Accounting Review
Accounting Review
Farahat & Co. provides expert accounting review solutions throughout the UAE. Businesses operating in the UAE are mandated to maintain comprehensive records of their financial transactions, prepare tax returns, and adhere to corporate obligations by accurately recording all transactions. Our approved and proficient record keeping review professionals conduct thorough audits and reviews, guaranteeing the accuracy and credibility of tax filings and financial reports. We excel in top-notch bookkeeping services in UAE.
What is an accounting review?
- Accounting reviews are expert assessments of a business’s financial information, operations, and statements carried out by trained professionals or auditing companies.
- It entails a detailed evaluation of financial statements, general entries, ledgers, and financial transactions to ensure their reliability, transparency, and conformity with accounting principles.
- In financial oversight review, a team of accountants examines financial information to verify the data follows the relevant record keeping rules and standards. They evaluate the internal systems, detect shortcomings or gaps, and make suggestions for enhancements.
What is a Basic Accounting Review?
A basic accounting review addresses the essential perspectives of record keeping. It covers an overview of record keeping, the equation for record keeping, along with fundamental financial reports such as the cash flow statement, income statement, and balance sheet. This investigation also discusses various account approaches and the record keeping process, which includes summarizing, categorizing, and recording transactional activities. A basic record keeping review aims to offer a synopsis of key ideas and concepts required for grasping the record keeping methods and processes.
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Commercial Companies Law on Accounting Standards
Federal law no. 2 on commercial companies describes record keeping records, company’s accounts, and company’s financial year as follows;
Accounting Records
- Companies are required to keep accounting records that include accurate transactions that display the company’s financial standing to its shareholders and partners.
- From the company’s financial year end date, it is required to keep accounting records of at least the last five years at the head office.
- Companies must keep electronic copies of financial oversight records.
Company’s Accounts
- LLCs and joint stock companies must audit their accounts annually.
- Companies must abide by the IFRS regulations when maintaining their annual accounts.
- Shareholders and partners must also acquire the latest account books.
Company’s Financial Year
- A company’s first financial year must not be less than 6 months or more than 18 months.
- After the first financial year, all successive years can be 12 months only.
| First Fiscal Year | 6 to 18 months |
| Successive Fiscal Year | 12 months each |
How Tax Consultants Enhance Your Business?
The following points explain the significance of acquiring an accounting review service in the UAE;
Financial Statements Verification
An accounting review service allows you to produce statements with the click of a mouse. As a result, you may go over your finances and resolve any concerns before they arise. Accounting review services allow an unbiased qualified independent auditor to carefully audit companies’ financial records to verify correctness, transparency, and conformity to legislative standards. It provides a means to verify that the business’s accounting records are correct.
Comply with IFRS(International Financial Reporting Standards) Standards
Account review services assist businesses in complying with numerous business laws and standards standards. International Financial Reporting Standards(IFRS) conformance is critical in accounting. IFRS establishes the guidelines and standards for reporting financial information that businesses have to meet to guarantee that their financial statements are legitimate, in line, and dependable. Failure to comply with IFRS requirements will result in the audit report being required, as well as difficulties with consolidating and access to bank facilities, among other things.
Error Identification
To maintain the integrity and precision of financial accounts, mistakes must be identified and corrected shortly into the procedure. Accounting review services will assist in this area by identifying errors with transactions, improper computations, or record keeping processes. Companies that undertake quarterly or monthly reviews can fix any inaccuracies before sending the financial statements to governing bodies, thus preventing severe penalties and fines levied by the FTA (Federal Tax Authority) for record keeping standards offenses. As a result, record keeping reviews can assist you escape sanctions from numerous agencies such as the FTA for Value Added Tax, the MoF (Ministry of Economy) for Economic Substance Regulations, and the UBO, among others.
Be a Better Decision Maker
Correct financial accounts could help stakeholders make informed decisions. Accounting review services help verify that the data presented in financial statements is correct, allowing investors to come up with wise choices.
Internal Control
A robust internal control structure is essential for assuring the correctness, transparency, and authenticity of financial data. Establishing and upholding a structure like this allows businesses to correctly report financial information, avoid fraudulent activity, and conform to laws. In this scenario, implementing frequent account review activities could turn out to be quite advantageous. These assessments are able to assist businesses enhance their internal control system by detecting any flaws in their system.
Manage Cashflow
Accounting review services often assist with cash flow optimization by offering a comprehensive and unbiased study of the accounting records of a business. These reviews assist in identifying any errors or irregularities in reporting financial data that may hurt cash flow. It allows companies to keep track of receivables and payables before money crosses hands. in addition, this allows companies to produce a correct cash flow statement as it provides a broader perspective of the business’s financial health.
Conclusively, it is imperative for companies to engage in accounting review services continuously to ensure the regular scrutiny of their accounts and the preparation of financial statements. This practice ultimately ensures compliance. Thus, contact us today and we shall be glad to assist you.
Why Choose Farahat & Co. for Bookkeeping & Accounting Services in UAE
For decades, Farahat & Co. has been applying a client-centric approach to accounting and bookkeeping services in the UAE. We develop custom-built services tailored to your accounting needs which ensures transparency, compliance, and precision of our financial reports. Our specialized financial professionals ensure that the reports meet industry regulations.
Our Services offer the following benefits:
- Financial regulations and best practices in the UAE and internationally are integrated into Obsidian’s bookkeeping and accounting services.
- Scalability: We provide tailored accounting services, irrespective of the company’s status, be it a startup or a fully-fledged established business.
- All bookkeeping and accounting services are compliant with UAE legislation and legal regulations.
- Expansion becomes feasible when you outsource bookkeeping and record keeping to us, which saves you time and reduces your company’s base costs.
A proven record for dependability, transparency, and effectiveness is utilized by companies in different sectors to obtain willing and able record keeping services.
Get in touch with us right now to find out how our expert accounting services in the UAE can streamline your money management and aid in the expansion of your company.
+971 52 6922588 | Tel: +971 4 2500251 | E-mail: sales@farahatco.com
