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Category: Approved Auditors

Approved Auditors

How to do a Financial Audit – Financial Audit Expert in UAE

How to do a Financial Audit – Financial Audit Expert in UAE

Ever wondered how to do a financial audit? Understanding financial audits can be crucial for anyone, whether you’re a business owner or accountant, or simply want to better manage your finances. A financial audit will help you identify potential mistakes and improve your financial transparency. How to Start a Financial Audit? To begin a financial audit, you’ll need […]

Why is Internal Audit Required in UAE – MAKCA auditing

Why is Internal Audit Required in UAE? Why is internal audit necessary in the UAE? Businesses need internal audits to improve their risk management and governance processes, as well as evaluate the effectiveness of internal controls. Companies in the UAE use internal audits as a way to improve their financial performance, ensure compliance with law, and gain trust from stakeholders. Why is internal audit so important? Why is internal audit important? Internal audits are important because they help identify weaknesses in internal control systems that can lead to fraud or errors. They make sure that the company follows established policies and procedures to reduce the risk of legal problems or financial losses. Internal audits improve decision making by providing accurate financial information and operational insights. Regular audits improve transparency and maintain trust among investors, clients and regulatory agencies. A robust internal audit is essential for long-term growth and sustainability in today’s world of business. External vs internal audit Businesses often ask what the difference is between internal and external audit. Independent auditors perform external audits to ensure the accuracy of financial reports and compliance with external regulations. Internal audits are performed by the company’s staff to evaluate the efficiency and compliance of the organization. Internal audits are more comprehensive than external audits, which focus primarily on financial accuracy. In many cases, external audits can be mandatory. Internal audits on the other hand are optional but recommended to improve governance. Feature Internal Audit External Audit Purpose Improve internal controls and operations Verify financial statements and regulatory compliance Conducted By Company’s internal staff Independent external auditors Frequency Ongoing and regular Usually once a year Focus Risk management, efficiency, compliance Financial accuracy and compliance Scope Broader scope covering all aspects of operations Narrow scope focused on financial records What is the difference between internal and external audit? What is the main difference between an internal audit and an external audit? Their scope and objectives are the key differences. Internal audits are aimed at improving internal controls, risk management and operational efficiency. Employees within the company conduct them. However, external audits are conducted by independent third-parties and focus on verifying financial statements. Internal audits are conducted on a regular basis, while external audits usually occur only once a year. Both types of audits have the same goal: to identify risks and ensure compliance. What is the value of internal audit? What is the value of internal audit to a company? Internal audit can add value to a business by identifying ways in which it can improve operations, reduce costs and manage risk effectively. Internal auditors prevent fraud, inefficiency, and mismanagement by regularly assessing the internal controls. Internal audits can also give management critical insights to improve decisions and ensure that the company is in compliance with all applicable laws and regulations. Businesses with strong internal audits tend to be more transparent, accountable and successful over the long term. What can “Mubarak Al Ketbi” Chartered Accountants do? Why is internal audit required in UAE Mubarak Al Ketbi Chartered Accountants are able to assist your company in all areas of internal auditing within the UAE. Our auditors can help you improve internal controls and ensure that regulations are followed. We can identify weaknesses and risks within your business, providing solutions that will improve your performance. You’ll be able to understand how your company is performing and where improvements are required with our help. We provide customized audit services that are tailored to your specific needs. A bird in hand is worth more than two in the bush. Our help will put your business on the path to success. Contact Us now Frequently Asked Questions Why is internal audit required in the UAE? Internal audits are required to evaluate internal controls, ensure compliance, manage risks, and improve overall efficiency within a business. What makes internal audit so important for a company? Internal audits help detect fraud, errors, inefficiencies, and ensure the company operates in compliance with internal policies and external regulations. How does an internal audit differ from an external audit? Internal audits assess internal processes, efficiency, and compliance, while external audits focus on verifying financial statements and external compliance. How can internal audit add value to a company? Internal audits help businesses identify inefficiencies, prevent fraud, and ensure compliance, ultimately leading to better decision-making and improved financial performance.

Why is Internal Audit Required in UAE? Why is internal audit necessary in the UAE? Businesses need internal audits to improve their risk management and governance processes, as well as evaluate the effectiveness of internal controls. Companies in the UAE use internal audits as a way to improve their financial performance, ensure compliance with law, and gain trust […]

Why is Internal Audit Required in UAE – MAKCA auditing

Why is Internal Audit Required in UAE? Why is internal audit necessary in the UAE? Businesses need internal audits to improve their risk management and governance processes, as well as evaluate the effectiveness of internal controls. Companies in the UAE use internal audits as a way to improve their financial performance, ensure compliance with law, and gain trust from stakeholders. Why is internal audit so important? Why is internal audit important? Internal audits are important because they help identify weaknesses in internal control systems that can lead to fraud or errors. They make sure that the company follows established policies and procedures to reduce the risk of legal problems or financial losses. Internal audits improve decision making by providing accurate financial information and operational insights. Regular audits improve transparency and maintain trust among investors, clients and regulatory agencies. A robust internal audit is essential for long-term growth and sustainability in today’s world of business. External vs internal audit Businesses often ask what the difference is between internal and external audit. Independent auditors perform external audits to ensure the accuracy of financial reports and compliance with external regulations. Internal audits are performed by the company’s staff to evaluate the efficiency and compliance of the organization. Internal audits are more comprehensive than external audits, which focus primarily on financial accuracy. In many cases, external audits can be mandatory. Internal audits on the other hand are optional but recommended to improve governance. Feature Internal Audit External Audit Purpose Improve internal controls and operations Verify financial statements and regulatory compliance Conducted By Company’s internal staff Independent external auditors Frequency Ongoing and regular Usually once a year Focus Risk management, efficiency, compliance Financial accuracy and compliance Scope Broader scope covering all aspects of operations Narrow scope focused on financial records What is the difference between internal and external audit? What is the main difference between an internal audit and an external audit? Their scope and objectives are the key differences. Internal audits are aimed at improving internal controls, risk management and operational efficiency. Employees within the company conduct them. However, external audits are conducted by independent third-parties and focus on verifying financial statements. Internal audits are conducted on a regular basis, while external audits usually occur only once a year. Both types of audits have the same goal: to identify risks and ensure compliance. What is the value of internal audit? What is the value of internal audit to a company? Internal audit can add value to a business by identifying ways in which it can improve operations, reduce costs and manage risk effectively. Internal auditors prevent fraud, inefficiency, and mismanagement by regularly assessing the internal controls. Internal audits can also give management critical insights to improve decisions and ensure that the company is in compliance with all applicable laws and regulations. Businesses with strong internal audits tend to be more transparent, accountable and successful over the long term. What can “Mubarak Al Ketbi” Chartered Accountants do? Why is internal audit required in UAE Mubarak Al Ketbi Chartered Accountants are able to assist your company in all areas of internal auditing within the UAE. Our auditors can help you improve internal controls and ensure that regulations are followed. We can identify weaknesses and risks within your business, providing solutions that will improve your performance. You’ll be able to understand how your company is performing and where improvements are required with our help. We provide customized audit services that are tailored to your specific needs. A bird in hand is worth more than two in the bush. Our help will put your business on the path to success. Contact Us now Frequently Asked Questions Why is internal audit required in the UAE? Internal audits are required to evaluate internal controls, ensure compliance, manage risks, and improve overall efficiency within a business. What makes internal audit so important for a company? Internal audits help detect fraud, errors, inefficiencies, and ensure the company operates in compliance with internal policies and external regulations. How does an internal audit differ from an external audit? Internal audits assess internal processes, efficiency, and compliance, while external audits focus on verifying financial statements and external compliance. How can internal audit add value to a company? Internal audits help businesses identify inefficiencies, prevent fraud, and ensure compliance, ultimately leading to better decision-making and improved financial performance.

Why is Internal Audit Required in UAE? Why is internal audit necessary in the UAE? Businesses need internal audits to improve their risk management and governance processes, as well as evaluate the effectiveness of internal controls. Companies in the UAE use internal audits as a way to improve their financial performance, ensure compliance with law, and gain trust […]

What is external audit in Dubai, UAE?

What is external audit in Dubai, UAE?

What is an External Audit in Dubai, UAE? External audits are independent reviews of financial statements conducted by external auditors in order to verify accuracy and compliance. For businesses in Dubai, it is vital to conduct such audits in order to maintain transparency and trust with their stakeholders and authorities. External Audit: Benefits Businesses in Dubai can benefit from […]

What is internal audit – Best Internal Auditors UAE

What is internal audit – Best Internal Auditors UAE

What is internal audit? What is an internal audit and why is it so important to businesses? Internal audits are a vital process that help organizations evaluate their internal controls, risks management and overall operations. It’s designed to improve operational efficiency and safeguard assets, as well as ensure compliance with law and regulation. Internal auditors perform a […]

Deductible Expenses as per Article 28 of UAE Corporate Tax Law

Deductible Expenses as per Article 28 of UAE Corporate Tax Law

Article 28 of the UAE Corporate Tax Law provided a detailed outline of deductible expenses that businesses can claim to reduce their taxable income. According to the law, businesses are allowed to deduct expenses incurred for the purpose of generating taxable income, provided they meet the conditions set forth. These deductions help in calculating the […]

Audited Financial Statements Article 54 CT Law, Ministerial Decision 82 of 2023

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Ministerial Decision 82 of 2023 refers to a key regulation in the UAE that outlines the requirements for businesses with revenues greater than AED 50 million during a relevant tax period. This decision is particularly important for businesses operating under the framework of the UAE’s tax laws, especially in relation to the submission of audited […]

UAE Company Formation as per Corporate Tax Agent’s Advice

UAE Company Formation as per Corporate Tax Agent’s Advice

Starting a business in UAE offers great opportunities, but it’s important to understand the key tax and legal aspects before setting up. Here’s a brief guide on company formation in the UAE, from Tax Agent’s perspective. Business Structure Options Tax Considerations Licensing & Registration Employment Regulations Compliance & Reporting Professional Advice Engaging with a tax […]

UAE Corporate Tax Groups Provisions

UAE Corporate Tax Groups Provisions

According to the terms of Article 40 of the Corporate Tax Law, a Tax Group is defined as two or more Taxable Persons regarded as a single Taxable Person. A tax group can only consist of residents. A tax group for VAT purposes is not the same as a tax group for corporate tax reasons. […]

Small Business Relief & Their Conditions

Small Business Relief & Their Conditions

Who can elect for the Relief?  What are the conditions? What is the Relief? Who cannot elect for the Relief?  A Qualifying Free Zone PersonA member of a multinational group with consolidated group revenue of more than AED 3.15 billion The small business relief is not available for MNE group of companies that are operating other […]

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    Mubarak Al Ketbi Chartered Accountant Audit & accounting firm in Dubai is a full-service of Accounting, led by certified, highly qualified and experienced professionals audit Company in Dubai. We have been delivering end-to-end Audit, Accounting, Tax and Business Consulting services.

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