Audit and Accounting Services in Sharjah
- June 16, 2020
- Posted by: Dhivya Krishna
- Category: accounting, audit
Audit and Accounting Services
The UAE has been one of the leading pivots for global investors to expand their financial horizon. Hence, there has been a steep rise in the investment pouring into the nation leading to a flourishing economy with enough ventures for new investors to pursue. Additionally, this has made audit and accounting services ore important than ever before.
The gulf usually attracts attention to Dubai and Abu Dhabi, driving a little attention away from cities like Sharjah. This is not a disadvantage, rather it has been a more cost-effective place to begin a venture, with advanced infrastructural marvels but with availability at a more reasonable price and is relatively much more affordable.
Sharjah is the third-most populous city and thus has a developed workforce with numerous skilled employees for recruitment.
The city prompts the business proprietors to pay only the Value Added Tax (VAT). Additionally, they do are exempt from having to pay personal tax and income tax. Thus, investment in Sharjah is much more viable and procure tremendous profits for the establishments.
With fewer restrictions on recruitment and infrastructural expansion, the investors can have a smooth functioning enterprise and correspondingly explore monetary gains.
Understanding Audit Services (Sharjah):
An audit is essentially an official validation of the financial records of an establishment to spot incongruities or possible tax deceits.
The legal bindings within the jurisdiction of Sharjah do not imply on conducting mandatory audits and have lesser statutory implications.
Saif Zone within the jurisdiction of Al Sharjah is an enticing opportunity for many investors with many infrastructural advancements. Hamriyah Free Zone is one of the free-zones that makes the most profitable geographical expanses within UAE.
The audits are not mandatory in Sharjah including Saif Zone and Hamriyah free zone. However, the government prefers and recommendeds companies to conduct regular audits. Such a practice helps in maintaining a clean financial record. The companies can hire an auditor from one of the leading auditing firms within the jurisdiction to conduct regular external and internal audits.
These audits are necessary to tracks fund mismanagements, possible larcenies, fraud, accurate tax filing, and returns, and to avoid any legal hindrances due to tax fraud that may not be even within the cognizance of the investor or proprietor.
Thus audits from professional auditing firms the key to run a serene and financially sound enterprise.
The Audit Procedure:
As aforementioned, external audits are not mandatory, nevertheless essential, therefore the establishment can consult one of the auditing firms in Sharjah that could help the establishment’s audit process and can provide an appropriate financial strategy to the enterprise. The audit reports are essential as they provide validated evidence of the company’s financial stature. Hence, most new investors ask for such records before giving money to companies.
- Statutory audits occur periodically through external approved auditors. The concerned legal authority provides the notice, minimum, before 5 days and gives instructions regarding the documentation required.
- External Audits conducted by the company require meticulous planning and execution.
- The hired auditing firm will provide the establishment with the audit strategy after analyzing the monetary environment of the enterprise and discussions with the proprietor.
- An auditor carries out the test of Controls to ensure compliance with recognized protocols and financial record management policies.
- The Audit reports of preceding audits would give the complete panorama of the company’s stature and are reviewed by the auditors.
Auditors carry out calculation procedures to recalculate facts within the submitted financial records and ensure no anomalies occur. This method is simple but effective, making it favored by auditors. The spotted discrepancies once retraced lead to possible mismanagement sources.
Any existing establishments maintain a record and a list of assets procured and maintained under the enterprise and all these assets have an investment or running purposes within the organizations and thus also have a financial background. The auditor would verify the physical presence of all these assets in the list and cross-check their financial backgrounds. Any false assets or misrepresentation or faulty records would be notified to the proprietor and appropriate measures would be taken.
- The manager and recruited workmen are cross-examined to verify any possible concealed events running in the behind the scenes and validate their financial liability or viability.
- The documents submitted would involve the invoices of purchases and retails of the establishments and document of physical purchase, export and import liabilities, bank statements, and ledgers. The verification of all these would help to identify any financial loop-holes that need addressing and can save a tremendous amount of expenditure for the establishment.
- A meeting review is done wherein, the minutes of the management meetings conducted are analyzed. These help the financial performance of the enterprise, therefore helps with identifying room for alterations.
- Tax filing and returns are one of the major concerns of the auditing process as any irregularities may put the establishment in a legal scuffle and can cause payment of penalties that may affect the enterprise’s reputation. Any such glitches in records will be notified to the proprietor and immediate course for amends can be made effective.
- The audit report is produced at the end of the audit after complete analyzing and with the conclusive meeting the report is signed and companies are ready to take their course of action.
- The meeting also would address possible corrections and recommendations for the company’s well-being. The auditors also hand over the audit report which carries the final record of the audit.
Audit and Accounting Firms in Sharjah
The city is well known for the contentment it delivers to investors. Hence, all the enterprises rising in this jurisdiction are entitled to prolific and efficient auditing services. The KGRN audit and accounting firm is one of the leading firms in the list of the finest of Sharjah. Their services extend to the regions including Saif Zone and Hamriyah Free zone within Sharjah.
The firm contributes to the service with experienced, efficient, and authorized auditors. The reports they generate command credibility and respect throughout the UAE. The firm can help enterprises with commercial analysis, taxation processes, auditing, and financial expansion. The company’s services are looked up as one of the superlative gradients.
Enquiries call @ +971 45 570 204 / Email Us : email@example.com