Tag: Indian CA Firms in Dubai

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Purpose of Internal Audit services

Internal Audit services

Indian CA firms in Dubai

Internal auditing is an objective assurance and consulting activity designed to add value and improve an organization’s operations. It can help an organization accomplish its strategic objectives by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control, and governance processes. Nam Accountants(Indian CA Firms in Dubai),Internal Audit services help boards and senior executives better manage enterprise risks. Nam professionals help organizations enhance the effectiveness, quality, and value received from internal audit (IA).Nam Accountants understanding of risks and areas of operational improvement — particularly the nuances of specific industry sectors and markets — can help internal audit functions improve their performance and operating efficiency and bring value to their organizations.

 

However in view of the changed scenario, Internal Audit is conducted for following purposes:

 

  1. a) Tool for business performance analysis                                                                          It can make value addition in a big way by understanding and reviewing operations in-depth and recommending cost reduction in a particular activity or suggesting new ways of earning revenue thereby assisting the top management in achieving its goal of profitability. However definition of value addition can vary considerably from one company to another. For many practitioners value addition may be to improve business but for some, it may be compliance with policies and controls. It depends upon the situation. Hence it is essential to ask the stakeholders and the top management to define it.

 

  1. b) Corporate Laws:                                                                                                                                          Most businesses need to comply with various corporate laws as non-compliance shall have adverse implications. Internal Auditor will be playing an instrumental role in bringing about good Corporate Governance.

 

  1. c) Risk Management:                                                                                                                     To review the various types of risks that businesses faces and help the top management in managing and mitigating these risks in a better manner.

 

  1. d) Proactive audit:                                                                                                                                 Internal audits are now being conducted in proactive manner rather than reactive. It is very important that internal auditor must conduct the audit either before or immediately after the Indian CA firms in Dubaioccurrence of transaction rather than conducting audit of the transaction after certain gap of time.

 

  1. e) Use of technology as an audit tool:                                                                                                               Technology is now being used in business in order to reduce cost and in order to give better service to the customer. However use of technology also brings with it the challenge of having internal controls in place as we all know that internal controls are very loose in a computerized environment. Hence it is essential for the internal auditor to learn and understand technology and also update himself with it in order to ensure that proper controls are in place and generate good audit findings from it. There is increasing pressure on internal auditors to perform more efficiently and effectively which is possible by harnessing the use of information Technology tools which allow for more critical analysis and broader coverage of internal audit work.

 

  1. f) Consulting approach:                                                                                                                Internal audit approach has now become more consulting in nature. Each operational area undertaken for audit is required to be conducted by auditor who has specialized in that particular. Internal Auditor with multi-disciplinary skills will be preferred. Internal audit is now focus more on process compliance rather than transaction compliance, law compliance and adherence to established corporate policies as the organization grows. Internal audit must help the top management in its decision making process.

 

  1. g) Consulting Assignments –                                                                                                                     Mergers and acquisition, Frauds, Outsourcing etc: In view of the increasing global Competition and business processes becoming more complex, internal auditors are being given more and more consulting assignments such as active participation in merger and acquisition activity, cost restructuring, ERP implementation, fraud findings, co-sourcing, preparation of audit manuals, industry research for diversification of client business, bench marking etc.

 

Audit firms in Dubai,Indian CA Firms in Dubai

Indian ca firms in Dubai

Chartered accountant designation is worldwide, and it refers to professional accountants who are qualified to take on a number of specific activities within the spectrum of accountancy. Such tasks include auditing financial statements, filing of corporate tax returns and financial advising. While the name is seen around the globe, in the United States, the equivalent position is known as a certified public accountant, or CPA. The professional body that governs this group of accounting workers goes back to 1854 where it was founded in Britain. There are now several associations that act as governing and accrediting bodies for these professionals, such as the Canadian Institute of Chartered Accountants and the Institute of Chartered Accountants in England and Wales.

 

Roles of Chartered Accountants in Business

 

A competent professional accountant in business is an invaluable asset to the company. These individuals employ an inquiring mind to their work founded on the basis of their knowledge of the company’s financials. Using their skills and intimate understanding of the company and the environment in which it operates, professional accountants in business ask challenging questions. Their training in accounting enables them to adopt a pragmatic and objective approach to solving issues. This is a valuable asset to management, particularly in small and medium enterprises where the professional accountants are often the only professionally qualified members of staff.

 

Accountancy professionals in business assist with corporate strategy, provide advice and help businesses to reduce costs, improve their top line and mitigate risks. As board directors, professional accountants in business represent the interest of the owners of the company (i.e., shareholders in a public company). Their roles ordinarily include: governing the organization (such as, approving annual budgets and accounting to the stakeholders for the company’s performance); appointing the chief executive; and determining management’s compensation. As chief financial officers, professional accountants have oversight over all matters relating to the company’s financial health. This includes creating and driving the strategic direction of the business to analysing, creating and communicating financial information. As internal auditors, professional accountants provide independent assurance to management that the organization’s risk management, governance and internal control processes are operating effectively. They also offer advice on areas for enhancements. In the public sector, professional accountants in government shape fiscal policies that had far-reaching impacts on the lives of many. Accountants in academia are tasked with the important role of imparting the knowledge, skills and ethical underpinnings of the profession to the next generation.

 

Comprehensive Internal Audit Consulting to Help You Manage Risks

Nam Accountant is an established accounting and VAT consultancy firm based in the city of Dubai. We offer tailored financial assistance solutions and internal audit consulting services that empower companies to grow and overcome corporate challenges towards achieving their business goals.

DAFZA slashes business set-up cost

The move is in line with the directives of the UAE leadership to improve competitiveness.

Dubai Airport Free zone Authority (DAFZA) has reduced business set-up cost by up to 65 per cent, as part of its aim to increase DAFZA’s regional competitiveness and activate a number of key sectors by attracting foreign direct investment (FDI).

Dr. Mohammed Al Zarooni, director general, DAFZA, said: “This new approach falls in line with the directions of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to boost Dubai’s economic competitiveness. This is being done through a number of initiatives and incentives that aim to attract and promote FDI into the Emirate, ensuring sustainable growth across all economic sectors and strengthening Dubai’s status on the world economic stage.”

Reduced business costs

DAFZA has revisited and reduced registration, licence, and staff visa fees for new investors by 65 per cent, 33 per cent, and 20 per cent, respectively. Establishment card issuance fees have been cut by 17 per cent, while fees for Board Resolution and MOA issuance have been waived.

The new incentives include facilitating the process of obtaining general trading licenses for new investors by halving the capital requirement from Dh1 million to Dh500,000. DAFZA has also allowed its member companies to be structured as a Limited Liability Free Zone Company (FZ-LLC), in a bid to provide more flexibility in business setup, licensing and operation.

In addition, DAFZA has waived licence expiry fines in an effort to relax the terms of license renewal. Allowing the restoration of legal records and licenses, the decision will help investors renew their expired license without paying any late renewal fines. This reflects DAFZA’s constant support for the growth of business sectors and its commitment to remove all the obstacles faced by them in order to develop the economy and create a competitive, investment-friendly business environment.

For more details  visit:                                                                                                                                                               http://www.namaccountants.com/                                                                                      or                                                                                                                                                      contact  : +971-558876440

 

UAE approves 100% ownership of companies

Changes to Foreign Ownership and Visa Rules Announc

Residency system amended

“The UAE will remain a global incubator for exceptional talents and a permanent destination for international investors. Our open environment, tolerant values, infrastructure and flexible legislation are the best plan to attract global investment and exceptional talents to the UAE,” stated Shaikh Mohammad.

He also directed the Ministry of Economy, in coordination with the concerned parties, to implement the resolution and follow up on its developments, and to submit a detailed study in the third quarter of this year.

At a meeting of the Cabinet of the Council of Ministers of the United Arab Emirates (“UAE”), the UAE Government decided to allow foreign investors to own 100% of their businesses in the UAE and approved sweeping changes to the current UAE visa system.

The changes were announced yesterday evening (20 May 2018), on Twitter, by Sheikh Mohammed Bin Rashid Al Maktoum, the Prime Minister of the United Arab Emirates and the Ruler of Dubai.

 

  • What Are The Changes That Have Been Announced?

Anyone coming into the UAE as a professional or as an investor is typically granted a residence visa of two years, which is renewable. This has now been changed to a ten-year visa for investors and professionals in highly skilled fields such as engineering, medicine and science. Students will be given a special five-year visa, while those who consistently perform well and earn top grades will be granted a ten-year visa as well.

Another very significant change is in the ownership of companies. Businesses within the UAE are divided into two main categories: mainland businesses and freezone businesses.

At present, mainland businesses can be partially owned by expatriate entrepreneurs, but must have a UAE national as a majority shareholder in the company. Freezone companies, on the other hand, can have full foreign ownership and are subject to separate regulations depending on the freezone.

With the new regulations, every business, whether mainland or freezone, will be able to have 100% foreign ownership without the need for an Emirati partner.

  1. 10-year residence visas

The system will grant investors and talents up to 10-year residency visas for specialists in medical, scientific, research and technical fields, as well as for all scientists and innovators.

It also grants five-year residency visas for students studying in the UAE, and 10-year visas for exceptional students.

The Cabinet also issued instructions to conduct a review of the residency system with a view to extending residency permits for those sponsored by their parents after completing their university studies to facilitate their future residence in the UAE.

 

    2. When will these changes come into effect?

According to Sheikh Mohammed’s messages, the new changes will be implemented starting with the third quarter of this year. Previous reports suggested that the new investment law should be published by the end of the year. It remains to be seen whether the visa changes will be provided for in the investment law or will be implemented earlier through Cabinet decision or similar legislation.

When implemented, these changes are likely to significantly alter the business environment in the UAE and have a tangible impact on the majority of UAE based businesses and (at least) certain categories of residents. 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