Frequently Asked Questions

Yes, according to UAE Commercial Companies Law, all mainland LLC companies are required to have their financial statements audited annually by a registered auditor. Free Zone companies may have different requirements based on their specific Free Zone regulations.

The duration of an audit depends on several factors:

• Company Size: Small companies (2-4 weeks), Medium companies (3-6 weeks), Large companies (6-12 weeks)
• Record Quality: Well-maintained records speed up the process
• Scope: Basic statutory audit vs. comprehensive audit with special requirements
• Timeliness: How quickly required documents are provided

We work efficiently to complete audits within agreed timelines while maintaining quality standards.

Typically required documents include:

• Complete set of financial statements
• Bank statements and reconciliations
• Sales and purchase invoices
• Expense vouchers and receipts
• Payroll records and employee contracts
• Fixed assets register
• Inventory records (if applicable)
• Previous year's audit report
• Company trade license and registration documents

We provide a comprehensive checklist specific to your business during the engagement process.

Statutory Audit:

• Mandatory by law for most companies
• Focuses on financial statement accuracy and compliance
• Conducted annually by external auditors
• Results in an audit opinion on financial statements

Internal Audit:

• Optional but recommended for better controls
• Focuses on risk management and internal controls
• Can be conducted more frequently (quarterly, semi-annually)
• Results in recommendations for process improvements

Yes, we provide comprehensive VAT audit support services including:

• Pre-Audit Preparation: Review your VAT compliance before FTA audit
• Audit Representation: Our experts represent you during FTA audits
• Documentation Support: Help prepare required documents and responses
• Post-Audit Follow-up: Assist with any queries or appeals process

Our VAT experts have extensive experience dealing with FTA audits and can help minimize potential penalties.

If our audit identifies discrepancies, we follow this process:

1. Document all findings with supporting evidence
2. Discuss findings with management in detail
3. Provide recommendations for corrections and improvements
4. Help implement corrective actions if needed
5. Update financial statements to reflect corrections
6. Provide guidance to prevent similar issues in future

Our approach is collaborative - we work with you to resolve issues, not just report them.

Yes, we specialize in bank audit requirements including:

• Preparation of financial statements as per bank requirements
• Specific audit reports for loan facilities
• Projections and feasibility studies for financing
• Compliance certificates for banking covenants
• Assistance with bank account opening documentation

We understand bank requirements and can help ensure your documentation meets their standards.

We work with a range of accounting software based on client needs:

• QuickBooks: For small to medium businesses
• Xero: Cloud-based accounting solution
• Sage: For more complex requirements
• Tally: Popular among trading companies
• Custom Solutions: Tailored setups for specific industries

We can help you choose the right software, set it up, and provide training for your team.

We recommend the following frequency:

• Daily/Weekly: Recording of all transactions
• Monthly: Bank reconciliations and financial reports
• Quarterly: Review and analysis of financial performance
• Annually: Preparation of financial statements for audit

Regular bookkeeping helps in:

• Timely decision-making
• Cash flow management
• Tax compliance
• Identifying issues early

Yes, we provide comprehensive WPS (Wage Protection System) payroll services:

• Monthly salary calculation and processing
• WPS file preparation and submission
• Employee contract management
• End of service benefits calculation
• Leave and attendance management
• MOHRE compliance checks

Our standard accounting package includes:

• Monthly bookkeeping and transaction recording
• Bank reconciliations
• Accounts receivable/payable management
• Monthly financial reports (P&L, Balance Sheet, Cash Flow)
• Payroll processing (up to 10 employees)
• Quarterly management review meetings
• Annual financial statement preparation
• Basic tax compliance support

We can customize packages based on your specific needs and business size.

Yes, we provide comprehensive financial forecasting services:

• Cash Flow Forecasting: 12-month cash flow projections
• Budget Preparation: Annual budgets with monthly breakdowns
• Financial Modeling: For new projects or business expansions
• Scenario Analysis: Best-case/worst-case scenarios
• KPI Tracking: Key performance indicators monitoring

Accurate forecasting helps in strategic planning, securing financing, and managing growth.

We implement multiple layers of security:

• Encrypted Cloud Storage: All client data stored in encrypted format
• Secure File Transfer: Encrypted channels for document sharing
• Access Controls: Role-based access to client information
• Regular Backups: Daily backups with off-site storage
• Confidentiality Agreements: All staff sign strict confidentiality agreements
• Secure Physical Office: Protected premises with access controls

Client confidentiality and data security are our top priorities.