For every business or manufacturer, there are different expense types during a certain period. Some of the expenses are direct, and some of the costs are indirect. We will discuss indirect and direct expenses later. Still, it is important to understand that every expense type matters when identifying a business’s financial position and conducting audits. A manufacturer or a company produces and prepares products to … Continue reading Why enlist cost of goods sold (COGS) in journal and importance
Bad debts are the worst nightmare for any business organization. They cannot only ruin the image of the organization but cause its destruction in a short period of time. In developed countries like the United Arab Emirates, where there is already tough competition in the market, bad debts prove to be the last blow. Customers and clients might be the blamed parties for bad debts; … Continue reading Bad Debts in Accounting: How to Prevent Them?
Just like other industries, hospitals also have auditing needs that need to be met effectively for better operations. However, unlike other businesses, healthcare facilities have additional auditing needs apart from the traditional financial audits. Regular auditing is essential for healthcare facilities as it ensures that they are going forwards in the right direction and are complying with all the regulations. There are numerous kinds of … Continue reading Top 5 Types Of Audits For Healthcare Institutions & Its Benefits
The audit is one of the most critical financial processes that helps any organization identify and fix the mistakes in their routine financial activities. The mistakes can take place due to the carelessness of the bookkeepers, accountants, or due to fraudulent activities. The organizations have to show their progress and pay taxes to the authorities, and the mismatching numbers can make them face the external … Continue reading How to Detect Errors While Conducting Audit Process?
Setting up a business in the UAE is pretty easy, but it requires a lot of courage and stamina to manage everything starting from operations to finances. In this quest, many business owners overlook internal auditing, which may be detrimental at later stages. It is because clients, prospective investors, and customers consider the internal audit report of the company to make a decision for joint … Continue reading Why Is Internal Audit Report Important For Businesses In UAE?
Audit sounds like a scary word. But about time, businesses realized that these are a blessing in disguise. They have numerous benefits for all kinds of organizations. When you conduct audits in your organization, you are able to identify the issues related to work premises and operations. This identification from an unbiased perspective is crucial for the success of your business. You can get independent … Continue reading A Roadmap For Internal Audit Under FTA
Internal audits are important for forward-looking businesses. Preparing your organization of an audit makes you set the records straight and free of any inaccuracies. It also helps with regulatory compliance and corporate governance. For tech companies, the utility of internal audit is even wider. Technology companies are grappling with an unprecedented level of challenges in today’s fast-paced world. Internal audits can help these companies in … Continue reading The Utility Of Internal Audit: 7 Areas Of Focus In Tech Companies
Auditing is the most crucial stage of any organization. The process of verification is carried out every year by external government auditors to check if the company is acting in compliance with the latest taxation rules and regulations. The sole purpose of auditing is to ensure validation, credibility, and avoidance of errors. Owing to this fact, the UAE is among those top countries that are … Continue reading Things to consider before choosing an audit firm
External audits are a bit of a hassle when viewed from the eyes of a business owner. If you are one of those business owners, be informed that the hassle is worth it in the long term. It highlights the inefficacies of the practices in your company and provides validation for the results of internal audits and hence work for quality assurance. What is an … Continue reading Why conducting an external audit is worth the hassle for businesses?
The risks of fraudulent activities are sure to rise along with the growing corporate cultures. In recent years, with Dubai declared as a business hub, lots of cases of forgery and fraud are seen in organizations. Adding more to the troubles of the business owners in the UAE, the new implication of VAT laws is more to worsen the financial situation of the businesses. Owing … Continue reading How Can Independent Internal Auditors Reduce Fraud?