Tag: “Audit firms in Dubai air port free zone

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

Importance of Charted Accountant

Importance of a Charted Accountants

Chartered Accountants don’t bring together any resources to create any significant economic development, they are resources themselves. Most CAs help the economy indirectly through the following activities:

  1.   Supporting in tax compliance. This includes liaison with government authorities, representing clients in courts, ensuring smooth business operations by taking over the complex tax compliance part. For example, without the CA profession, changes like GST will be very hard to implement.
  2. Financing -Creating opportunities by arranging for business finance. They are helpful in making calculations and convincing banks about the credit worthiness of entrepreneurs. On a large scale too, many CAs working with investment banks help to arrange some key business deals between organisations.
  3. Auditing – which includes the redundant but still necessary function of control procedures. This is to prevent leakages from the economy and stand vigil to check on creation of illegal properties, black money and frauds etc.
  4. Accounting – bringing together professional standards of accounting in changing business environment and to accommodate new developments in business. This ensures comparability, reliability and investor faith, which is good for the economy.
  5. General business support – a lot of other things that Chartered Accountants do can be classified as general support and consulting services. They can do this because of their knowledge about laws, taxes, compliance, financial markets, investments, valuations, banking, regulations etc. It’s too many things, but mostly for supporting roles only.
     

 

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

  1. Adudit Firm in Dubai
  2. Auditors in Dubai, UAE
  3. Audit Firms in Jebel Ali Free Zone
  4. Audit firm in Dubai silicon oasis
  5. Audit firms in DMCC Dubai
  6. Audit firm in Dubai airport free zones

 

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