What is the role of Internal Audit in finance? Internal Audit advances businesses to achieve their objectives by effectively evaluating and managing the risk factors and processes within an organisation. Once the risk factors are identified, the Internal Auditors focusses on managing the risks and processing them in the right way. Internal Audit is commenced…

Whether Management Fee or Director’s Service Fee is taxable in the UAE? Yes, the Director’s Service fee otherwise called as Management Fee is taxable under the UAE VAT Law. The Federal Tax Authority (FTA) has issued a guideline on applicability of tax on Director’s Services in the month of April 2018 (VAT Guide – VATGDS…

Treatment of Bad Debts under UAE VAT Law What is Bad debts? If the amount due from the customer is not paid in time and customer rejects to pay the same it is called bad debts for the recipient. The rejection of payment by the customer can be for any reason for example, dispute in…

What is Excise Tax Audit? Excise tax audit is the verification of the excise tax liability of a taxable person for a particular Tax period. This is an examination to check whether the liabilities are reported correctly and are paid within the due date or not. What is the scope of Excise Tax Audit in…

  a.Description of specific assets, their location, and if applicable, such specific identification as serial or other control/code numbers. b.To keep better control over fixed assets, fixed assets register must be maintained at each location. c. Cost, acquisition date, and date placed in service (when different from acquisition date) d.Fixed assets cost includes acquisition cost…

Is Financial Audit Mandatory for SME companies registered in UAE? Is financial audit  mandatory or not in the UAE? Should the books of accounts be audited every year or not? Whether financial reports are to be submitted to any authority or not? These are the questions that comes into the mind of most of the…

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