Tag: Audit firms in DMCC Dubai (page 1 of 2)

The role of Internal Audit in finance

Internal Audit

“Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.”

What is the role of Internal Audit in finance

Internal Audit advances businesses to achieve their objectives by effectively evaluating and managing the risk factors and processes within an organisation. Once the risk factors are identified, the Internal Auditors focusses on managing the risks and processing them in the right way. Internal Audit is commenced in sync with the management to analyse and review the processes of an organisation by identifying areas where efficiencies and improvements can be progressed on strategic needs.

Internal Audit is functioning as a division to make sure that the prevailing internal control measures are effectively progressing adhering to the norms, procedures and strategies as put forward by the management.

What is the need for an Internal Audit in a company?

There is always a basic necessity in businesses to understand that the business is moving in the right track. Hence, the need of an internal audit arises as and when the business flourishes with time and in size and with its operations by ensuring proper compliance while expansion. The urge to call for an Internal Audit is to review the facts of procedures on their operations of various divisions and report for non-compliance, inefficiency, identify critical control areas and hatch areas of improvement to recommend corrective measures.

Internal Audit is necessary as it deals with issues that are fundamentally important for the survival and prosperity of any business.

Internal Auditing is now a necessity as it has become a specialised service requiring not only expertise in accounting but also in organisational behaviour and in functional areas of management.

The duties of an internal auditor are to:

  • Objectively review an organization’s business processes
  • Evaluate the efficacy of risk management procedures that are currently in place
  • Protect against fraud and theft of the organization’s assets
  • Ensure that the organization is complying with relevant laws and statutes
  • Make recommendations on how to improve internal controls and governance processe
  • Objectively review an organization’s business processes
  • Evaluate the efficacy of risk management procedures that are currently in place
  • Protect against fraud and theft of the organization’s assets
  • Ensure that the organization is complying with relevant laws and statutes
  • Make recommendations on how to improve internal controls and governance processe

What is the Scope of Internal Auditing?

The Qualified Practice of Internal Auditing in its International Standards , the IIA states that ‘internal audit activity should evaluate and contribute to the improvement of risk management, control and governance processes using a systematic and disciplined approach”.

Internal Audit now lays emphasis as mentioned below:

  1. Risk Management
  2. Governance
  3. Risk Management: The Internal Audit team will be assisting the business organisation to detect and evaluating substantial threats for risk which would contribute towards to enhance the risk management and control systems. The scrutinization will involve evaluating specific points as mentioned below:

Reliability and integrity of financial and operational information: The internal auditors shall be reviewing the reliability in sync with the finance team and the operations of the businesses to detect, measure and set out reports for such kind of extracted evidence. The process involves scrutinizing as mentioned below:

  1. Whether the Financial reports are correct, dependable, apt and complete.
  2. Whether there are any suitable operations to govern the record-keeping and reporting of the business.

Compliance with Laws, Regulations and Contracts: We as your Internal Auditors will be reviewing your ongoing systems and processes to make sure that your business is in compliance with UAE Laws. Businesses should have substantial impact with its ongoing policies, plans and procedures to have the reports of the processes to determine that the operations of your business have complied with the law of the region. Not adhering to the laws and policies in the UAE will attract huge penalties and serious consequences, hence 100% compliance is a must for the businesses which can be projected when proper systems are adopted.

Safeguarding of Assets: As your Internal Auditors, our internal audit team shall evaluate the systems and processes of safeguarding your assets to get and overview and evaluate the risk of losses from any unforeseen or unfortunate incidents like theft, fire, etc, improper activities and exposure to elements of nature.

Effectiveness and Efficiency of Operations: As your internal auditor we shall abide by the international standards we shall determine:

  1. Whether the operating standards have been set by the management to determine cost effective measures and its efficiency (it is not the responsibility of the internal auditor to set these standards);
  2. Whether the established operating standards are understood by all the divisions and are being met as it should;
  3. Whether if there are any discrepancy from operating standards they are set, progressed and communicated to those responsible for its correct action;
  4. Whether correct action has been taken or not.

Accomplishment of Objectives and Goals for Operations or Programmes: As your Internal Auditors we will be evaluating the processes and development of programmes to determine if the end result or outcome have been constant with the ongoing objectives and policies of the business and whether the objectives and policies should be being taken forward as it had been decided.

Governance: Our Internal Audit team shall conduct an assessment and give proper references to improve the governance process for accomplishing the below mentioned points:

  1. To endorse precise integrity and morals within an organisation.
  2. To make sure that the organisational performance supervision and accountability are progressive and effective.
  3. To efficiently communicate the risk and control evidence to the concerned department of the organisation.
  4. To manage the events and actions of communicating the information among the board members, external and internal auditors, and the management efficiently.

Nowadays Internal Audit has come up with modern days approach which covers vast areas to indulge in from reviewing of custodianship and safeguarding of assets, compliance with policies and reliability of accounting information.

It can thus be seen that the modern concept of internal auditing convers not only the traditional functions dealing with a review of custodianship and safeguarding of assets, compliance with policies and reliability of accounting information but it also lays emphasis in new areas like reviewing the economical and efficient use of resources and organisational performance. Once all the areas are assessed then, finally it will be evaluate the entire governance process and suggest recommendations for the businesses enhancement.

If you are looking for Audit & Assurance Services in the UAE, then you are in the right place. Nam Accountants Group caters highly qualified professional in the related field of work by providing a wide range of Audit and assurance services all over UAE

For more details visit : http://www.namaccountants.com/services/audit-firm-dubai.html

Accounting for business

 

It's important to step back and review what factors make up your sales

Accounting is indeed one of the most important parts of a business as it functions as a lifeblood of a company. A business cannot simply operate without accounting in it. Although some aspects are all equally important for the success of your company, accounting can make or break you. This is why there are a lot of accounting services that are available in the country.

Even when asked, accounting firms in Dubai will tell you that knowing the numbers and dealing with them properly can help you to manage your business better. It is better than you know too much than to know nothing at all.

 

  • WHAT IS ACCOUNTING FOR A BUSINESS?

In very general terms, accounting is a documentation of all economic operations through records management. This activity has three main areas:

  1. Bookkeeping process. Management of financial statements in accordance with established procedure.
  2. Tax records. Document of business deals with a view to building tax base and calculation, reporting to fiscal bodies.
  3. Management accounting. Analysis of recorded data enables the entrepreneur to evaluate the effectiveness of his activity, to make sound economic decisions, to plan and optimize work processes, to monitor progress made and results achieved. Analysis of recorded data enables the entrepreneur to evaluate the effectiveness of his activity, to make sound economic decisions, to plan and optimize work processes, to monitor progress made and results achieved.

As can be seen, accounting is not an empty word, but a necessary tool for a successful businessman.

  • Kind of Records to keep
  1. You should know what type of records to keep.
    1. Legal documents. Business licenses and permits, sales tax licenses, DBA certificates and any other documents that have legal significance for company’s activity should be stored separately and be kept accurate and current. You need to know exactly where one or another document is, both online and offline.

         b .Supporting financial documents. The source documents are of a great value for a business because all accounting operations are based on them. Supporting financial documents include all contracts with counterparts, invoices, receipts, payrolls, cash register tapes and a number of other documents related to the finance

  • Accounting software makes it easier for you to track your business’s financial health and monitor the money moving in and out of your accounts. It can create invoices, track expenses and generate a variety of reports that help you analyze your business’s performance from various angles. Many applications can also help you track your bills and manage your inventory or projects.Choosing accounting software can be challenging. Each program includes a different set of features, and most offer multiple pricing plans to choose from, which also vary by feature, number of users, or other factors. Here are three items to keep in mind when selecting accounting software for your business:
    1. Costs. Would you prefer inexpensive, basic accounting software or an application that costs more but includes extra features?
    2. Usability. How many users need to access the software? Do you prefer a cloud-based system you can access anywhere or desktop software? Do you need it to have a mobile app?
    3. Features. What do you need the accounting software program to do? Do you need both accounts receivable and accounts payable tools? Which reports do you need it to generate? Do you need it to track inventory? Do you need it to include ancillary services, like time tracking, project management and payroll .

  •  Hire a good accountant: An accountant will work in conjunction with your attorney and be instrumental in determining the best form of ownership. He can also help you establish bookkeeping and other record keeping procedures that can keep you on track for years. Most important, a good accountant will help with tax planning. “You will also want an accountant who understands the state laws, since every state has its own little intricacies, such as sales tax issues,” .
  • Hire a good business attorney: You don’t necessarily need to have an attorney on a retainer, but you’ll want to hire an attorney experienced with new businesses to help you get started. Your attorney can advise you about such things as drafting contracts, reviewing your lease and determining the right business structure. “A good attorney will know what it is that you are trying to do and help you structure your business in a way that will be beneficial to you,”                                                                                                                                                                   While many questions remain unanswered for now, it is likely that more information will become available in the near future. If you are concerned or have any questions as to how the proposed changes will affect your business in the UAE, please do not hesitate to contact us.visit:                                                                                                                                         http://www.namaccountants.com/                                                                                      or                                                                                                                                       contact  : +971-558876440

Auditors in Dubai

AUDITORS IN DUBAIAudit Firms in Dubai, silicon oasis, JLT, Jebel Ali free zone, DMCC Dubai, UAE

‘The Dedicated Financial ,Auditors in Dubai’,

Auditors in Dubai – Among the top listed financial auditors in Dubai, UAE, Nam Accountants Group has gained immense respect and popularity as top Auditors with their rich service culture embarked in the area of auditing, business accounting and management consultancy. It was incorporated as an accounting firm with a strong vision of enhancing the business health and personal wealth of its clientele spread across the globe. The auditing firms in Dubai submit audited financial statements annually for ,Auditing in Dubai airport free zones,. Our auditors in Dubai make sure that the annual financial statements are submitted three months prior to the end of the financial year. If they failed to do so, then heavy fine can be imposed on the investor. Therefore, it is necessary that you choose any one out of many reputable audit firms in Dubai. Checking the track record of the auditing firm and their current or previous clients’ feedback can give you a good idea about the reputation of the auditing firms in Dubai, UAE..

Our Vision

To ensure clients progress financially and socially.

 

Our Mission

Our service is to ensure financial security and social responsibility of a business in order to enhance confidence level in every client.

 

We are proud to announce that we are one of the top most in

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Audit Firm in UAE

Auditing Firms in Jebel Ali Free Zone

 

 

Chartered Accountants has earned its place as one of the most respected and trusted audit firms in Dubai, UAE by leveraging industry experience and technical proficiency in a range of corporate financial specializations, including accounting, auditing, and financial reporting, to provide clients tailored business solutions to fuel their Growth.

We go beyond providing our clients with conventional services – we customize valuable, data-based financial insight that enables our clients to bolster the cost-effectiveness of their processes and improve the allocation of their resources. Our team is composed of professionals, certified accountants and auditors in UAE, of combined experience providing auditing and consultancy services to clients in the UAE. By having a complete expert team in-house, we are able to offer a full spectrum of unified business solutions to our clients.

 

Track your finances with precision and efficiency, partner with one of the leading auditing firms in Dubai and the UAE today –

NAM ACCOUNTANTS

AUDIT FIRM IN DUBAI AIRPORT FREE ZONE

In the corporate world, business efficiency is the key to gaining competitiveness. When your business maximizes its resources, without increasing cost, you are left with more capital to spur growth and expansion. More importantly, an efficient business is able to steadily increase profit margins over time.

Give your business a competitive edge with the help of Auditors – your partner for growth and success.

DUBAI AIRPORT FREE ZONE is an ideal base to do business in the Middle East by providing a business-friendly environment, world class infrastructure, tax exemptions, and full repatriation of earning, total ownership and exceptional facilities. It is a rising hub of the country significantly known for extensive trade and commerce both in the national as well in the international arena. The demand for Auditors in Dubai Airport Free Zone is always high

Auditing in the companies can be of three types. It depends on the owner of the business that which type he requires for his company. They are:

  1. Internal Audit
  2. Statutory Audit
  3. Other Non-statutory Audit

 

For assistance please visit: www.namaccountants.com

Or

Contact +971-558876440

 

 

Looking Into Accounting and Audit Services

audit service

If you think that the financial side of your business can be running additional smoothly, then you’ll wish to check out all the various firms who offer accounting service and audit services. Each business needs to have their money sector running properly, and if you think that yours desires a little bit of facilitate, then you’ll wish to contact one of these firms immediately. You’ll be able to also realize several of them that do payroll services as well. Ensuring that each one of your workers is paid during a prompt and correct way is one of the most important aspects of running a business. These firms can make sure that all of your workers are satisfied with their work compensations weekly or bi-weekly, depending on the pay policy your individual company has.

You may also feel that you would like financial advice. Whether you manage a business, this service is of good help to you. There are many various things to admit in terms of what you’re going to do with your cash once you pass on. These companies will help you with each the money and legal aspects of those issues.

These firms will even help non-profit organizations with their financial issues, no matter they will be. If sure complications are arising because the result of the money that is coming in, then you’ll need good solid advice as presently as possible. By hiring a corporation like this, you’ll get the kind of financial recommendation you need to stay far from overly-complicated legal things. Whether or not you’re trying to manage your budget or wish help preparing your taxes, having one in every of these firms could be a great idea.

If that’s the case, then you may need to consult a corporation like this to assist you out. These financial advisers are specialists at what they are doing. No matter however hopeless or confusing your own specific situation looks, you’ll get facilitate. Big businesses communicate firms like these all the time for facilitate, particularly once it issues their payroll for employees. there is nothing a lot of important than keeping your operation running smoothly and making sure that there are no complications that present itself because the results of financial problems. By hiring a team of specialists to advise you and your company, you may be able to stay the proper track along with your business.

If you have any financial problems, getting a Nam Accountants can help you to get back on track with your accounting. There are all types of Accounting service, auditing service, VAT Consultation and Tax agents in Dubai, UAE.

AUDIT FIRMS DUBAI: NAMACCOUNTANTS

Auditing Firms in Jebel Ali Free Zone

Namaccountants help our customers to complete their goals by providing quality services in auditing, accounting, VAT, and Tax. They are required to submit their audited financial statements within 4 months of the financial year-end. It will be audited by the approved auditor.

As Auditors in UAE, We understand that professional approach to the clients’ requirements in a very responsive and with personal attention to every client is valuable to our shared success.

The auditing is divided into three types,

We are dedicated to the pursuit of professional excellence and our values dictate that we do so without compromise. Our core values are professionalism, responsiveness, and quality.

Auditing firm in UAE

namaccountants.com
JLT is arguably the fastest growing free zone of UAE. Its commercial location makes it an ideal place for new investors in the region. On the other hand, Dubai Multi Commodity Centre or just DMCC is also growing at a fast.

Auditing in all the registered firms in the JLT, Jebel Ali free zone, Dubai silicon oasis and DMCC region is made compulsory by the UAE state government. The audit firms in Dubai Silicon oasis, JLT, Jebel Ali Free Zone and other auditing firms in Dubai, UAE submit audited financial statements annually for Auditing in Dubai airport free zones. Our auditors in Dubai make sure that the annual financial statements are submitted three months prior to the end of the financial year.

 

 Auditing Firms in JLT, DMCC DubaiWe are proud to announce that we are one of the top most in

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with excellent repute in the eyes of our clients. This is all because of our professional auditors’ panel who strive extremely hard to achieve and maintain all your auditing objectives and tasks.

Audit & Assurance Services

Audit Firms in UAE

An audit is all concerning examining and evaluating a company’s monetary statements. Since these records are expected to point out the transactions that are done by the firm, an audit is executed to make sure the accuracy and fairness of those records.

An audit may be performed internally or externally. The previous may be achieved by the organization through facilitating it themselves with their own auditor or normally called ‘internal auditor’. The latter may be accomplished with the help of an auditor from a 3rd party that’s employed by the organization itself.

As one of the auditing firms in Dubai, we know that there are a couple differences between the two that can help you understand fully the two kinds of the audit. Auditors in Dubai prepare an annual financial statement in 3months prior to the end of the financial year.

Types of audit

  1. Internal audit
  2. Statutory Audit
  3. Internal audit

The first kind of audit is an internal audit. This can be the process whereby the activities and operations of the corporate are assessed and analyzed. All of those even the structure of the business and its staff are monitored and examined.

Internal audit is finished by an internal auditor who is from the organization itself with audit and assurance services, whichever is desirable to the organization that wants internal auditing. Internal auditors have broad information with reference to the business systems. They have to be so because they make sure that the approaches that they recommend can help the corporate to be efficient with its operations and flow of business.

  1. Statutory Audit

The scope of the statutory audit is well on the far side the regular auditing method wherever our expert auditors work at the side of you and searching for methods to enhance the work efficiency and productivity. Through our intimate with staff and associate partners, we bring value-addition to the statutory audit requirement.

THE PROCESS OF FINANCIAL AUDIT IN DUBAI

Audit Firms in UAE
A financial audit is a sort of target assessment of an organization’s monetary reports regulators, investors, chiefs and the directors that the financial statements are finished and exact. This auditing procedure gives assurance only, it is not an assurance. The procedure of financial audit in Dubai is as per the following:
Step 1: Planning:
The auditing process requires appropriate planning for the process. It will include the amount of audit required. This will depend on the size and the departments in an organization. The arranging procedure will also include the understanding of the association, the businesses identified with it and procedures performed in it. The auditor will design about the route in which the audit procedure will be finished, documentation process. The way toward getting to the danger of errors in the money related statement will also be arranged. Based on this planning, the auditor will distinguish as far as possible required for the completion of this procedure.
Step 2: Financial audit tests:
Whenever an auditor is going to begin the auditing process, he will get the comprehension about the association by applying different audit tests. He will also survey the invoices that are related to the all the expenses, to clear up that the costs are grouped effectively and the seller really exist. The kind of audit test which is to be connected to a particular association will be recognized in the planning process.
Step 3: Account analysis:
In the account analysis process, the auditor will check all the details of the account and its accordance with the data introduced in the documents. The auditor will record the explanations for the changes in the records since the last audit. The required research and data social event will also be finished by the auditor to justify those changes.
Step 4: Preparation of audit report:
After the testing and the analysis procedure, the auditor will set up a sentiment report. This report will contain all the information about the association, the tests that are being utilized and the points of interest of financial statements. It will also contain the weaknesses in any issues which still need elaboration. The report will be submitted to the higher specialists after completion.

Advantages Of The Financial Audit For Your Company in Dubai

Auditors in Dubai

Any individual who has a business or a company with many people who are responsible for finishing different tasks may face a risk of error. The audit is the best answer for bringing up every one of these mistakes if you have your company in Dubai. It can be exceptionally gainful for a company as it will improve the productivity of the business. The administration will better understand the working and financial arrangement of their company.

Improves communication:

Generally, higher specializes hand-off on the information which is given to them by the administration. This information is needed to make a crucial decision about the feasible arrangements of the company. There is a high possibility of mistake in the information collected and audit is needed to remove that error. The audited financial statements are imperative for the achievement of an organization because they give accurate and timely data about the financial situation of an organization. The administration will realize that the auditing committee will feature the mistakes

Better management:

Researches show that the organizations that experience the audit procedure are more beneficial and have better administration system when contrasted with the organizations that do not have the yearly financial audit. Determination of a perfect organization which will give the auditing services is a crucial thing for the accomplishment of your business. Experienced auditors have a lot of ability in the field and they will play out the procedure better. They will also enable you to identify the small opportunities which can frame as a major improvement in the near future.

Expert recommendations:

The auditors are prepared in a way that they focus on the fixing and change in the business processes. This procedure will reduce the measure of risk in the financial data. An auditor is a person who will give you the unbiased suggestion apart from his preferences. The organization may apply a few procedures for so long that they end up plainly perilous for the inner control. The auditor will enable you to recognize these type of risks. By keeping away from them, you will have the capacity to build up another and more powerful arrangement of strategies for your business.

MAIN FUNCTIONS PERFORMED BY THE INTERNAL AUDITORS IN DUBAI

Audit Firms in Dubai

The money related review of an organization is known as internal auditing. Through auditing, it can be resolved regardless of whether the organization’s advantages are recorded and if the profits and losses are properly assessed.

These days, auditors have popularity not just in Dubai but rather all around the globe. Internal audits need to do a self-governing appraisal in regards to how the company’s works and functions. These audits lay out the procedures and the risks included that may discredit the business. Dubai auditors work across over different business functions to pick up a comprehensive and complete overview of the organization.

The main functions are:

  1. Dealing with the risk:

Each association can have its risks and undesirable outcomes. It is the duty of auditors in Dubai to enable their customers to understand and recognize the risk involved in dealing with their associations.

By researching the market and gaining data, auditors empower themselves to understand the patterns in the market and manage them successfully. With their insight into the market, auditors know how to avoid risk and deal with it.

Because of their experience and capacity to study the different departments, they can predict the risks that could develop. Besides, they can help the business by aiding request to avoid harm.

  1. Reporting on the company’s operation:

Dubai auditors make a report on the operations and procedures of the organization. They are the accomplished in seeing how an organization can keep running in a way to gain more outcomes effectively.

With a collective perspective of the association, they can perceive the imitation of work and furthermore feature the challenges that may happen. They introduce their findings and procedures through which they can help an association or business to work better.

All the above-mentioned roles are evidence that the need and significance of auditors for organizations in Dubai are far too great. So as to continue maintaining the organizations and businesses easily and efficiently, auditors are required. They enable us to increase most extreme results and avoid future risks as well as malpractices.

CHOOSE YOUR AUDITORS IN DUBAI

Audit Firms in Dubai

NAM ASSOCIATES CHARTERED ACCOUNTS, DUBAI

Visit: www.namaccountants.com