As a company owner looking to set up a business in the UAE, you are bound to have a lot of questions regarding the country’s business climate and the different services available.
The UAE government has always worked at making it easier for businesses to establish themselves in the country. The UAE is not only gifted with an abundance of resources and a well-known melting pot of cultures, but also enjoys both economic and political stability.
Regulatory frameworks and rules governing businesses continue to evolve, including trends in the fields of law and technology which continue to impact the audit landscape, while the country works hard at being on par with global business standards.
Why is the audit and assurance function important to my business?
Whether you’re looking to obtain financing or trying to attract more investors, it’s crucial to have the information you need to showcase your company’s financial health. And in order to have a complete, accurate picture of your company’s financial position, you need a reliable partner to handle audit and assurance tasks.
With MBG Corporate Services’ comprehensive range of services – encompassing everything from your book of accounts to internal controls and advice – you’ll have the data you need for better, more efficient financial management. You’ll also be able to share crucial financial data about your company confidently with stakeholders and other interested parties.
MBG Corporate Services works in adherence to International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS). And regardless of the scope or scale of your business, MBG Corporate Services auditors work to add value and contribute to the growth of your business.
Aside from audit and assurance being able to supply crucial financial information you need for making day-to-day decisions, you will find that having ready, prepared audited financial documents to be extremely helpful when dealing with financial institutions (bank and non-bank), dealers and suppliers.
Moreover, the audit and assurance function is crucial for you to comply with certain legal requirements. For example, foreign company branches set up in the UAE are required to submit yearly audited financial statements to relevant government agencies.
With the help of a professional and reliable corporate service provider delivering top-notch audit and assurance services, you can continue to enjoy the many benefits of operating a business and living in the UAE.
How do you go about the statutory audit process?
At a basic level, a statutory audit (also called an external audit or a financial audit) is conducted to provide an accurate report of an organization’s financial condition. MBG, on the other hand, approaches this process beyond the basic, and not just as a means of complying with regulatory requirements. Rather, our statutory audit team considers the process as a proven tool for emphasizing the trustworthiness and transparency of an organization. As such, a statutory audit done well is essentially a tool for building stakeholder trust and enhancing business reputation.
The framework of our process stands on three core pillars: a team of qualified professionals with local expertise operating on a global standpoint, a methodology that seamlessly merges technical know-how and real-world best practices, and rigorous standards of independent, objective corporate reporting.
To see how we use the statutory audit process to reveal valuable business insights that can transform your organization, learn more about our Statutory Audit service.
What is the purpose of audit remediation?
When audit findings reveal flaws or errors in certain financial documents, processes and systems, the immediate response would be to find and implement quick fixes to tackle any issues raised in the short term.
However, we all know that taking this approach does very little to address the problem at its root, thereby allowing underlying issues to continue unresolved. This, then, would lead to the same problems resurfacing or even becoming worse in the long term.
This is where MBG Corporate Services comes in. With our comprehensive and in-depth market insights and mastery of using the latest analytics tools, we can assist you in overcoming and addressing the challenges you might be facing as an organisation.
Weak or ineffective internal controls can have a profound ripple effect on your business, but with our comprehensive remediation plans, we can work together to resolve any flaws or errors at their source to restore confidence in financial reporting.
With our comprehensive accounting expertise and audit backgrounds at your disposal, it becomes easier to identify the root cause of control deficiencies. Once this crucial step is done, we can proceed with designing and implementing long-term, sustainable improvements and ensure that risks are mitigated effectively.
Why should I choose MBG Corporate Services for my company’s audit and assurance needs?
With the number of firms offering audit and assurance services in the UAE, it’s easy to get carried away by claims of experience, professionalism and expertise.
MBG Corporate Services goes beyond claiming these things. We let the numbers speak for themselves:
- We have been in this business internationally since 2002.
- We are a global organisation with over 3,000 clients spread across Asia, Europe and the Middle East.
- We have more than 450 industry experts and top talent across international locations, working with us through the years.
Our many years of experience and international exposure lend us a unique perspective of local, regional and global factors that inevitably impact businesses.
Every client we work with can benefit from our data-driven insights and innovative approach, as well as our commitment to provide quality and value.
Aside from audit and assurance, MBG Corporate Services offerings encompass a wide range of corporate business requirements, namely:
- Audit & Assurance
- Mergers & Acquisitions
- Technology Advisory
- Strategy & Transformation
- Legal Advisory
- Taxation
- Risk Advisory
- Unified In-Country Value
- UAE Business Setup Services
For all your business needs, please get in touch with MBG Corporate Services.