Keeping up with emerging financial regulations can be extremely challenging, especially for businesses lacking internal capabilities to navigate intricate accounting and disclosure issues. To bolster trust in the accounting choices made by financial leaders, MBG offers a 360-degree business-centric approach that takes into account the comprehensive effects on both stakeholders and the organization.
Regulatory requirement for Companies in the UAE to maintain proper books of account
UAE Commercial Companies Law, Federal Law No 2 of 2015 states, every entity is required to maintain proper books of accounts and appoint registered auditor to get its audited every year.
How can accounting review services help you?
- Financial Accuracy: Verify that financial information complies with accounting standards and regulations.
- Compliance: Ensure compliance with tax laws and regulations.
- Risk Mitigation: Suggest improvements to internal controls to reduce the risk of fraud or financial mismanagement.
- Decision-Making Support: Offer insights into financial performance, trends, and areas for improvement.
- Investor and Creditor Confidence: Improve your ability to secure financing or investments by presenting accurate and credible financial statements.
- Cost Efficiency: Identify cost-saving opportunities and areas for operational efficiency.
- Financial Strategy: Provide recommendations for improving financial performance and profitability.
Services offered by MBG:
Illustrative list below but not limited up to:
- Review of entries posted in general ledger and sub/subsidiary ledgers
- Review the reconciliation of bank statement with bank balances as per accounts
- Review of receivables and payables with ageing
- Review of month end closing process including but not limited up to general ledger, account receivables, account payables, fixed assets, treasury, procurement, etc.
- Advising on provisions and depreciations
- Advising on end of service such as gratuity
- Sample based review of petty cash expenses
- Performing internal checks and balances
- Review of internal controls
- Review of segregation of duties and delegation of authority
- Review of expense transactions
- Review of Investment Transactions
- Report with observations and recommendation
- Updated/rectified balance sheet
- Updated/rectified P&L account
- Statement of equity
Benefits of hiring MBG for Accounting Review:
- Improved accuracy: MBG’s experienced professionals can provide an independent and objective review of your financial statements, helping to identify and correct any errors or omissions.
- Reduced risk: MBG can help you identify and mitigate financial risks, such as potential fraud or compliance issues.
- Cost effectiveness: Outsourcing accounting review services can save you money on overhead costs, as you do not need to pay for office space, equipment, or benefits for in-house accountants.
- Enhanced peace of mind and focus on core: MBG can give you peace of mind knowing that your financial statements are accurate and compliant. This can free up your time and energy to focus on other aspects of your business.
- Scalability and flexibility: MBG offers a variety of flexible service options to meet the needs of businesses of all sizes. You can choose the level of service that best meets your needs and budget.
Overall, outsourcing accounting review with MBG can be a wise investment for businesses of all sizes.