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13 Aug 24

Top 10 Benefits of Regular Business Audits

Regular business audits are essential for maintaining the financial health and integrity of any organization. Whether you’re a multinational corporation or a small to medium-sized enterprise, audits play a crucial role in ensuring compliance, detecting fraud, and improving overall business performance. This blog will highlight the top 10 benefits of…

07 Aug 24

Common Transfer Pricing Mistakes and How to Avoid Them

Transfer pricing, the method of setting prices for transactions between related entities within a multinational corporation, is a complex area that can significantly impact a company’s tax obligations. Mistakes in transfer pricing can lead to costly penalties and adjustments. This blog will explore common transfer pricing mistakes and how to…

05 Aug 24

How to Choose the Right Tax Advisor for Your Business?

Choosing the right tax advisor is crucial for the financial health and compliance of your business. Whether you’re a multinational corporation or a small to medium-sized enterprise, navigating the complex world of tax regulations requires expert guidance. This blog will provide insights on selecting the best Tax Advisory Service In…

06 Jul 24

UAE corporate tax: Natural persons and threshold for taxable turnover

If a natural person’s turnover does not exceed AED1 million, they are not required to register for corporate tax In a recent update to UAE corporate tax regulations, natural persons engaged in business activities within the country have received clarifications on taxable income and exemptions. According to the guidelines, corporate…

21 Jun 24

Subsequent Events in Audit Engagements: Requirements, Considerations, and Auditor Responsibilities

Introduction In a 2008 report to the European Commission titled ‘Comparative Studying on the Application of the Standard on Events After the Balance Sheets Dates – IAS 10, in the audited financial statements of four New Member States of the EU’, the Public Oversight Accounting and Auditing of the Republic…

20 Jun 24

Supporting Small Enterprises: Understanding UAE’s Small Business Relief

In the dynamic landscape of corporate taxation, fostering an environment conducive to the growth of small businesses is crucial for economic vitality. Recognizing this, the United Arab Emirates (UAE) has introduced Small Business Relief provisions under Article 21 of the UAE Corporate Tax Law. Let’s delve into the key components…

06 Jun 24

Evaluation of Misstatement in Audit Engagement (Part vi)

Communication & Reporting to Those Charged with Governance a) Communication with Those Charged with Governance Communication with those charged with governance is an integral part of the audit process because it helps the auditors gain a better understanding of the client’s management assertions, assess fraud risk, and approach the audit. If the communication goes well, it can…

29 May 24

Evaluation of Misstatement in Audit Engagement (Part v)

Specific Requirements and Application of ISA 450 The term ‘Application’ is an important step of applying the specific requirement. This can be simplified as a decision making process. The auditors shall make the initial assessment using the knowledge is gathered including the preliminary understanding the internal control. If the aggregate…

19 May 24

Evaluation of Misstatement in Audit Engagement (Part iv)

Evaluating the Effect of Uncorrected Misstatements considers materiality concepts already outlined previously. In this context, we can infer that misstatements are considered material if they would affect decisions made by users on the basis of the financial statements. This might include a decision not to invest in the entity, to…

11 May 24

Evaluation of Misstatement in Audit Engagement (Part iii)

Correction of Misstatements The importance of correcting misstatements is another area where the literature is silent. The auditing literature implies that auditors should correct all misstatements. More specifically, SAS (AU 326.20) and AAS 13 (AUs 322.20) require the auditor to request management to adjust the financial statements for all identified…

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