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The UAE ministry of Economy has published a report on 24th June 2022, reinforcing the regulations on Anti-money laundering and combating the financing of terrorism and illegal organizations’ and its amendments following Article (44) Clause (3) of ‘Cabinet Decision No.(10) Of 2019.It states the following :“Putting in place the Crime-Combating regulations, instructions and forms for those subject to its supervision, when necessary”.The Ministry of Economy instructs all real estate brokers and agents to undertake the following procedures effective 01 July 2022:1. Purchase and sale transactions of Freehold real estate, according to the description and determination of the law of each emirate, in carrying out any single physical cash transaction or several transactions equal or exceeding AED 55,000 for the entire, or a portion, of the property value: Obtain and record identification documents (Emirates ID, or Passport copy). Obtain and record receipts, invoices, contracts and Purchase & Sale Agreement. Submit a ‘Real Estate Transaction Report’ (“REAR”) via the Financial Intelligence Unit’s (“FIU”) goAML platform. Purchase and sale transactions of Freehold real estate where the method of payment is a virtual asset for a portion or the entire property value:Obtain and record identification documents (Emirates ID, or Passport copy).Obtain and record receipts, invoices, contracts and Purchase & Sale Agreement.Submit a ‘Real Estate Transaction Report’ (“REAR”) via the Financial Intelligence Unit’s (“FIU”) goAML platform. 2. Purchase and sale transactions of Freehold real estate where the method of payment is a virtual asset for a portion or the entire property value: Obtain and record identification documents (Emirates ID, or Passport copy).  Obtain and record receipts, invoices, contracts and Purchase & Sale Agreement.  Submit a ‘Real Estate Transaction Report’ (“REAR”) via the Financial Intelligence Unit’s (“FIU”)  goAML platform. 3. Purchase and sale transactions of Freehold real estate where the funds used to carry out the transaction were converted from a virtual asset for a portion or the entire property value: Obtain and record identification documents (Emirates ID, Passport). Obtain and record receipts, invoices,contracts and Purchase & Sale Agreement. Submit a ‘Real Estate Transaction Report’(“REAR”) via the Financial Intelligence Unit’s (“FIU”) goAML platform. 4. If the buyer or seller are legal person(s), identification documents must include the following: Trade License; Articles of Association; Register of Beneficial Owners; Emirates ID or passport copy for all Beneficial Owners; and Emirates ID or passport copy for all shareholders/partners. 5. If the buyer or seller are natural person(s), identification documents must include the following: Valid Emirates ID or Passport copy 6. Keep records of all documents and information related to the above transactions for minimum period of (5) years 7. Note that submissions of REARs does not exempt you from your existing obligations to submit the following types of reports via goAML: Suspicious Transaction Report (STR); Suspicious Activity Report (SAR); Funds Freeze Report (FFR); Partial Name Match Report (PNMR); High Risk Country Report (HRC); and High Risk Country Activity Report (HRCA).

Following the registration of a company, the company must adhere to several regulations. Conducting an audit is one of these requirements that all businesses, regardless of size or industry, must adhere to. A company audit entails checking the accuracy of its books of accounts. An audit of a company’s financial statements is intended to allow the auditor to provide an opinion. The company must appoint an auditor to conduct the audit. An independent third party conducts a financial audit, which entails looking over the financial statements and related paperwork for your company. The bookkeeping records, internal control procedures, and records kept following generally accepted bookkeeping standards are all examined. To ensure that they are accurate and kept up to date, the auditor must examine numerous books of accounts, vouchers, and bills. This procedure is used by financial auditors to reassure your partners of your company’s position. Let us look at the documents that are required during an audit: What minimal documents are needed for the audit? Confirmations: – A very important set of records that an auditor must gather for an audit is confirmations from banks, clients, suppliers, lenders, etc. A typical auditor will select a sample and offer confirmation formats to be distributed to various parties to obtain confirmation. The Companies are accountable for making sure the auditor receives the most confirmations. Schedules: – This includes schedules created by the business as part of accounting, such as asset register, depreciation, prepayments, accrual, etc. List and evidence of all transactions:- The audited company must provide all invoices and bills for purchases made during the audit period. An auditor will need the invoices to determine the company’s total spending over the period and determine whether the amount matches that in the books of accounts. Payroll reports: – As the number of employees in a company can significantly increase the audit’s duration, the payroll reports are crucial from the audit’s point of view. The payroll report analysis will assist the auditor in understanding the company’s current situation, and the auditor will recommend either hiring more employees or laying off a few. Detailed List of All Used Bank Accounts: – The auditor must be given a list of all the company’s bank accounts as well as the required paperwork for each one. As the auditor won’t have to collect the required documents while performing the audit, this will greatly simplify his job.  Loan Records: – While conducting business, a company may accrue debt. The audit process will take much less time when the proper documentation for a loan is provided. General Ledger:- All of the transaction information for a given period is contained in the ledger. For an auditor to compare the total to the total listed in the books of accounts, this is necessary. Instead of manually preparing the ledger, most businesses now use accounting software that automatically converts the input data into the required financial data. The accuracy of a business will be greatly improved by accounting software, which will also speed up the ledger-production process. Company’s Trial Balance: – The use of a trial balance enables a company’s various transactions to be organized correctly and enables the auditor to trace the history of any given transaction. Using accounting software is another option for creating the Trial Balance. Copies of all legal documents:- One crucial aspect of the audit is to gather and confirm the company’s legal documents. Licenses, articles of incorporation, share certificates, certificates of incorporation, certificates of VAT registration, and other legal documents are among them. When a company is ready to be audited by a third party, the third party will give the company a start date and the audit team’s requirements. The requirements typically consist of these minimal documents, which, if ready in advance, could lead to a swift and early conclusion of the entire audit process. The list of documents needed for an audit is not exhaustive or final. Bank statements, the previous audit report, minutes of holding board meetings, and other documents might be requested by the auditor. Numerous changes arehappening in workplaces. The enormous progress in using technology results in a high degree of automation, transparency and acceleration. In a global business hub where the use of technology is in full momentum, there is no choice, except to adopt the changes for businesses to become successful in this era of constant change. GSPU Auditing, a dynamic Audit & Accounting firm with 17+ years of international experience provides audit & assurance,accounting & financial, Tax & business consulting, companyincorporation & management consultancy services adopting a professional& friendly approach and caring about the success of our clients holding anenviable reputation. Being the Best Auditing Firm & TAX Consultancy in UAE,our well-known & Certified Accountants & Auditors who haveinternational expertise as well as a comprehensive knowledge of the localmarket work hard with a strong moral commitment and gain the trust of ourcustomers by providing professional services of high quality in an independent,objective and ethical manner obeying Integrity and professionalism. Expertfinancial and compliance advice for business innovation, success and survivalis a basic need for every business. We at GSPU prioritize time and quality inFinancial, Accounting, Audit, Company Formation, and Management and VAT services to help businesses to grow by making a clear strategy saving time& money by generating more revenue. Your Success, Our Passion. We the Global Strategic Partners Union always welcome your Business & Financial grievances as we make the work intoservice, and turn customers into friends & client relationships as business partnerships.

Conducting an external audit can provide a company with several advantages. The most important of these advantages is that a third-party analysis of our organization would offer a fresh viewpoint on how things operate. The process of undertaking an external audit has several advantages:   Affords a different viewpoint: Many businesses have an in-house auditing team and do not engage the services of an external auditor. This can seem like a workable alternative, but over time, internal auditors develop a fixed mindset and lose the ability to think creatively. Thus, external auditors are always preferable because they have no ties to the company and will not hesitate to provide accurate and precise information about the company’s operations. They will also have a different perspective on how the firm operates and how to improve it. Evaluating the Company’s Internal Procedures: The management of the organization would set a benchmark as a result of the internal process audit to provide fixed-quality products or services. We may get a good picture of our existing condition by conducting an audit. The management will be able to conduct a quality check of the entire audit process and make sure that only high-quality goods and services are created by comparing the current data with the data from the past. Confirm Compliance: The methods used by the organization will be examined to make sure they all adhere to the rules and guidelines established by the appropriate authority. This refers to adherence to rules regarding taxes, VAT, accounting, etc. The corporation may suffer significant losses in the future if it does not abide by national regulations. Additionally, it guarantees that the company is current with all regulatory updates and modifications. Ensures credibility: An additional benefit of performing an external audit is this. The decisions of the auditor will never be biased because the external auditor does not fall under the jurisdiction of the company being audited. An external audit report would increase the company’s legitimacy and inspire confidence in the shareholders and potential investors.   Cut down on Waste: A corporation can save the time and money invested in its many processes by streamlining them all with the aid of an external audit. The productivity and profitability of the company will grow as the use of resources and time is reduced. Undertaking an external audit service is beneficial to businesses. Investor confidence might be sparked by more than just an external audit. It is preferable to conduct an external audit because it will give the analysis of the company’s operations a new viewpoint. If you are looking for a helping hand in the matters of auditing, availing the services of a highly reputed Audit Firm would be a suitable option for you. Experts also provide various other services such as VAT, Corporate Tax, Accounting and Payroll services for the growth of your company. Numerous changes are happening in workplaces. The enormous progress in using technology results in a high degree of automation, transparency and acceleration. In a global business hub where the use of technology is in full momentum, there is no choice, except to adopt the changes for businesses to become successful in this era of constant change. GSPU Auditing, a dynamic Audit & Accounting firm with 17+ years of international experience provides audit & assurance, accounting & financial, Tax & business consulting, company incorporation & management consultancy services adopting a professional & friendly approach and caring about the success of our clients holding an enviable reputation. Being the Best Auditing Firm & TAX Consultancy in UAE, our well-known & Certified Accountants & Auditors who have international expertise as well as a comprehensive knowledge of the local market work hard with a strong moral commitment and gain the trust of our customers by providing professional services of high quality in an independent, objective and ethical manner obeying Integrity and professionalism. Expert financial and compliance advice for business innovation, success and survival is a basic need for every business. We at GSPU prioritize time and quality in Financial, Accounting, Audit, Company Formation, Management and VAT services to help businesses to grow by making a clear strategy saving time & money by generating more revenue. Your Success, Our Passion. We the Global Strategic Partners Union always welcome your Business & Financial grievances as we make the work into service, and turn customers into friends & client relationships as business partnerships.

An external audit is usually conducted by a third person and thus is much more unbiased. A company can avail of many benefits while conducting an external audit availing GSPU’s services. Some of these benefits are: Provides a Comprehensive Report: An external audit provides an overview of the business process and establishes that the information in the books of accounts is correct and accurate. The auditor presents an audit report which will simplify and present all the workings of the company which would help the management to take remedial actions regarding any slow or faulty process. Furthermore, the report would help in providing a complete understanding of the workings of the various departments of the business. Thus GSPU’s external audit provides business owners with the opportunity to work closely with external auditors to look at their accounting process with a critical eye and work on making improvements. Surety of Compliance: An auditor sees to it that the books of accounts are made according to the rules and regulations of the concerned authority. Since GSPU’s External Audit is conducted at regular intervals, it helps in keeping the accounts department at par with the stated rules and regulations. The external auditor will also make sure that the accountants of the company are updated with any new regulations of the government or the authority concerned. A Different Perspective: As the external auditor is a separate third party and has no relations to the company whatsoever, he would be unbiased towards the company and would present his reports and the corresponding views in such a manner. GSPU’s auditors minimize wastage in business and increase its profitability.  Brings in Investors: As GSPU’s audit report will provide a detailed and accurate description of all the past and present works of the company, an investor can make a better decision regarding investment in the company. The investor would scrutinize the audit report, and if after that he feels that the company is on the path to profitability and investing in the company would be the right decision then he can invest in the business. Thus, it would simplify the decision-making process of a potential investor. Identifies Weakness: After properly scrutinizing GSPU’s audit report, the management of the company can decide if any of the processes needs tweaking. This would help in understanding the weakness in the process and the management will take remedial measures accordingly. Independent Assessment provides Increased Credibility: As the audit is performed by an independent third party, there is no bias of the auditor towards the company. This means that GSPU’s audit report will consist only of the correct facts and figures about the company. This will help in getting hold of and curbing any fraudulent business activity which is being conducted in the company and will also help increase profitability. Evaluation of the Internal Processes of the Company: As the internal auditor is a part of the company, he cannot openly evaluate the internal workings of the business. An external auditor from GSPU has a better chance to adequately evaluate all the internal workings of the business and provide a truthful assessment of them. This will help the management in creating new and better strategies for the future and will also enhance the efficiency of the business. Better Quality of Audit: Many of the internal auditors may not be well versed with the current changes in the business environment and can leave essential information out of the auditing report. The internal auditor is also very close to the business work and can also leave out certain information intentionally, which can affect the profitability of the business. Such instances are not possible if an external auditor from GSPU is hired to conduct the auditing of a business.  Provides Confidence to Current and Prospective Shareholders: By hiring an external auditor from GSPU, the company strives to provide correct and accurate information to the management as well as the shareholders of the company. This will be very helpful to the shareholders, and they will be able to take a calculated and informed decision. It will also ensure that the company will keep the best interest of the shareholders in mind while taking any business decision. Numerous changes are happening in workplaces. The enormous progress in using technology results in a high degree of automation, transparency and acceleration. In a global business hub where the use of technology is in full momentum, there is no choice, except to adopt the changes for businesses to become successful in this era of constant change. GSPU Auditing, a dynamic Audit & Accounting firm with 17+ years of international experience provides audit & assurance, accounting & financial, Tax & business consulting, company incorporation & management consultancy services adopting a professional & friendly approach and caring about the success of our clients holding an enviable reputation. Being the Best Auditing Firm & TAX Consultancy in UAE, our well-known & Certified Accountants & Auditors who have international expertise as well as a comprehensive knowledge of the local market work hard with a strong moral commitment and gain the trust of our customers by providing professional services of high quality in an independent, objective and ethical manner obeying Integrity and professionalism. Expert financial and compliance advice for business innovation, success and survival is a basic need for every business. We at GSPU prioritize time and quality in Financial, Accounting, Audit, Company Formation, Management and VAT services to help businesses to grow by making a clear strategy saving time & money by generating more revenue. Your Success, Our Passion. We the Global Strategic Partners Union always welcome your Business & Financial grievances as we make the work into service, and turn customers into friends & client relationships as business partnerships.

The Commercial Companies Federal Law, No. 32 of 2021, has brought about several notable changes to the regulatory landscape for firms operating in the United Arab Emirates (UAE). A crucial provision of this law concerns the requirement that all businesses operating in the United Arab Emirates mainland do a financial account audit. Let’s explore the primary aspects of this legal requirement, stressing the significance of financial compliance and transparency. Businesses operating on the United Arab Emirates mainland are committed to financial openness and accountability, as stated by the Commercial Companies Federal Law, No. 32 of 2021. This law requires all mainland businesses to have a thorough audit of their financial records.  Businesses in the UAE’s mainland are obliged to keep their financial records on file for a minimum of five years, in addition to the statutory auditing. In addition to assisting internal management procedures, this clause facilitates regulatory oversight and aids in conflict resolution. The duration of the retention term guarantees the availability of past financial information for examination when necessary and enhances the general openness of company activities. By supporting ethical corporate practices and defending stakeholder interests, this approach seeks to guarantee the authenticity and dependability of financial information. While mainland enterprises have a universal auditing mandate, the situation differs for businesses operating in the UAE’s free zones. Companies in free zones are not required to undergo mandated audits or submit audit reports. Free zone establishments (FZE) and free zone corporations (FZCO) are two examples of entities that are exempt from this rule. The UAE is dedicated to creating an open and accountable corporate environment, as evidenced by the Commercial Companies Federal Law, No. 32 of 2021. Even if a free zone corporation is not obligated to produce an audit report, it may need one for immigration reasons. Regardless of a company’s location or particular auditing requirements, the audit report may be required throughout immigration procedures, emphasizing the significance of keeping correct financial records for all businesses. An expectation for financial integrity is set by the statutory auditing standards for mainland businesses and the preservation of financial records. Numerous changes are happening in workplaces.The enormous progress in using technology results in a high degree of automation, transparency and acceleration. In a global business hub where the use of technology is in full momentum, there is no choice, except to adopt the changes for businesses to become successful in this era of constant change. GSPU Auditing, a dynamic Audit & Accounting firm with 17+ years of international experience provides audit & assurance, accounting & financial, Tax & business consulting, company incorporation & management consultancy services adopting a professional & friendly approach and caring about the success of our clients holding an enviable reputation. Being the Best Auditing Firm & TAX Consultancy in UAE, our well-known & Certified Accountants & Auditors who have international expertise as well as a comprehensive knowledge of the local market work hard with a strong moral commitment and gain the trust of our customers by providing professional services of high quality in an independent, objective and ethical manner obeying Integrity and professionalism. Expert financial and compliance advice for business innovation, success and survival is a basic need for every business. We at GSPU prioritize time and quality in Financial, Accounting, Audit, Company Formation, Management and VAT services to help businesses to grow by making a clear strategy saving time & money by generating more revenue. Your Success, Our Passion. We the Global Strategic Partners Union always welcome your Business & Financial grievances as we make the work into service, and turn customers into friends & client relationships as business partnerships.

The UAE’s economy is constantly changing and evolving. As it flourishes, the demand for financial expertise has become important for all businesses in the UAE. CFOs are essential to navigating the complex financial landscape and driving sustainable growth. Understanding the CFO Role: CFOs are more than just financial experts. They are also strategic decision-makers who help companies achieve long-term success by ensuring financial stability, optimizing resources, and identifying growth opportunities. This section explores the multifaceted role of CFOs, highlighting their responsibilities in financial planning, risk management, budgeting, and forecasting. Customized financial plans for UAE businesses CFO services in UAE are tailored to the specific needs of local businesses, taking into account the country’s unique economic and regulatory environment. They help organizations navigate complex legal and tax regulations, and ensure compliance with all requirements. This helps businesses to adhere to the latest standards, while also enhancing financial efficiency and transparency. Leveraging Technology and Analytics: In the digital age, data is king. CFOs who use data to inform their decisions are more likely to make sound business choices that lead to growth. By analyzing financial data and identifying trends, CFOs can develop strategies that will help their companies succeed. Risk Management and Financial Security: In today’s uncertain and rapidly changing world, it is more important than ever for CFOs to focus on risk management. CFO services in UAE can help businesses mitigate financial risks, safeguard assets, and develop contingency plans to protect against potential disruptions. By working with a qualified CFO, businesses can take steps to reduce their risk exposure and protect their bottom line. Specifically, CFO services in UAE can help businesses with the following: Identifying and assessing risks Developing and implementing risk mitigation strategies Monitoring and reporting on risks Preparing for and responding to disruptions By working with a qualified CFO, businesses can take steps to protect themselves from the unexpected and ensure their long-term success. Finding and investing in promising businesses UAE is a great place to invest, with a thriving economy and a supportive government. CFOs play a key role in helping businesses grow by identifying investment opportunities and securing funding. This section explores how CFOs can help businesses make sound financial decisions, from venture capital to mergers and acquisitions. Strengthening the integrity of financial reporting To maintain trust with stakeholders, including investors, regulators, and the public, it is essential to have transparent financial reporting. CFO services in UAE prioritize clear and accurate financial reporting that adheres to international accounting standards. This ensures that all stakeholders have access to the same information about a company’s financial performance, which helps to build trust and confidence. Collaboration with CEOs and Management: The CFO and CEO must work together to set and achieve strategic objectives. The CFO provides financial expertise and analysis, while the CEO provides strategic direction. Together, they can ensure that the company’s financial goals are aligned with its overall business strategy. This collaboration is essential for ensuring the company’s long-term growth and profitability. Here are some specific examples of how the CFO and CEO can work together: The CFO can provide the CEO with financial data and analysis to help the CEO make informed decisions about the company’s strategy. The CEO can provide the CFO with strategic direction so that the CFO can develop financial plans that support the company’s goals. The CFO and CEO can work together to develop a budget that aligns with the company’s strategy. The CFO and CEO can work together to monitor the company’s financial performance and make adjustments to the strategy as needed. By working together, the CFO and CEO can ensure that the company is on track to achieve its strategic objectives. GSPU Chartered Accountants Numerous changes are happening in workplaces. The enormous progress in using technology results in a high degree of automation, transparency and acceleration. In a global business hub where the use of technology is in full momentum, there is no choice, except to adopt the changes for businesses to become successful in this era of constant change. GSPU CHARTERED ACCOUNTANTS a leading and professional Audit and Consultancy with 17+ years of international experience provides audit & assurance, accounting & financial, Tax & business consulting, company incorporation & management consultancy services adopting a professional & friendly approach and caring about the success of our clients holding an enviable reputation. Being the Best Auditing Firm & TAX Consultancy in the UAE, our well-known & Certified Accountants & Auditors who have international expertise as well as a comprehensive knowledge of the local market work hard with a strong moral commitment and gain the trust of our customers by providing professional services of high quality in an independent, objective and ethical manner obeying Integrity and professionalism. Expert financial and compliance advice for business innovation, success and survival is a basic need for every business. We at GSPU prioritize time and quality in Financial, Accounting, Audit, Company Formation, Management and VAT services to help businesses to grow by making a clear strategy saving time & money by generating more revenue. Your Success, Our Passion. We the Global Strategic Partners Union always welcome your Business & Financial grievances as we make the work into service, and turn customers into friends & client relationships as business