Audit and Assurance

External audit is an independent appraisal of the financial statements prepared by the organization. The basic objective of a financial statement audit is to provide an independent or third-party assurance that the management has, in its financial statements, presented a true and fair view of a company’s financial performance.

After performing the audit procedures we will issue the audit report, attesting to the fairness of the presentation of the financial statements and related disclosures. The auditor’s report will accompany the financial statements when they are issued to the intended recipients or stakeholders.

Internal Audit Service is an independent, objective assurance and consulting activity intended to add value and develop an organization’s operations. Internal Audit helps a business to achieve its objectives by bringing a methodical, meticulous, and disciplined approach to assess and enhance the effectiveness of risk management, control, and governance processes.

Our role is to provide Management with independent assurance on the organization’s internal controls, risk management strategies and governance are operating effectively. Our functions includes supervising, evaluating, investigating, and analyzing the risks & controls; checking and ensuring information and compliance with policies, procedures, and laws. We will assess the achievement of goals and objectives set by the Senior management. In the case of short of stated goals, we will identify process gaps and make suggestions for improvement for bridging the same.

Stock audit, also known as inventory audit, is the process of verifying whether the physical goods available at your store’s warehouse match the results available at the stock registry.

Some of the primary benefits of stock audits are:

• Auditing inventory is directly related to your profit calculation.
• Stock audits can help you improve the financial health of your business.
• Inventory management helps you prevent or identify fraud and/or theft.

Our Inventory verification process includes the following:

• Physical count of the inventory based on different Stock Keeping Unit.
• Marking of the physically verified stock are marked.
• Identification of the obsolete and damaged stock.
• Verifying the supporting documents maintained for the stock items.
• Notifying the variances as per the inventory reflected in books.

VAT audit is conducted by FTA (Federal Tax Authority) to ensure the payment of each liability and each regulatory expense of taxation due is paid, collected, and delivered to the governmental authorities within the period given.

In case FTA finds out a Tax Violation then the penalties will be incurred on the organization and the items of penalties include not maintaining financial records, submitting of a faulty tax return by the registrant. Moreover, failure of the person conducting business to facilitate the work of the TAX Auditor, failure of the taxable person to submit a registration application within the period specified in the tax law, and TAX Violations in UAE will also lead to shutting down the business entirely and the cancellation of the Trade license.

Experienced team of CG help you understand FTA tax audit regulations, and help you to be always organized to be all set up to face the tax audit that people seem to be worried about. We support you with a review of the system, review of calculations tax, review of VAT returns, and review of payment of tax due and all affiliated procedures

The In-country Value Program (ICV) is a program in the United Arab Emirates that promotes the local market to produce local content in all its elements at the local economy level.

The ICV initiative will encourage firms and manufacturers that participate in government tenders to boost their financial contributions int to the local economy, and this is through three primary factors:

1. ​Emiratization
2. Investment, and
3. Locally produced goods and services.

​The ICV certificate is valid for 14 months starting from the date on which the Audited Financial Statements are issued. During the ICV certificate’s validity, the supplier could receive recertification from the same Certifying Body using the same audited financial statements; nevertheless, the validity of 14 months following issue will not be altered.

Economic Substance Regulation is another set of compliance requirement to be followed by all business entities.

ESR applicability in UAE extends to all license and exempted licenses carrying on relevant activity including free zone, thus it is prudent to consult an experienced ESR service provider in Dubai, Abu Dhabi, Sharjah, UAE.

Corplans Global assists companies in determining the impact of Economic Substance Regulation on client’s business, providing professional support and expert advice regarding all aspects of ESR in Dubai, Abu Dhabi, Sharjah, UAE.

We offer:
• Support in Economic Substance Regulations notification filing
• Provide clarification of the new government ESR criteria
• Guidance on the compliance with ESR reporting in the UAE

Corplans Global’s expert team will conduct a preliminary check on your business relating to the ESR applicability and provide ESR impact assessment report. We also assist in the filing of Information Notification and Reports with the Relevant Authorities.