With increased complexities in accounting standards and continuously changing business conditions, it is necessary for the management to understand the prevailing financial systems in order to ensure their efficiency and profitability. Auditing offers the necessary professional and independent suggestions that prove crucial for the credibility of the organization. It helps management to properly assessing the prevailing financial systems, the organization's efficiency, and areas that require appropriate improvement strategies. Auditing also ensures careful analysis of potential risks and promotes the development of well-planned systems to mitigate those risks. It works as an important tool to uncover fraudulent activities and maintain transparency, thereby reducing the organization’s cost of capital.
We at N&K Rohit Auditing have a highly qualified team of auditors, who with their broad knowledge and expertise offer a wide gamut of services that not only assist our clients in developing internal controls and implementing solutions specific to their organization, but in also identifying those areas that require improvement strategies and evaluation of new technology. Our internationally accepted auditing standards help in developing high quality accounting methods which add quality to information upon which our clients base their confidence. We guide our clients towards building the reputation of their organization through professional value added services.
In UAE, for many establishments, audit is not compulsory and hence the corporate reporting in UAE is beyond the regulatory requirements. The Audit in UAE is conducted for far many reasons such as under Bank covenants, Shareholder agreements, Internal Management purposes etc. Besides, Statutory Audit is done in UAE to meet a specific set of requirements by the Government regulations where there is stipulations to get the accounts of the companies registered under those free zones stipulate. Scope and nature of audit program are subject to the specifications of the governmental body and financial institutions. It involves scrutiny of all financial statements and accounts related to the organization to ensure their reliability and avoid any misrepresentation or discrepancies. The findings of a statutory audit are legal and binding and can lead to citation or fines or both. All registered business enterprises in some free zones in UAE are mandated to undergo statutory audit for the preparation of accurate financial statements.
In the midst of multifaceted and dynamic market conditions, we at N&K Rohit Auditing are keen on attaining organizational benefits and adding value to regulators, shareholders and other stakeholders by offering international professional expertisein line with internationally accepted accounting standards and methodologies. Our innovative and exceptionally talented team is committed to undertaking all possible measures to eliminate fraud and stimulate transparency by scrutinizing financial statements and reporting methodology. Our complete compliance with the local governing laws certifies its accuracy and credibility.
Years of experience and extensive technical knowledge in the financial and accounting industry enable us to communicate with clients regarding business issues and help identify organizational areas susceptible to risks, based upon which we design solutions that mitigate those risks. We help our clients monitor their organizational code of conduct, have regular reviews to assess the quality, economy and efficiency of the operational performance and implement strategies for improvement. Our services are structured to adapt to the nature and size of the organization and guarantee you of a fair and true view of the entity on the financial statements.
As our value added service, we also provide a working guidance on regulatory reporting requirements.
The role of the internal audit function is critical for the success of any risk management framework within an organization. The main obligation of internal auditors is to evaluate whether other risk systems and controls in place within the firm are operating effectively to manage and mitigate risks or not. Such an independent evaluation of the firm’s control functions will go a long way in enriching the systems and procedures that are followed.
We believe in establishing a solid business relationship with our clients based on transparency and continuous communication so as to enhance the quality of the internal audit functions that we perform. We encourage our clients to participate in every step of the audit program, to arrive at comprehensive solutions that are an advantage to every firm that we work with.
Our internal audit specialists adopt a risk-based approach in evaluating the client’s operational effectiveness, financial systems and controls and compliance with laws and regulations. In addition to that, while preparing our audit plan and report, we also consider challenges and opportunities applicable to the organization. Our internal audit report also contains recommendations for the firm to implement, which are formulated keeping in mind the firm’s objectives and limitations.
We also strongly believe in actively following-up with the firm’s management regarding implementation of the recommendations in the audit report.
The services we offer in this regard include:
We, N&K Rohit Auditing provide advisory service to help organizations to improve their performance, operating primarily through the analysis of existing organizational problems and the development of plans for improvement. Organizations may draw upon the services of N&K Rohit Auditing for a number of reasons, including gaining external (and presumably objective) advice and access to our specialized expertise.
As a result of our exposure to, and relationships with numerous organizations, we are typically aware of industry "best practices", although the specific nature of situations under consideration may limit the transferability of such practices from one organization to another.
Our Advisory services also provide organizational change management assistance, development of coaching skills, process analysis, technology implementation, strategy development, or operational improvement services. Our team of Advisors often bring their own proprietary methodologies or frameworks to guide the identification of problems and to serve as the basis for recommendations for more effective or efficient ways of performing work tasks.
An entity can be incorporated in the UAE as Limited Liability Company (L.L.C), Branch of Foreign Company, Sole Establishment, partnership firm under the UAE Commercial Companies Law 2015, or in the free zones or offshore zones available which operate under self-regulated legal regimes.
A LLC can be formed by a minimum of two and a maximum of fifty shareholders whose liability is limited to their shares in the company’s capital. In the case of a LLC, at least 51% of the share capital of the company should be owned by UAE National(s). Although the maximum foreign equity participation in a LLC is 49%, profits can be distributed in different proportions as agreed by the promoters/shareholders of the company.
Although the rules and regulations for establishing a LLC are generally similar in all the seven Emirates of the UAE, the requirement of minimum capital and costs involved for registering the company may vary from one Emirate to the other. The type of documentation, costs and time required for registration of the company will therefore depend upon the proposed structure and location of the business.
Under the local laws of the various Emirates, foreign nationals are permitted to establish Civil/Professional Companies in their own name or in partnership with UAE Nationals or foreign nationals to practice a vocation or a profession such as legal consultancy, medical services, accountancy, engineering consultancy and other similar activities. Such establishments can, as per current regulations, be 100% foreign owned and do not require a UAE National as a partner. However, it may be noted that for carrying out certain specific professional activities, it is necessary to comply with the related laws and regulations which include obtaining prior approvals from the concerned Government and Local Authorities and appointing a UAE National as a Partner or Service Agent.
The Commercial Companies Law also covers the formation and regulation of branches and representative offices of foreign companies in the UAE and stipulates that they may be 100% foreign owned, provided a UAE National Agent is appointed in accordance with provisions of the Law. A branch office, on registration, carries on business under the name and form of the parent company. The branch office does not have a separate legal identity of its own but is considered as part of its parent company.
Such companies are required to have a registered agent approved by the respective Free Zone Authority. The offshore companies do not require an office space and the office address of the registered agent is used as the registered office address of the offshore companies. No UAE resident visas are granted for the employees/directors. A bank account can be opened with some of the banks in the UAE. Such companies are allowed to carry on general trading and consultancy services overseas (Consultancy activity is not approved in Jebel Ali Offshore; however the same is approved in other offshore jurisdictions), act as investment and holding companies and also allowed to own Freehold properties in designated areas of the UAE but not allowed to carry on any business with the persons/companies’ resident in the UAE.
Offshore entity in UAE can be registered in three Jurisdictions and they are Jebel Ali Free Zone (JAFZ), Ras Al Khaimah Free Zone and Ajman Free Zone (AFZ).
The common advantages of establishment of an entity in the UAE Free Zones include 100% foreign ownership, no corporate or personal income taxes for 25 to 50 years, the freedom to repatriate both capital and profits, full exemption of import duties on goods used in re-export trade and for industrial purposes and the waiving of currency restrictions.
An entity can be established in the Free Zone either as (a) Branch of a foreign company including a company registered in the UAE or (b) Free Zone Establishment (FZE) or (c) Free Zone Company (FZC).
Our experienced team of professionals in the Advisory Services have in depth knowledge and experience in the rules and regulations in setting up of entities across the UAE. Our team of specialists understands business objectives and assists in identifying appropriate legal Structure/Location; assists in the complete registration process of entities in the UAE.
a. Setting up of offshore entity in UAE – which includes acting as Registered Agent for Offshore Entities
b. Setting up of Entities/Companies (Non-Offshore) in UAE – Which Includes setting up Limited Liability Company (LLC) and/or Branch of Foreign Company and/or Sole Establishment and/or partnership Firm and/or Free Zone Company
c. Assistance in structural changes of a Free Zone, LLC & Branch of Foreign Company in UAE.
d. Assistance in visa related process for Investors.
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