Services Archive - Page 2 of 4 - EXL Auditing, a professionally managed Accounting, Auditing, Business Management, and Financial Consulting firm established in the Emirate of Dubai in the year 2017

FTA Deregistration

VAT deregistration in the UAE is an online process. There are said two situations in which a firm may de-register from the VAT:

If the turnover of the business doesn’t exceed AED 187,500 in the 12 months after the registration with FTA. In this scenario, the company must apply for the VAT deregistration.
If the firm stops making the taxable goods and supplies then also it is mandatory for it to apply for the VAT deregistration.

The VAT deregistration is required mostly by the new changing minds and the startups. In the above-mentioned cases, VAT deregistration must be applied within 20 days. As per the FTA law, those filing for deregistration exceeding the loop of 20 days are subjected to penalty and fines as described by the FTA.

We save you from the penalty and fines by filing the deregistration on time as and when required. Since you have a team of dedicated personnel taking care of the auditing and taxation for your business, you may focus on other pillars of the company. EXL Auditing relieves the pain and worry of the tax world from your shoulders. Our team has experts who carefully watch the timing and deadlines for each and process which is required to be catered in light of the VAT.

FTA Penalty, Disputes & Fine Reconsideration Services & Consultancy

In the United Arab Emirates (UAE), the FTA (Federal Tax Authority) is the regulatory body for the VAT laws. It takes the charge of collection and management of the federal taxes and fines related to it. Being aware of the laws related to taxation is considered one of the duties of the firm. At times the taxpayer or the business firm may not be satisfied by the decision taken by the authority in such a situation, the firm has the right to ask for VAT reconsideration. The authority reviews its decision in such a case and gives allowed or considerable relief to the taxpayer.

Within 20 working days, the firm may ask for the VAT reconsideration to the federal Tax Authority in case any fine or penalty has been charged on it. The application procedure is easy and can be filed online at the FTA portal as well. So far the FTA considers the application received in Arabic only.

At EXL Auditing we have dedicated staff for each task so that the burden of work doesn’t cause the room for mistakes. Whether the penalty will be waived off or sustained depends on the formulation of the application as much as it depends on the truthfulness of the case. We ensure that the client doesn’t have to pay the penalty without being at fault.

Feasibility & Projection

Before signing any project and freezing the deal, now it has become even more important to know the feasibility of the project after the new VAT law. We help the client to evaluate the total benefit after the VAT filing per project basis and help them to bill their client accordingly.

The projection of the bill such that the client doesn’t feel overburdened is also an important task now. As many out there feel that they are being wrongly charged in the name of Value Added Tax.

EXL Auditing helps you not only with the taxation and accounting process but also take regular sessions so that your employees know at least the basics of what VAT is and when and where it is applicable so that they may impart the same knowledge to your potential client as and when required. Hence in a way, we help you to retain the clientele.

Business Valuation & Advisory

Business valuation is a very subjective and complex task. At times it may also call for a hot debate as well. It is required to have a thorough understanding of the business and external and internal factors which may affect the business. It demands to have knowledge of legal and regulatory laws under which the business operates.

Financial, non-financial, and many other data needs to be examined before making a final report on the business evaluation.

A thorough understanding and data are required before making the final business evaluation and advising anything to the client in light of it. EXL Auditing works to minimize the burden on the client and help them with all the taxation and para-taxation related issues.

Due Diligence & Restriction Advisory Services

Before an acquisition, bank loan, business partnership or investment a research analysis is done to determine the value of the due diligence and if there are any major aspects related to the deal which may cause hindrance or obstacle in future.

Public offer, joint venture and collaborations, mergers and acquisitions and partnerships are few types of transactions that are covered for due diligence. It has its own importance. It is better to let a rosy sounding deal go if you smell something suspicious than getting to know about it after freezing the contract. Due diligence helps in getting a detailed inside out aspect and history of the deal before the final commitment is being made. This saves the firm from any probable loss it may encounter in future because of a deal.

Due diligence report covers monetary as well as non-monetary aspects such as viability, existing and potential liabilities, technology, environment, effect of synergy etc. This gives a detailed insight of the project to the firm and enables it to make a better and smart decision.

EXL Auditing serves its client with the financial due diligence service, giving the insight of financial, commercial and operational assumptions validity. We review the account policy, audit practice, internal controls and tax compliances in detail. We ensure that there are no hidden pitfalls to which our client remains blindfolded while signing a deal.

CFO Services

As a one stop financial and taxation solution company, we provide CFO services to the clients as well. Our CFO services help the client to navigate the accounting complexities with ease. This allows them to spare extra time for the business.

Planning the taxes, financial analysis, developing measures to achieve the goal, formulating long-term strategies, future direction and managing the capital request are some of the tasks done under our CFO services.

We ensure that the accurate financial information is received by the management of the company without any hampering in that. Reporting the financial reports with cent percent truthfulness and honesty along with its analysis is one of the major tasks of our CFO.

HR & Account Outsourcing Services

EXL Auditing extends human resource and account outsourcing services taking the onus to manage the employees of the client along with the finances. We work in all possible manner to lessen the work of the client and make EXL Auditing the one point centre to cater all the needs and provide a solution to almost all the budding problems of the firm.

External & Statutory Audits

A willing participation by the organisation to be audited is a prerequisite for smooth auditing review by the auditors. However, there are situations wherein the organization/company under review for finances and tax advisory may choose to refrain from joining the external auditors owing to the company by-laws and/or cumulative decision of the board and shareholders. This situation falls under the category of External Audits.

While in the case of Statutory Audit, a willing cooperation by the organisation/company with the external auditors is indispensable by law and would proceed so irrespective of the board and shareholder’s preference to engage.

Engaging with EXL Auditing, as one of the expert Audit Firm Dubai, eases up such dilemmas of External and Statutory Audit as the most eligible peers of the finance sector utilise their knowledge and experience to provide clients with the best auditing practices and solutions to smooth out the future work strategy of their client’s company.

Internal Audits & Reviews

Internal audits are routine procedures whose time interval could be set up by the company itself. Internal audits are done either by the company resources or by a third party that is eligible enough to provide a competent internal auditor to the company. Internal audits are primarily conducted to monitor the efficient working of the organisation as per the laid out work protocol and to report back to the upper management of any clogs or blind spots in the internal cascade of the business. Rather than a flagging action, Internal auditing is mostly a periodic enhancement practice.

Review is an integral part of any auditing process that has different branches like financial, compliance, information system, and many others to ensure a proper code of conduct within the workers as well as within the set-up hierarchy of the organisation. Evaluation and input are the key features for an ethical review conduct.

Review of Internal Control & Risk Audits

Falling under the umbrella of internal audits and review, this section aims to provide an accurate assessment of company work flow and provide risk management techniques to minimise losses and over-the-head expenditures. Internal control review is an imperative step that allows the company executives to observe, assess and modulate their internal business protocols to maximize efficiency and minimise the liabilities. Legal Advisors in Dubai have the following key features as their holy grail for ethical internal review and risk audits:

To establish the objective of internal control review
To Institute feasible policies and protocols
To authorize appropriate transactions template
To authorize appropriate transactions template
To monitor the internal control habitat
To identify the vulnerabilities and liabilities
To share and discuss with upper management

Building on the above fundamentals, Risk Audit summarizes in itself the concept of risk assessment, internal activities tab, communication and information trail, and monitoring the repository of the organisation.

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