You will receive a full report in which all these indicators will be written. You can confidently go tomorrow and focus entirely on the economic growth and development of your company.