Accountants in Dubai, UAE – Morison Menon 

Dubai accountants mainly provide audit and accounting services,assurance and business advisory services.Company valuation,company setups,company incorporation,internal audit,company formation,business process reviews,feasibility studies are services rendered by the accountants in Dubai,UAE.

by seoipix mm Monday, March 21, 2011
Accounting service as a profession has come a long way in Dubai, United Arab Emirates (UAE). From being perceived as a peripheral service provider, the accountants in Dubai have evolved to become a key service provider, and their services are now considered pivotal to any organization. Besides audit and accounting services, many of the Dubai accountants provide assurance and business advisory services as well. Company valuation, company incorporation in UAE , internal audit, business process reviews, feasibility studies etc are some of the other professional services rendered by the accountants in Dubai. Organizations make many operational and business decisions based on the services provided by Dubai accountants. Due to the growing need for professional services like, there has been a steady rise in the number of accountants, providing accounting and advisory services in Dubai over the years.

The accounting profession in Dubai has constantly endeavored to keep pace with the ever-growing business needs stemming from the significant growth in the economy witnessed over the years. The design, plan and approach to accounting services have evolved to address the challenges that arise from the complexities associated with business transactions. As a result of these complexities, the Dubai accountants follow a risk-based approach for rendering professional services like company set up in UAE, while re-enforcing the values of professional independence.

The expectations from the accountants in Dubai have also paved the way for use of technology in providing accounting services. Software tools are used in the process of providing accounting services and its related documentation, enabling timely review of work and delivery. Staff induction and training programmes, including on-site and technical training, have become of paramount importance ensuring quality and efficiency in the nature of accounting services provided.

Recognizing the importance of accounting services in Dubai and the status accorded to Dubai accountants, the local authorities have taken several initiatives to regulate the accounting services profession. Regulatory measures such as minimum qualification requirement of local sponsor, reporting requirements by the Dubai accountants etc are in the direction of enhancing the quality of the accounting services and company set up in Dubai provided. Further, financial institutions such as banks and government authorities including free zones, have introduced categorization of accountants in Dubai. As a result, there is inherent monitoring over the quality of services provided by Dubai accountants.

Many international accounting firms have their affiliates in the UAE operating as functionally independent offices but complying with the procedures and documentation followed by their principal. These procedures are generally based on the international standards. As part of quality control standards, the affiliates are subject to peer reviews conducted by their principal on a periodic basis.

Need for accounting service

The need for accounting service provided by Dubai accountants arise on account of many reasons. The UAE Commercial Companies Law requires all companies incorporated locally, to file audited financial statements on an annual basis with the Ministry of Economy. It also requires the accountants in Dubai to comply with the reporting requirements of the law. Sole proprietorship concerns do not fall within the purview of the company formation in Dubai law. In case of listed companies, there are regulations to be complied with, regarding filing of returns with the relevant regulatory authority.

The entities set up in various free zones in the UAE are governed by the respective free zone regulations. The free zones have made it mandatory for all entities to submit audited financial statements on an annual basis to the relevant free zone authority within a period of three months from the date of financial closure.

For leveraging purposes, financial institutions like banks require companies to submit the audited financial statements on an annual basis to extend or renew the facilities. There are other companies who have operations across the globe as a result of which the local operations in the UAE will require to be audited for consolidation purposes. Similarly, in case of private company incorporation in Dubai , the management and shareholders might require audit for assurance purposes.

Accounting and audit framework

Although there is no specific financial reporting framework required to be followed by law, the Dubai accountants generally report under the International Financial Reporting Standards (IFRS), which is widely used and accepted. The Central Bank of UAE has made it mandatory for banks to prepare financial statements based on IFRS. Similarly, the listed companies prepare financial statements as per IFRS. In case of private companies, the shareholders, banks and other stake holders require financial reporting based on IFRS.

In the absence of any local auditing standards, the audits and company formation in UAE are generally conducted by accountants, based on the International Standards on Auditing (ISA). Accordingly, the accounting firms in Dubai design audit procedures and documentation based on ISA. Audit opinion is expressed on the financial statements based on the procedures carried out and whether the financial statements comply with the reporting framework.

Conclusion

Cross- border trade and business transactions globally, have become common thereby placing increased responsibility on the companies registered locally to embrace international standards and adopt best practices for doing business in Dubai .The accounting firms on their part carry professional and social responsibility to ensure compliance with these standards and deliver quality service while safeguarding professional independence. The challenges for the future are huge and it is needless to conclude that most interesting times are ahead for the accounting firms in Dubai.

About Author :

Morison Menon Chartered Accountants provides professional advisory services in the areas of Accounting Dubai,business consulting in UAE,Audit Dubai,hr consulting dubai,company set up in Dubai, company formation in Dubai,company set up in UAE,company incorporation in UAE,company formation in UAE,doing business in Dubai,company incorporation in Dubai & Business services Dubai.

For more information visit : http://www.morisonmenon.com/

Morison Menon Chartered Accountants provides professional advisory services in the areas of Accounting Dubai,business consulting in UAE,Audit Dubai,hr consulting dubai,company set up in Dubai, company formation in Dubai,company set up in UAE,company incorporation in UAE,company formation in UAE, company incorporation in Dubai & Business services Dubai. For more information visit : http://www.morisonmenon.com/

0    submitted by seoipix mm
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