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Internal Audit

VATBOX offers auditing and assurance services to meet your business needs. We are professional accountants and auditors that provide accounting and audit services in compliance with regulatory requirements. Audit and assurance services are important services that you cannot avoid as a business owner or entrepreneur to track your business.We guarantee our satisfied clients for our quality service. It ensures that your organization meets the land's rules, regulations and accounting standards. UAE, one of the fastest-growing economies in the world, welcomes multinationals around the world to set up this business center. Over time, more and more companies need an audit report. The UAE government insisted that all organizations should prepare it.Review and Analysis of Internal Control ProceduresEfficiency Of Operational ProceduresAccuracy And Reliability Of Financial RecordsEnsuring Safety & Optimal Utilization of AssetsFinding out Problems and their Root CausesAssessing Potential Risk And lossesRecommending Corrective Actions Internal Audit ServicesCritical components: the control environment; risk assessment; risk focused control activities; information and communication; and monitoring activities. Managers establish policies, processes, and practices in these five components of management control to help the organization achieve the four specific objectives listed above. Internal auditors perform audits to evaluate whether the five components of management control are present and operating effectively, and if not, provide recommendations for improvement. Internal audits play a crucial role in a company's operations and corporate governance. In addition to ensuring that a company complies with rules and regulations, internal audits monitor operating results and verify the accuracy of its accounting and audit trajectories. It helps the company meet its objectives by bringing a systematic and disciplined approach to assessing and improving the effectiveness of risk management, control, and governance processes. They protect against fraud, waste or misuse and seek to identify internal control failures. VATBOX is one of the leading accounting and audit firm in UAE can help you with your auditing and accounting services. Do Contact us.

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Tax Auditing

The UAE government has already implemented VAT on the supply of taxable goods and services starting from January 01, 2018. The companies that are required to pay taxes can be audited by the Federal Tax Authority (FTA) to determine their tax compliance. It’s time to get familiar with the terminology to keep up with the era of the tax system in the UAE. What is a Tax Audit?Conducted by the FTA to ensure that every liability is paid and every tax due is collected and given to the government within the time frame given. The government also assesses a company whether they are following certain responsibilities that apply to their business as per the tax laws (VAT Law, Excise Tax Law, etc.).Detailed procedureNeed not be a specific reason for the FTA to conduct an audit of a company. They can conduct it for any reason or whenever they want. A notice will be issued to the company, at least five days before the scheduled audit date. It will contain details, such as the audit schedule, place, involved parties, reason (if anything particular), etc. The auditor/s and the company will meet at the scheduled place at the scheduled time and the process will begin. The auditor may ask for business records, in original and/or copies, and take samples of goods and other assets as available at the place at the time. such as professional identification cards, from the tax auditors in order to determine their authority. Working hours, unless the Director-General decides to conduct the audit of a business outside regular hours, in an exceptional case. The Company subject to a tax audit, along with their legal representatives and tax agents, are required to provide full assistance to the auditors performing their task. If anything suspicious is found in the result of the audit that might impact the tax return, the authority may order a re-audit for further analysis. The audited person has the right to ask for the notification copy and related documents and be present during the auditing procedures that are conducted outside of the official places. What Can You Do to Be Prepared for the Audit?Your company is requested for an audit from FTA, you are all set up to face the tax audit that people seem to be worried about.Review of the system of 2018, companies have ensured that every department is ready to face a new era. One of the most important items to be updated is the accounting software. Same should comply with the laws regarding VAT accounting.Review of Calculations Tax the laws by checking that the calculation of both output and input taxes are correct. As a basic rule, the tax rate is at 5% only. Any goods or services that fall under zero-rated and exempted tax should be treated as it is with documents for support.  Review of VAT ReturnsCompanies to ensure that returns will be prepared in the correct manner with the values properly recorded in the right boxes and the needed information are filled in and also make sure that it is filed within the time frame provided by FTA.Review of Payment of Tax Due date. A tax consultant will ensure that you are not drawing any negative attention from FTA by missing the time frame of tax payment to the government. A tax audit is basically a government’s assessment of a company about their responsibility as a taxable entity. This kind of audit is the FTA authorities will check the returns and other details. Note: The audited party has the right to ask for the credentials,The tax audit is required to be conducted during the official FTA  tax consultant can help you to be always organized so that when the list below shows the kinds of review that can be done in order to prepare you for an upcoming audit:  Since tax has been announced to commence in the UAE on the first day a review of the systems will ensure that there is no inconsistency with the recorded transactions.It is important that companies ensure that they are complying with a tax consultant will review the VAT returns that need to be filed by the correct amount of tax due should be paid on or before the dueMoreover, The Tax Auditing Services we provide to our customers flexible and cost-effective. These emerging services with the cost-effective measures are not easy to found. Our clients realize it and  they come towards us to attain VAT filing  and accounting services. Our services are comprised of various benefits along with the magnificent features that include dedicated accountants and VAT consultants For any queries on VAT or tax consultation for companies in the UAE, VATBOX is a leading accounting and audit firm in UAE can help you with your accounting and VAT services. Do contact us.

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Stock / Inventory Auditing

An inventory audit is an analytical procedure that cross-checks if financial records match inventory records, or the count of physical goods. Inventory audits don't have to be done by auditors, but it helps to have an experienced auditor run through your finances to confirm your stock counts are accurateInventory is a key asset in a company’s financial statements, as it can be used as collateral for bank loans and also can be misappropriated for fraudulent reporting purposes. Companies typically put in place internal controls, such as acustodian of inventory or a segregation of duties between the custodian of inventory and the individual with access to the perpetual records, to reduce risks of inventory fraud or misappropriation.Existence refers to whether the inventory is actually present. Rights refers to whether the company undergoing the audit actually owns the rights to the goods. Valuation refers to pricing, as well as any impairment issues. Completeness addresses whether all the goods that should be recorded are fully recorded. Inventory Audit Procedures are two types of substantive procedures related to auditing inventory. Substantive procedures are methods of verifying the actual numbers on financial statements. This is different from testing of controls, which are procedures that test the systems/policies that give rise to the numbers.Analytical Procedures with inventory include: Comparing gross margin numbers with previous years A comparison of the inventory turnover ratio with previous years A comparison of the unit costs of inventory with previous yearsTests of details of balances the practice of having auditor observation at the inventory count.The Inventory Count – BeforeThe client performs their inventory count, the auditor typically reviews the client’s proposed policies/procedures pertaining to the inventory count. “Best practices” typically include:Two-person count teamsPre-numbered tags and proper sequencingHalting the shipping and receiving of goods during the inventory countSegregation of goods that are held on consignmentA master count sheet that is controlled only by the supervisor of the inventory auditor also selects, in advance, a sample of items to test on the day of the count. They will use both representative and specific item (stratification) testing when possible.The Inventory Count – DuringThe auditor observes whether the client complies with the proposed policies/procedures for the count – Are these procedures being performed correctly and efficiently?Observe the quality and the condition of the goods – is there any sign of impairment/obsolescence?The auditor runs their own tests and makes note of the results. Any necessary adjustments must be followed up to ensure that the inventory and general ledger reflect the adjustments.Obtain important cut-off information to make sure that the inventory is counting goods that need to be counted and not counting goods that shouldn’t be counted. For example, examine the last five shipping documents and receiving reports.The Inventory Count – AfterMatch the quantities brought forward from the count to the recorded amounts on the ledger and book any adjustments that need to be madeInventory must be valued at the lower of either cost or market value (also known as net realizable value)Cost: Calculate the unit cost of inventory again to make sure pricing is accurately determineMarket Value: Examine subsequent sales of inventory to see if it was sold formore/less than cost, or look at the gross profit margins. Moreover, The Auditing services we provide to our customers flexible and cost-effective.These emerging services with the cost-effective measures are not easy to found. Our clients realize this thing and that’s why they come towards us to attain auditing and accounting services. Our services are comprised of various benefits along with the magnificent features that include dedicated accountants.If you are looking to set up a business in the UAE. VATBOX is one of the leading accounting and audit firm in UAE can help you with your auditing and accounting services.

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External Audit

VATBOX offers auditing and assurance services to meet your business needs. We are professional accountants and auditors that provide accounting and audit services in compliance with regulatory requirements. Audit and assurance services are important services that you cannot avoid as a business owner or entrepreneur to track your business.We guarantee our satisfied clients for our quality service. It ensures that your organization meets the land's rules, regulations and accounting standards. UAE, one of the fastest-growing economies in the world, welcomes multinationals around the world to set up this business center. Over time, more and more companies need an audit report. The UAE government insisted that all organizations should prepare it.Review and Analysis of Internal Control ProceduresEfficiency Of Operational ProceduresAccuracy And Reliability Of Financial RecordsEnsuring Safety & Optimal Utilization of AssetsFinding out Problems and their Root CausesAssessing Potential Risk And lossesRecommending Corrective Action External Audit ServicesAn external audit is a routine inspection of documents and / or procedures performed by certified auditors who are notpart of the company to be audited. It helps the company and the government to check the accounting documents. An external audit may be conducted for or from outsiders. Prepares an external audit to verify the accuracy of the statements and the financial position of an organization.Moreover, The Auditing we provide to our customers flexible and cost-effective.These emerging services with the cost-effective measures are not easy to found. Our clients realize this thing and that’s why they come towards us to attain auditing and accounting services. Our services are comprised of various benefits along with the magnificent features that include dedicated accountants.If you are looking to set up a business in the UAE, VATBOX is one of the leading accounting and audit firm in UAE can help you with your auditing and accounting services.Do Contact us.