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Internal Control Over Financial Reporting Services

Internal Control Over Financial Reporting

As the UAE’s leading risk advisory firm, MBG helps major clients in the market turn disruptions into opportunities. Our Internal Control Over Financial Reporting (ICOFR) solution helps you build customized risk management strategies so that you can shape your company policy factoring in risk and take precautionary measures in times of crisis.

    Internal control over financial reporting (ICFR) refers to the processes, policies, and procedures that a company implements to ensure the accuracy, completeness, and reliability of its financial statements. It's a crucial aspect of corporate governance and financial management, aimed at providing confidence to stakeholders that the financial information presented by the company is accurate and free from material misstatements or errors.

    What are the regulatory implications of ICFR in Middle East?

    • 2016 – Qatar Qatar Financial Markets Authority (QMFA): Article 8 of Governance code for companies and legal entities listed on the main market.
    • 2016 – UAE Securities and Commodities Authority (SCA): Article 50 of Resolution No. (7 R.M) of 2016.
    • 2017 – UAE Abu Dhabi Accountability Authority (ADAA): Article 4 of ADAA Resolution 1 of 2017.
    • 2019 – UAE Central Bank United Arab Emirate (CBUAE): UAE’s Insurance Authority (IA) Circular no. 21 of 2019.

    Key Benefits:

    • Identification of Control Weakness prevention and detection of frauds and errors
    • Accounting Accuracy & Presentation Reliable financial information
    • Accurate and reliable financial information derived from strong internal controls enables management
    • ICFR fosters a culture of accountability and transparency within an organization.

    Why Choose MBG?

    • 600+ Professionals and experts employed full-time
    • 3,000+ Clients globally
    • 100+ Fortune 500 Clients served
    • 15 offices in 8 countries

    360-degree approach

    At MBG Corporate Services, we give you a holistic 360 degree approach to the implications of the upcoming Corporate tax regime. We offer solutions related to legal, VAT, audit, IFRS, and other UAE-related laws and regulations.

    Corporate Tax
    • - Customized Tax Impact Assessment
    • - Transition Support
    • - Post-Implementation Support
    • - Tax Group v/s Individual Entity Registration
    Transfer Pricing
    • - TP Impact & Gap Assessment
    • - TP policy review / policy development
    • - Supply chain / Functional and Benchmarking Analysis
    • - TP documentation & benchmarking analysis
    Legal
    • - Restructuring
    • - Transaction and Ownership
    • - Corporate Secretarial Compliances
    • - Compliances and Resolution
    Audit
    • - Consolidated v/s standalone financial statements Support
    • - Statutory Audit
    • - ICV Certification & Guidance
    Risk Advisory
    • - Risk assessment on selected accounts
    • - Guidelines, Policies & Procedure Manual
    • - Robust periodic Accounting Reconciliation system
    • - Training & Workshops
    • - Cost Optimization including Supply chain
    Indirect Tax
    • - VAT & Corporate tax alignment assessment
    • - Transition Support
    • - Custom, Excise, Vat reconciliation and Tax
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