Tips to Prepare for An Audit In UAE

 


If you decide to do an internal audit, an external one or you have an FTA themselves conducted one, you have to confirm that your business is ready. It’s highly advised that you take the help of a reputable audit firm in UAE. An audit service in the UAE will help you qualify for the audit & ensure you are equipped in managing obstacles that may arise. Hiring the best audit firms in UAE will guarantee that all steps of the auditing process entailing the audit plan and test controls are done efficiently without any delay. However, company management is required to prepare well before helping the auditors to execute the task. The businesses want to organize all relevant documents & assure that all the internal processes are in place before the auditor visits the company. The following are some tips that could be useful for the business to prepare for the audit in your company properly:

Know the Tax Audit Process

To guarantee that your company is prepared for an audit, you need to comprehend the entire auditing process. Taking some time to do your homework. This auditing process is carried out by FTA & keeps a check on the timely payment of the tax by all the companies. They don’t need to be a particular reason; it is based on their own choice. If your business is going to be audited, you will definitely get a notice at least 5 days before your planned audit date. This notice will show the location, schedule, & concerned parties.

Prepare Your Documents

When your business is informed that it is going to be audited, you must have to ready the essential documents to avoid any difficulties. You have to maintain proper records & financial records, otherwise, you will have a much more difficult time during the entire auditing process. The essential documents need to present are:

·        An inventory record with the proper tax invoices & receipts

·        Books of accounts of the company

·        All tax credit & tax invoices notes

·        A record of used or exported goods & services

·        A record of goods & services being shipped

For ease & reliability, you have to remember that when you are more organized, you get good appreciation from the auditors.

Conduct a Review

After you have collected all the documents, you want to conduct a set of reviews to make sure you are well-prepared for the auditing process. For this start with reviewing the system that you used for accounting & bookkeeping work to ensure that there are no discrepancies.  Also, you have to verify the calculation of output & input taxes.  Lastly, you have to review the VAT returns to assure that they were made accurately & filled out with the relevant information & figures.  This review is mainly carried out to get the financial statements that you made a fair picture & to follow the reporting standards. After this, if you found any missing documents or records, you have to prepare duplicates as soon as possible & to admit that you have lost records to authorities.

Hire the Services of a Professional

If you are not confident of being audited, then you can take the help of qualified tax audit services in Dubai-UAE. When working with a set of professionals who offer reliable and genuine tax consultancy services, you can be assured that you are constantly in compliance with the tax laws in the UAE.  As one of the leading auditing firms, in UAE, ARC Associates helps companies across the UAE to prepare for the audit.  We have highly skilled professionals who confirm that the financial statements of your business are to comply with all the local & international regulations. Simply we are the one-stop solution for all the services together with auditing, accounting & VAT-related services. Get in touch with us now to know more about working with one of the best audit services in Abu Dhabi, Dubai & Sharjah.

Location: United Arab Emirates

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