The Federal Supreme Court has announced the method of calculating late payment penalties on voluntary disclosure.The judgment is significant because the effective date of penalty computation has been confirmed to…
DMCC Companies audit – deadline to submit the Audit report
DMCC Companies audit – reminder on deadline to submit the Audited Financial Statements (AFS)/ audit report for the year ended 31 December 2019 by all the companies in DMCC DMCC…
Mindful communication for remote auditing
In this new age and time of the “new normal,” auditing too is taking a turn towards working remotely. Though the physical presence of the auditor or the auditee is…
Auditing conflicts of interest
Keen understanding of the client’s third-party transactions is necessary to avoid any conflicts with the audit.It is essential to be aware that one client has businesses involved with another client,…
Business Setup & Auditing in Dubai Silicon Oasis
Dubai Silicon Oasis is a major technology park in Dubai, which was launched in October 2002 by Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai, with the aim of becoming a global hub of electronic innovation, research…
DTEC FreeZone Company Formation
An initiative of Dubai Silicon Oasis Authority, Dtec is designed to conveniently set up a new business in Dubai. From 100% business ownership, visa processing, 24/7 access, high speed wifi,…
Business Risk Vs Audit Risk – Key differences and considerations
What is audit risk? Any risk that’s expressed by an auditor on the financial statements. This could be caused due to omission/manipulation in the financial statements and/or misstatements in the…
DMCC Free Zone – Dubai Multi Commodities Centre Free Zone
DMCC is one of the fastest growing Free Zone’s in the world. It was established in the year 2002 with headquarters in Dubai to facilitate DMCC Free Zone as a…
RAKEZ – Ras Al Khaimah Economic Zone
Ras Al Khaimah Economic Zone (RAKEZ) was established to oversee and consolidate the specialized zones and clients of both Ras Al Khaimah Free Trade Zone and RAK Investment Authority.RAKEZ is…
UAE Financial Leasing Law update
A finance lease (also known as a capital lease or a sales lease) is a type of lease in which a finance company is typically the legal owner of the…
Cloud Accounting – Downside of the Paradigm Shift
Cloud Accounting – Downside of the paradigm shift Since the inception of cloud technology, it has been the most valuable asset for organizations to keep up the trend. Cloud accounting…
A guiding line for Financial Control Audit
What is Financial Control Audit? Financial Control Audit’s prima facie activities are to audit and control, recording, accounting and reporting of day-to-day financial transactions of any organization. This process also…