FAQs
Answers to Frequently Asked Questions
We are a firm of public accountants who provides specialized bookkeeping services and can carry out all your accounting requirements. There is no need to hire an accountant yourself and supervise them. Outsourcing is a cost-effective solution to the problem of continually hiring and training in-house accounting staff, and the related employment risk.
We are experts in all kinds of accounting software such as Tally , zoho erp, Peachtree Premium, oracle , QuickBooks. There is no need for you to invest in a software if you do not want to or we can very well work on your existing software.
The service could either be performed onsite or offsite depending on the clients’ preference for service delivery, information security, logistics, and timeliness.
Accounting assistance agreements are usually for a period of one year (calendar year) and are later renewed after a review of your new requirements. Agreements are very flexible, e.g. One or two days every week, monthly, quarterly, half-yearly or annually. We will meet the needs of your business as per your requirements.
No, sometimes weekly accounts are more appropriate and sometimes daily or quarterly.
The entire audit process can be divided into 3 phases. Firstly the proposal submission and approval where ethics plus would submit a proposal based on the key audit areas and discuss the key issues with the management of the company. Then the auditor embarks on fieldwork to obtain necessary documents and financial statements from the management. The third phase includes the drafting and submission of the final auditor’s report to the management. This entire audit process would be translated into a cohesive program to with the mutual consent of both the management and auditor.
As per the corporate company act prevalent here, a Dubai LLC company should submit audited financial statements.
Taxable income up to AED 375,000 has 0% Corporate Income Tax Rate.
Taxable income over and above AED 375,000 Has 9% Corporate Income Tax Rate
Audit & assurance is an evaluation of an organization, system and processes and testing them on the basis of statistical samplings. They are performed to ascertain the validity and reliability of financial information, and also provide an assessment of a system’s internal control.
An audit seeks to provide only reasonable assurance that the statements are free from material error. A set of financial statements are said to be true and fair when they are free from material misstatements.
An audit is much more than a formality; it is a real necessity to protect business and encourage it to thrive. It is crucial to engage an audit & assurance service to review the company’s financial status, system processes and
internal controls, to assess the effectiveness and efficiency of these components. It would also increase accountability and transparency.
The external auditor serves the private interest of the shareholders of the company. An independent auditor is a neutral and impartial party that would be deemed to have no interest in the company. This would ensure greater accountability and transparency while reporting to the shareholder.
After an audit is completed, the company will be able to develop a greater understanding of the handling of financial matters and the preparation and presentation of financial statements. An auditor’s report on the financial statements and suggestions for improvements would also be presented to the management of the company.
The audit process normally commences in January, if books are closed at the end of a calendar year. It normally ends within the same month. The actual schedule schedule of the audit assignment will be discussed and agreed upon by both the company’s management and Ethics.
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