Jumeira Consultants offer end-to-end Accounting and Auditing services

by krishnan⁽³⁾
Jumeira International

Accounting service as a profession has emerged as a huge arena in the United Arab Emirates. The profession has been constantly updated to keep pace with the ever-growing business needs. From being widely considered as a secondary service, the profession has evolved to become key component, among various business functions. As a result, the number of accounting firms providing audit and assurance services has increased to a great extent over the years. Many reputed international accounting firms have their associates in the UAE operating as functionally independent offices but complying with the procedures followed by the corporate head. The procedures they follow are generally based on the international standards.

As part of quality control standards, the affiliates are subject to peer reviews conducted by their corporate management on a periodic basis to ensure efficiency.

Apart from the external audit, many accounting firms provide assurance services such as internal audit, business evaluations, company formation, outsourcing accounting services etc. Many medium to large size business houses outsource their internal audit process to these consultants, thereby enjoying professional accuracy.

Why do you need an audit?

According to the UAE Commercial Companies Law, all companies incorporated locally should file audited financial statements annually with the Ministry of Economy. It also involves the auditor to fulfill the reporting requirements set by the law. Complete foreign ownership companies are not within the restricted limits of the company formation law. If it is a listed company, there are regulations to be adhered to, regarding filing of returns with the concerned regulatory authority.

Accounting and audit regulations

Although there is no specified financial reporting structure required to be followed by law, the International Financial Reporting Standards (IFRS) are followed and accepted. The Central Bank of UAE has made it compulsory for banks to prepare financial statements based on IFRS. In case of private companies, the shareholders, banks and other stake holders require to prepare financial reporting by following IFRS. In the absence of any local auditing standards, audits are generally conducted based on the International Standards on Auditing (ISA). The accountants construct audit procedures and documentation methods based on ISA. Audit opinion is stated on the financial statements on the basis of the procedures undertaken and considering whether the financial statements conform to the reporting structure.

We, at Jumeira offer accounting services that include preparation and maintenance of daily, monthly, quarterly and annual accounting activities. Our accounting services are based on the international accounting standards with information security set as priority. We offer customized and outsourced accounting services. Some of our services are

Account Maintenance

• Account Receivable

• Accounts Payable

• Budget Process

Reporting

• Cash Flow Statement

• Cash Management Techniques

• Financial Reporting

• Inventory Reconciliation

• Payroll Administration

Further, our accounting outsourcing services include

• Financial reporting analysis

• Capital expenses monitoring and planning

• Cash flow analysis

• Monthly, quarterly, and yearly reporting

For further information and queries please visit http://www.jumeiraconsultants.com

Dubai accounting services

Article submitted Saturday, April 02, 2011 & read 80 times.

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