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Tax Auditing Services in Dubai
A tax auditing is the official inspection or examination of the tax department of the tax return that declares by taxpayers as required by law. Different countries have various definitions. As far as the UAE system of tax auditing is concerned audit is the process or procedure performed by the official auditors broad to inspect the accuracy of the business financial record to regulate the tax system. A tax system is a revenue-generating source to strengthen the economy of a country.
Federal Tax Authority - FTA
A tax audit is the government assessment of an organization about its responsibilities as a taxable entity. A tax audit is conducted by the federal tax authority of UAE to check the liability is paid and every tax is collected and handover to the government within the timeframe provided.
Procedure of tax auditing
FTA has the authority in the UAE to check the returns and others details concerned with tax auditing. There is no reason to conduct the detail by FTA. First, the notice is issued to the company. An audit party is appointed to conduct an audit. The auditors ask for the records in original or copies and take samples of products or goods and other assets of the company available at the place and at the time. The auditors can ask about professionals and their identification.
The audit is conducted during the working time. The company legal representative is required to provide full assistance to the auditors. The tax audit party has the authority to audit-related documents that are conducted outside of the official places.
The Audit Process
An audit is a tough job. It has a technical nature conducted by a well-trained
official. An audit passes through a certain procedure. The steps involved in the audit process
are as under.
1.
First, to define Audit objectives
2.
Audit announcement
3.
Fieldwork
4.
Report drafting
5.
Management response
6.
Planning
7.
Closing meeting
8. Financial audit report distribution
Types of Audit
An audit is an assessment of businesses working under the legal framework, by an independent auditing party to assure a principal over financial statements. We offer the following tax auditing services in UAE.
Auditing Services in Dubai
Auditing Services in Sharjah
Auditing Services in Ajman
Auditing Services in Abu Dhabi
Auditing Services in Fujairah
There are main types of Tax Auditing:
A- External Audit:
The financial audit is also called a statutory or external audit. External auditors are required to comply with professional auditing standards on auditing guidelines issued by IFAC to maintain a level of quality. We are providing external audits in Dubai, Sharjah, Ajman, Abu Dhabi, Fujairah, and All Over UAE.
External Audit in Dubai
External Audit in Sharjah
External Audit in Ajman
External Audit in Abu Dhabi
External Audit in Fujairah
B- Internal Audit:
An internal audit is unlike 'an external audit. It has very broad and
can cover any matter which can affect the achievement of organizational
objectives. The international audit covers the following activities.
1)
Monitoring the effectiveness of internal controls
and posing improvement
2) Investigating
instances of fraud theft
3) Evaluating risk management
policies of the company
4)
Verifying and reviewing the financial policies or procedures of the company, etc.
Internal Audit in Dubai
Internal Audit in Sharjah
Internal Audit in Ajman
Internal Audit in Abu Dhabi
Internal Audit in Fujairah
C- Forensic Audit:
It is another type of audit. A forensic audit involves legal
implications. A forensic audit may be required in the following instances.
1) Fraud investigation
involving misappropriation of funds, money laundering, tax evasion, and insider trading.
2) Qualification of
loss of insurance claims.
3) Determination of
the profit share of business partners in case of a dispute.
4) Determination of claims of professional negligence relating to the accountancy profession.
Forensic Audit in Dubai
Forensic Audit in Sharjah
Forensic Audit in Ajman
Forensic Audit in Abu Dhabi
Forensic Audit in Fujairah
D- Tax Audit:
In regulating all kinds of taxes, an audit is conducted to assess the accuracy of the tax/vat returns filed by a company. Our professional auditors provide tax auditing services in Dubai, Sharjah, Ajman, Abu Dhabi, and Fujairah.
Some other audits are Value money, Compliance, Information, etc.
Tax Audit in Dubai
Tax Audit in Sharjah
Tax Audit in Ajman
Tax Audit in Abu Dhabi
Tax Audit in Fujairah