If you have been living in the Middle East, you have quite often seen signages that say “lease”. What does it imply? And how do audit firms in UAE account under the IFRS 16? In a financial audit, leases accounting plays a very important role. In December 1997, the IASC adopted the standard of recording … Read more
What a Chartered Accountant Is A chartered accountant (CA) is a professional who has completed a recognised accounting qualification, passed rigorous professional examinations, and accumulated supervised practical experience before being admitted to membership of a professional accounting body. The most widely recognised bodies in the UAE context are the Institute of Chartered Accountants in England … Read more
As we head onto another tax filing season in UAE, a small yet significant portion of businesses find themselves subjected to some surprise scrutiny from the UAE Federal Tax Authority. A regulatory audit in UAE is an external review conducted by the local tax authority and it’s often stressful for a business. It’s potentially expensive, … Read more
All companies have fixed and current assets that enable their operations. However, it is no secret that the identification of long-term property is something not every organization does effectively. As a result, there are many discrepancies regarding the assets of some companies making it hard for auditors to work out their true value. On top … Read more
In business management, several different situations call for company valuation in UAE. An independent valuation is needed in satisfying the requirements of investors, answer the inquiries of lenders, and/or prepare for a future merger or acquisition. Regardless of why there’s a call for company valuation, it’s calculated using decision-oriented or market-oriented methods. But, the business … Read more
What Risk-Based Auditing Is and Why It Developed Risk-based auditing is an audit methodology that directs audit effort toward the areas of greatest risk rather than distributing it evenly across all parts of a business. It starts with a structured assessment of where errors, misstatements, or failures are most likely to occur — and then … Read more
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