An audit is a systematic examination of an organization’s financial statements, operations, or systems to ensure accuracy, compliance, and integrity. The primary objective of an audit is to provide an independent opinion on the fairness and reliability of the financial statements.
Key types of audits include:
Assurance services involve providing an independent evaluation of the information or processes to enhance the credibility and reliability of the data for stakeholders. These services aim to give stakeholders confidence in the accuracy and integrity of information or systems. Key types of assurance services include:
A financial audit is a comprehensive evaluation conducted by external experts to review a company’s financial records, statements, and documents. This process ensures that the company’s financial information is accurate, complete, and compliant with relevant regulations.
The primary objective of a financial audit is to enhance the reliability of a company’s financial position and operational performance. This is achieved through a detailed examination of financial statements, accounting records, and supporting documentation by an independent auditor.
By undergoing a financial audit, a company can identify internal management issues and gain valuable insights. These insights enable the business to better manage current and future risks, facilitating more informed decision-making.
External audit services are essential for reducing the risk of legal actions from shareholders or regulatory bodies by improving the transparency and credibility of financial reporting.
An external audit involves an independent examination of a company’s financial statements, which helps build trust among stakeholders in the accuracy and integrity of the reported information. This process ensures that the financial statements provide a true and fair view of the company’s financial health and performance.
Internal auditing is a consulting and assurance function designed to add value and enhance an organization’s operations. By employing a systematic and disciplined approach, it helps companies achieve their strategic goals through the effective assessment and improvement of risk management, control processes, and governance procedures.
At Hisab Accountants and Tax Consultants, our internal audit services support boards and senior executives by providing expert guidance in enhancing the efficiency, quality, and value of internal audit functions. Our professionals at Hisab Accountants and Tax Consultants are dedicated to improving performance and operational efficiency by leveraging a deep understanding of industry-specific risks and potential areas for operational enhancement. With our comprehensive approach, internal audit functions can significantly contribute to organizational success and value creation.
Tax Audit is a detailed examination of an individual’s or organization’s financial records, tax returns, and related documents to ensure compliance with tax laws and regulations. The primary objectives of a tax audit are to verify the accuracy of tax returns, ensure proper reporting of income and deductions, and identify any discrepancies or non-compliance with tax obligations.
Key aspects of a tax audit include:
Tax audits can be conducted by government tax authorities or by independent tax professionals and are essential for maintaining integrity and transparency in tax reporting and compliance.
To conduct business in the UAE involving the production, stockpiling, or importation of excise items, it is mandatory to register with the Federal Excise Tax Authority. Companies must complete their registration for Federal Excise Tax within 30 days of either their establishment or the implementation date of the law, whichever is sooner. Until registration is completed, companies are prohibited from engaging in transactions involving excise products.
Even if a company does not manufacture or import excise items, it may still be required to register for excise tax in the UAE. This includes companies that began operations prior to the introduction of the UAE Federal Excise Tax and are involved in stockpiling excise items. Additionally, businesses selling excise items from a Designated Zone but not registered for UAE Excise Tax are also subject to this requirement.
Hisab is a leading provider of tax and accounting services in the UAE, offering efficient and streamlined solutions for Excise Tax registration.
An Excise Tax Return is a record of the excise tax paid during each tax period. Businesses are required to file their excise tax returns online via the Federal Tax Authority (FTA) portal. Returns must be submitted within 15 days following the end of the relevant tax period. Excise tax payments are due within 15 days after the end of the calendar month. If the filing deadline coincides with a weekend or a national holiday, it will be extended to the next business day.
Timely submission of excise tax returns is crucial, even if the excise tax has already been paid. Failure to file returns on time, or not filing them at all, may result in penalties imposed by the FTA. Additionally, there are instances where the FTA may refund previously paid excise tax on certain goods. In such cases, the refunded amount can be deducted from the total excise tax payable in the subsequent month’s return.
Harmain Building (SBK Real Estate Building - Office #52 - near Emirates Gas - Ajman Industrial 2 - Ajman
+971 52 278 6001
Info@hisabtax.com
