Get ready to face fines of up to Dh100,000 in case of ‘ultimate beneficial owner’ rules violations Ministry of Economy will begin imposing fines on violators from July after the campaign . Dubai: UAE has launched a campaign to ensure 513,000 non-financial businesses, regulated by 38 licensing authorities, provide data on ultimate beneficial owners. “Money…
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How Auditors in UAE Monitor Financial Growth of a Company Auditors are the entities who strictly check the working of a company, and ensure whether they comply with the rules and regulations of the state and follow all the required procedures while performing the business activities. They conduct investigation, attestation, reporting processes and communicate the…
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Top Accounting Challenges Faced by Corporates Rapid innovation in the field of accounting has made accounting tasks simpler and less burdensome. The updates made in accounting systems enabled the companies to get professionalized services at low costs. In the present scenario accounting is both a complex as well as a simple task. Various companies are…
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Everything About Internal Controls Over Financial Reporting More than a compliance requirement, ICFR engagements are being recognized and seen as opportunities to enhance the efficiency and effectiveness of the operating models by the companies, uplifting themselves to the global leading practices. Indeed, the regulators across the globe have been increasing the reporting requirements in this…
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Impact of Blockchain Technology on Accounting and Auditing Any new technical opportunity is originally viewed as a difficulty, and blockchain-based solutions are no exception. The new perspectives that have been brought about by this digital transition are immense and yet to be exploited, opening additional opportunity for consulting services in its nascent stage. Consultants, particularly…
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