Tax Agency Services

Stay one step ahead with our FTA-approved tax agency services

Stay one step ahead with our FTA-approved tax agency services with a team of tax experts having extensive experience and knowledge about VAT laws and regulations.

We take pride in being counted as pioneer tax agents for a diverse pool of satisfied clients across the UAE. Our premium services are distinguished by helping our clients streamline financial management and tax filing to save time and money and prevent errors.

Adepts Chartered Accountants, a professional accounting and audit firm, has been led by authorized and well-experienced chartered accountants in Abu Dhabi and Dubai for almost 15 years. From Business Advisory Services to Tax Auditing, our firm offers various services to clients.

What is a Tax Agency Service?

An agency that is responsible for helping a client or a business in the payment of taxes to the government, exercising their tax rights, and is appointed to represent them before the authority is referred to as a Tax agency.

By appointing a Tax Agency, clients don’t have to worry about tax compliance burdens, and they can focus on business growth and expansion. It will not be always possible for clients to run the business and also look after all the statutory compliance and that is why you may need a Tax Agency Service for your business.

Why should you hire a Tax Agency?

It is advised to hire a tax agency for every business as the complicated tax procedures may not be easy for you to digest. Appointing FTA-approved tax agency will add more advantages to the operational outcome of your business. Hiring a Tax Agency for your business may also be important because:

A tax agent will represent you in the Federal tax authority
A tax agent will embark on all obligations on taxation
A tax agent will notify you of all your tax proceedings
A tax agent will help you with the best tax planning for the effective outcome of your business
A tax agent will settle any tax disputes with the authority

Benefits of hiring our Tax Agency?

There are several benefits of hiring our Tax Agency Service. Our experienced Tax experts assist our clients with their taxation procedures. Our Tax Agents can be legal representatives for your company before the FTA, assist in any communication with the FTA, assist in providing documents in Arabic during a VAT Audit, and help in avoiding any unpredictable fine by giving the right advice as per the laws and regulations.

We also provide a smooth follow-up channel with the FTA and ensure that refunds and other tax matters are handled professionally and promptly.

In addition to all these benefits, our Tax Agency provides several other benefits to our clients like:

Assistance in VAT registration
Preparation, compliance, and filing of VAT returns on your business's behalf.
Supervision of all records and documents associated with tax transactions.
Association with FTA for all tax-related problems.
The assistance of FTA on your organization's behalf at the time of tax audit.
Assistance in the proposal for a reconsideration of VAT.
Assistance in de-registration of VAT.

What Services do we offer?

We are FTA-approved tax agent and our tax experts have extensive knowledge and understanding of VAT laws and regulations. We can support our clients in the:

VAT Advisory and Tax Agency services
VAT registration
VAT deregistration
VAT Return Filing
Tax Audit
VAT Implementation
Tax Refunds
Voluntary disclosure
Re-consideration application for waiver of VAT-related fines

Our Execution

Consultation

Our expert tax agents will analyze the issues and build the strength of your case.

Advisory

The next step is to advise you on options available for your particular case and prepare the documentation

Representation

Our tax agents will liaise directly with the FTA and provide you with regular updates to keep you informed.

frequently asked questions

Why should you appoint our Tax Agency?

Our FTA-approved Tax Agency, with several well experienced tax experts, try to exceed our clients' expectations. Our tax agency helps in avoiding any unexpected penalty or damages by providing the proper guidance as per the laws and regulations.

How long will the process take for the Reconsideration Form?

Once the application has been submitted, the FTA may take around 20 business days to respond.

How do I know if the tax agency is FTA-approved or not?

Every tax agency in UAE registered with FTA is mentioned on their official website
https://www.tax.gov.ae/.

Can a tax agent in UAE represent you in case of a tax audit from FTA?

One of the preliminary obligations of our tax agency is to represent, on behalf of our clients, before the FTA during an audit conducted by the FTA. This allows our clients to be free from any stress and focus on their business and ways to expand it.

Why Choose ADEPTS

Expertise and Experience

At Adepts Chartered Accountants, our team consists of highly skilled professionals with extensive experience in managing complex regulatory and accounting standards. We are proficient in both local and international regulations, ensuring our services are accurate and fully compliant.

Tailored Solutions

Recognizing the unique nature of each Business, we offer customizable services designed to align with your specific needs and business objectives. We collaborate closely with you to understand your requirements and deliver solutions that achieve optimal results.

Time and Cost Efficiency

By choosing our services, you benefit from significant savings in time and resources. Our solutions are engineered to be cost-effective, providing high-quality support without the need for substantial internal investment.

Accuracy and Compliance

We prioritize accuracy and compliance in every aspect of our service. Our meticulous approach and rigorous procedures ensure precision and adherence to standards, reducing the risk of errors and the potential for non-compliance penalties.

Dependable Service

Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

VAT Health check in UAE

VAT health check in UAE ensures VAT compliance with FTA legislation

Maintain Your Business Efficiency

VAT health check in UAE ensures VAT compliance with FTA legislation. VAT in the UAE is a complex subject affecting every business aspect. To operate efficiently in the UAE, businesses must maintain VAT compliance to avoid fines and penalties from the Federal Tax Authority.

What is VAT Health Check

VAT is a fairly simple tax system. As a self-assessed tax, however, it is not uncommon for mistakes or inaccuracies to be performed. Unfortunately, many businesses do not discover these mistakes until the tax authorities audit them. This can result in legal actions, fines, and penalties against the company, which can be damaging. The bigger the amount of VAT-related transactions, the higher the probability of such undesirable outcomes.

Benefits of VAT Health Check

The advantages of conducting a VAT health check with ADEPTS are:

Evaluation of present status and enhancement strategies
Prevention of judicial proceedings, fines, or penalties against the entity
Identifying strategies to reduce tax liability while being compliant with VAT Law
Obtain prompt and merited VAT reimbursements from the tax authorities by recommending recovery enhancements.
Identifying areas for policy and system enhancements
Verify that VAT schemes are being utilized and implemented effectively.
Ease while we assist you through your VAT issues
Being ready for Tax Audits by FTA

Process of VAT Health Check

At ADEPTS, we offer a comprehensive VAT health check service that can help you assess, identify and address any potential issues before they become too problematic for your organization. Our inspection process starts with a visit from one of our specialists to your office, where they will undertake in-depth analysis and review of your accounting practices and system.

This evaluation allows us to determine the current state of the data and transactions as well as detect any inaccuracies or inconsistencies. The review will thoroughly examine the source data, audited financial statements, the accounting system, sample invoice verifications, and other checks to establish whether everything is accurate or not.

Why is UAE VAT Health Check Necessary

In the United Arab Emirates, VAT returns must be submitted precisely following all applicable laws and Executive Regulations. The Federal Tax Authority (FTA) has the authority to audit any tax registrant to guarantee compliance with VAT regulations and laws.

To verify that tax records, procedures, and reporting are in accordance with UAE VAT regulations, a registrant must complete a Tax Health Check to identify areas in which compliance and controls must be tightened to prevent future errors.

FTA may initiate an audit after notifying the registrant by notice. Based on the company’s industry classification and local business practices, the registrant cannot determine the scope of FTA’s review and the amount of scrutiny. The only proactive strategy is to do a Tax Health Check before the audit and ensure that compliances are followed and that appropriate procedures are in place to flag any non-compliance should it occur.

VAT Transaction Analysis in UAE

The applicable VAT rate relies on the transaction/trade conducted by the registrant or prospective registrant. A comparison of transaction situations to existing tax rules would ensure correct tax application and eliminate the possibility of error and non-compliance

Adepts tax experts are well-versed in the UAE VAT legislation and have experience in a variety of industry verticals, enabling them to provide precise tax advice on transaction operations.

VAT Requirements in UAE

A rapid examination of compliance helps ensure that the focus is directed on critical areas of VAT implications and fast corrective actions can be performed. ADEPTS Tax Consultants are qualified to conduct a rapid Compliance check where, based on industry and experience, they will concentrate on error-prone areas and recommend corrections.

UAE VAT Impact Analysis

Non-compliance can result in administrative penalties, and any corrective action will also result in administrative penalties from the FTA. For example, any non-compliance found can be remedied by making a Voluntary disclosure (VD). Any discovery or hint of non-compliance must be immediately followed by an Impact Analysis to determine the effect on the company’s cash flow.

frequently asked questions

What is the UAE VAT Health Check?

VAT Health Check is a comprehensive examination of an entity's compliance with UAE Federal Tax Authority regulations (FTA). It is also known as VAT Due Diligence, VAT Compliance Review, and VAT Pre-Audit Review.

What are the purpose and benefits of the UAE VAT Health Check?

The primary aim of a VAT Health Check is to:

Ensure compliance with the UAE VAT law and relevant FTA requirements.
Ensure the effectiveness of a tax-registered entity's applied controls
Gain confidence that non-compliance is identified
Take corrective measures and comply fully with UAE VAT law.
Prepare the company for any FTA audits and answer any FTA-related questions.
Noncompliances found before FTA review are exempt from hefty fines.

How long does a UAE VAT Health Check last?

Typically, a health examination can last between one and four weeks. However, it depends on following aspects.

Size of the business
The complexity of the entity's transactions – based on its industry or geographic presence
Types and quantity of intercompany transactions within the same business group (not tax group)
Volume of transactions

Why Choose ADEPTS

Expertise and Experience

Tailored Solutions

Time and Cost Efficiency

Accuracy and Compliance

Dependable Service

Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

Value Added Tax

services

Value Added Tax

VAT Health Check

Stay one step ahead with our FTA-approved tax agency services.

Tax Agency Services

Stay one step ahead with our FTA-approved tax agency services.

Excise Tax Compliance Review

Maintain Excise Compliance: Ensure Proper Filing and Avoid Penalties for Noncompliance

Excise duty is charged to people who sell goods that are unsafe for the environment or for people’s health. These businesses must adhere to the UAE excise duty requirements, which include registration, declaration filing, and voluntary disclosures, among others. However, the Federal Tax Authority is continually revising UAE excise duty compliance reporting requirements. Companies realize the significance of proper implementation of excise duty laws and regulations for this reason. Our tax advisors in Dubai and Abu Dhabi will assist you in adjusting to the evolving FTA regulatory landscape.

UAE Excise Duty Regulations

According to Federal Decree-Law No. 7 of 2017, businesses that trade in excisable commodities in any emirate are required to register. This includes e-cigarettes, tobacco, carbonated beverages, and energy drinks, among others. Under the terms of the FTA, all taxable entities are required to comply with the UAE’s excise duty regime. The government continuously revises the tax system to remain ahead of the game. To ensure compliance with UAE tax regulations, FTA auditors will review your excise tax records at any time for accuracy and conformity.

What is the Significance of Excise Compliance?

Excise compliance verifies that your excise records conform to your local tax requirements. The Federal Tax Authority is responsible for tax collection and assessment in the United Arab Emirates. According to the tax period, the relevant regulatory agencies will review your excise tax registration, returns, and filings. You will be exempted from FTA noncompliance fines if you handle excisable items properly.

The Main Purpose of Excise Compliance

The primary purpose of excise tax compliance in the UAE is to protect company bank accounts from hefty FTA fines. An organization that fails to comply with excise duty requirements will be subject to penalties imposed by the governing tax body. They are imposed for inaccurate registration, late declaration filing, submission of invalid documents, and other information. The FTA imposes severe penalties for noncompliance with excise duty regulations. Therefore, it is recommended to use competent consultants to provide excise duty services in the UAE that guarantees all compliance requirements are met.

Why is Compliance Challenging for Businesses in the UAE?

To encourage investors, the tax authorities in the UAE are continually revising laws and regulations. The UAE government took this action to combat global commercial competitiveness. But this makes it more difficult for businesses to comply with tax regulations. Businesses are uncertain when to register, whether they exceed the threshold, how frequently they must file an excise tax report in the UAE, etc. This is because yesterday’s compliance with excise duty may differ from today’s. For a successful application for excise duty, FTA guidelines must always be maintained.

ADEPTS Excise Compliance Service Process

Excise compliance in the UAE is a crucial process that has undergone substantial adjustments to secure the country from the detrimental consequences of excisable items. When managing your compliance with excise taxes, our tax advisers emphasize a variety of things. Let's analyze our excise compliance services, which include the following

Conducting an Excise Duty Evaluation

The procedure of determining the value of products subject to excise duty. It includes determining the amount of excise duty based on the rate of excise duty. Valuation is essential since even a little calculation error can result in the loss of tax records. Expert excise consultants from ADEPTS process and calculate the amount of tax owed to the government with precision, leaving no opportunity for error. Individuals and corporations receive specialized support to help them comply with excise duty regulations.

On-Time Submission of Excise Reports

Each tax period requires the accurate filing of tax returns with the FTA. A registered legal entity that fails to file an excise duty return on time is subject to both fines and reputation loss. Our tax consultants ensure that your tax returns are filed accurately and on time. To ensure the transparency of excise items, we include your statutory declarations with your returns.

Adjustments to your Excise Duty Record

To prevent FTA fines, excise duty records must be up-to-date and correct. Poor records of excise duty can make it difficult for businesses to register for excise duty, submit declarations, and receive refunds. Consult our tax specialists in Dubai and Abu Dhabi if you find yourself in a similar dilemma. Our team can propose required adjustments to your records in conformity with UAE tax regulations, so take advantage of our premier excise services.

Ensured Compliance and Regulatory Adherence

Internal audit ensures that organizations comply with applicable laws, regulations, and industry standards. By reviewing compliance processes and controls, internal auditors identify any non-compliance issues and provide recommendations for rectification.

Insights on Excise Tax

To guarantee compliance with UAE excise duty legislation, each taxpayer must remain informed of any changes made by the authority. Due to a lack of knowledge and time, this may appear excessively hard to a businessperson. Our tax advisors keep you well-informed of the latest excise clarifications and updates from the Federal Tax Authority. We assist businesses with their complicated tax concerns and procedures.

Why Choose ADEPTS

ADEPTS Chartered Accountants LLC is a premier accounting and bookkeeping firm in UAE, offering reliable services to manage income and expenditure, as well as helping clients to adhere to International Financial Reporting Standards (IFRS). Our team of professional financial advisors provides cost-effective solutions to meet long-term goals with exceptional accuracy and precision.

Comprehensive review

Our team conducts a thorough and comprehensive review of your excise tax compliance, covering all aspects of excise tax regulations and requirements.

Customized solutions

We provide tailored solutions to address any issues or gaps identified during the compliance review, based on your specific business needs.

Experienced team

Our team of experts has extensive experience in excise tax compliance and can help you navigate complex regulations with ease.

Avoid penalties

By identifying and addressing compliance issues proactively, our service can help you avoid costly penalties and fines.

Peace of mind

With our compliance review service, you can have peace of mind knowing that your excise tax compliance is up to date and in line with regulations.

Excise Tax

services

Excise Tax

Excise Tax Health Check

Under the FTA, all registered organizations must determine if their excisable items are taxable and comply with tax duties. This is essential, as the government may contact you if they wish to conduct an excise duty audit. If FTA auditors discover noncompliance, the taxpayer may be subject to hefty fines.

Excise Tax Audit

Uncover your future. Identify and remediate Tax Compliance violations with an Excise Audit

ICV Certificate Services

What Is ICV Certification

ICV Certificate is issued to suppliers working directly or indirectly with Government, Semi-Government, or ICV-certified companies to evaluate their contribution towards the UAE economy.

What We Offer?

ICV Certification

Getting an ICV certificate can help you get more customers and win government contracts. We promise to deliver within a week or even faster, subject to the provision of accurate documents.

ICV Improvement Plan

ICV Improvement plan is requested at tender submission proposing your strategy and expected ICV score for the next 3-5 years. We prepare the plans, compare them, and choose the best option for your business. We develop a well-thought-out ICV Improvement plan which is achievable and helpful for winning tenders. Our professionally prepared plans help to avoid losing 5% ICV retention money.

ICV Score Improvement Strategy

Businesses need to develop ICV strategies that work well to scale up the Company in a highly competitive business environment. We help create a plan that focuses on finding solutions for optimizing ICV spending, Investment strategy, and raising the overall ICV score.

Benefits of ICV Certification

In Addition, companies get the following benefits from ICV Certification

Many private, public, and government organizations in UAE solely concentrate their procurement efforts on ICV Certified vendors.

Companies who don’t have the ICV Certificate can still bid on tenders, but their ICV score is considered “ZERO” in the bid evaluation, which may put them at a disadvantage compared to those with the ICV Certificate.

Companies joining the ICV program will benefit from increased demand for local products & services to grow their businesses and win government contracts and tenders.
Entrepreneurs, as well as small and medium-sized companies, will have more significant opportunities for growth through the localization of value chains.
Increasing the opportunity for local companies to enter partnerships with international companies looking to collaborate with local ICV-certified companies to bid for tenders jointly.
The program represents an opportunity to promote local companies and introduce their products and the quality of their services.
ICV-certified companies can get financing at lower interest rates.

How to get ICV Certificate?

Companies are required to follow below mentioned 4 steps to get ICV certification

Auditing of Financial Statements

Engage a UAE-based Local Auditor to get IFRS-based Audited Financial Statements if you don't have them earlier. A newly established company can get ICV based on management accounts of less than 10 months.

Sharing of Financial Information for ICV Process

Based on Audited financial statements, share further financial documents to ICV team like the detail of purchases through ICV Certified and non-ICV-certified suppliers, WPS/Payroll of all employees, including expats and Emiratis, Investment within UAE, and exports, if any

Verification of Financial Information

The received information is verified as per pre-defined ICV guidelines by ICV team. Templates are filled, and the ICV score is calculated based on available information

Finalization and Issuance

Review of the ICV template and all supporting documents before final issuance, confirmation of ICV score, and issuance of ICV certificate

Your Only Solution to ICV Certification!

You will take pride in Adepts once you work with us because we provide clients with the best possible advice and service when it comes to ICV certification. With years of rich experience in the industry, our team of experts is well-positioned to provide you with the guidance you need to navigate the complex world of ICV certification.

In Addition, we offer a free call or meeting service so that you can get all the information you need at your convenience. So, if you’re looking for reliable, expert advice on ICV certification, look no further than Adepts.

frequently asked questions

What is the ICV Certificate?

The ICV certificate measures the business' contribution to the regional economy.

Why has the ICV Certification program been implemented in UAE?

An In-Country Value (ICV) program was announced for Abu Dhabi National Oil Company (ADNOC) Group Companies with the following objectives:

(a) Emiratization: Creating additional employment opportunities for Emiratis in the private sector
(b) GDP Diversification: Supporting UAE GDP diversification by sourcing additional goods and services within the UAE; and
(c) Strategic Considerations: localizing strategically critical parts of the value chain for selected categories.

What is the history of the ICV Program?

In November 2017, Abu Dhabi National Oil Company ("ADNOC") introduced an In-Country Value (ICV) program to improve the GDP of the country by enhancing local supplies of goods and services, and encouraging manufacturing facilities to set up in the country. Emiratisation in the private sector, in line with UAE vision 2030, is also one of the main objectives to introduce the ICV program.
In years 2019 and 2020, various Government and Semi-Government Entities (Participating Entities) joined hands to broaden the ICV Certification process and launched the Unified ICV program which requires that all their vendors be mandated to calculate and declare their certified ICV score for the financial year, to demonstrate how they are helping to deliver ICV.
In 2021, the ICV program was shifted to the Ministry of Industry and Advanced Technology (MOIAT) with the intention to make this program all-inclusive for Government and Semi-Government departments across the whole UAE. Carrying forward the objective of this program to ensure spent of businesses is within the national economy in terms of manufacturing cost as well as spent on local products & services. In Addition, encouraging investments in the country, appointing and qualifying citizens and creating quality job opportunities is another major objective of the National ICV Program. Further, to support industry in the UAE and recycling a larger part of purchases and services expenses within the national economy is the foremost objective of this program.

Who needs ICV Certificate?

Companies working directly as suppliers or indirectly as sub-supplier with the following Implementing Agencies are required to acquire the ICV certificate. The Implementing Agencies for the National ICV Program are gradually increasing in numbers to ensure observing ICV Program across the country.

ADNOC Group Companies
Abu Dhabi Department of Economic Development
Aldar Properties
Abu Dhabi Ports
Mubadala
Etisalat
Emirates Steel
TAQA Group
Edge
Etihad Rail
Sharjah Investment and Development Authority (Shurooq)
Emirates Nuclear Energy Corporation
Emirates Global Aluminium (EGA)
Companies submitting tenders through Musanada (Abu Dhabi General Services Company)
Government and Semi Government

What is validity of the ICV Certificate?

ICV certification is valid for 14 months from the date the Company's financial statements were issued.

How to get ICV Certification for Group Companies?

Each license of a Company is considered as an independent legal entity even if the ownership is the same. However, if a Company has different branches in the same Emirate with identical activities and ownership listed on the licenses, then one combined ICV certificate is allowed for the Company in that Emirate.

Do we need Audited financials to get ICV certificate for newly established Company?

For newly established Companies (less than 10 months old) that do not have audited financial statements, the Management Accounts for a period of up to 9 months can be used for ICV calculations. Any management accounts greater than 9 months will be required to be audited.

Can we get ICV without audited financial statements?

Audited Financial statements prepared on the bases of IFRS are must to get ICV certification. Financial statements prepared based on GAAP are not acceptable for ICV certification.

How ICV score is calculated?

The ICV score calculations are based on assessing the supplier contribution towards UAE economy. These values are measured according to below mentioned a pre-defined methodology.

What is cost for ICV certificate?

The cost for ICV certificate varies depending upon scope of work involved based on nature of business, turnover of the Company and number of employees etc.

How long does processing the engagement takes until I can obtain the certificate?

The ICV engagement takes 8 to 10 working days. However, the timeline is estimated based on the assumption that the required information will be made available to us on a timely basis.

Why Choose ADEPTS

Expertise and Experience

Tailored Solutions

Time and Cost Efficiency

Accuracy and Compliance

Dependable Service

Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

Certifications

services

Certifications

Achieving the right certifications can set your business apart, enhance credibility, and open new opportunities. Our adept team specializes in guiding companies through the certification process for ICV Certification, Energy Tariff Incentive Program, and ISO Certification. With our expert support, you'll navigate these processes smoothly and efficiently, gaining the certifications that are vital for your business's growth and reputation.

Financial Statements Audit

Ensure Experts Audit your Financial Statements

Adepts Chartered Accountants LLC is one of the most trusted and experienced financial auditors in the United Arab Emirates, providing comprehensive audit services to ensure Clients have their financials presented fairly, accurately, and reliably. Our team of highly skilled professionals perform a thorough assessment of your company’s financial statements, including Balance Sheet, Profit & Loss Account, Cash Flow Statement and related schedules and notes thereto including internal controls and accounting records, with the utmost integrity and transparency.

Goals Of Auditing Financial Statements

Auditing is critical to ensuring the reliability and credibility of a company’s financial statements and financial performance. Public listed companies are required to file annual audit reports with the respective exchanges and authorities, while lenders require financial statements to lend funds. Similarly, suppliers often demand financial statements as a precondition for extending trade credit.

Our goal is to audit an entity’s financial records and provide reasonable assurance that the reported figures are accurate, complete, and free from material misstatement. Adepts Chartered Accountants LLC through its experienced and professional auditors can help develop reliable, transparent information through reviews of internal controls, tests of transactions, analytical procedures, and other methods. By performing these checks, businesses can ensure that all departments accurately report their financial position and performance on an ongoing basis.

Why do you need it?

Financial Statements Audit by Adepts Chartered Accountants LLC is the perfect solution for small and big businesses that want to ensure their financial statements are accurate and compliant. We provide a comprehensive and reliable service that lets business owners make decisions based on said audited Financial Statements. Our team of experienced accountants will thoroughly audit your statement, identify any deviations from or non-compliances with International Financial Reporting Standards (IFRSs), and provide recommendations for accounting adjustments / corrective action.

We also offer ongoing support to help you maintain compliance in the future. Whether you’re just starting out or have been in business for years, Our Audit services can help you achieve financial peace of mind.

Benefits of Auditing Financial Statement

Improved accuracy and reliability of financial statements
Increased transparency and accountability of a company’s financial performance
Detection and prevention of fraud or mismanagement
Compliance with legal and regulatory requirements
Enhanced credibility and confidence among stakeholders, including investors, creditors, and regulatory authorities
Improved internal controls and risk management practices
Identification of areas for improvement in financial reporting and business processes.

Process of Audit

The audit process typically includes four steps: planning, execution, reporting, and follow-up:

Planning

During this phase, the auditor will develop an audit plan outlining the audit’s scope and objectives. The plan will also identify the resources that will be required and the timeline for the audit.

Execution

This is when the actual audit work is conducted. The auditor will gather information and perform tests to assess the adequacy of the organization’s controls and accuracy of details of transactions.

Reporting

After the auditors have completed their work, they will prepare a report that contains their findings, audit opinion and recommendations in a standard format and guidelines as set out in International Standards on Auditing (ISAs) by IFAC. The report will be shared with management so that they can make decisions and take actions to improve the organization’s controls and accounting system based on audit report and recommendations from our team of professionals and experts.

Follow-up & Distribution

This is when the auditor checks to see if management has implemented their recommendations included disclosures or passed required adjustment entries. If not, the auditor may take further action, such as escalating the matter to higher levels of management or issuing a formal report.

frequently asked questions

What is Financial Statement Auditing?

Auditing a company's financial statements gives investors, business owners and other stakeholders confidence in the company's financial information and helps them make smart business decisions.

Why audited financial statements are important?

The Audit financial statement should be audited because it gives its stakeholders confidence that the Financial Statements are audited by an independent auditor, external to the company and how healthy a company's financial position is as a whole and how well the company has performed during the respective year.

What types of statements are audited in a financial statement audit?

The following statements are audited during the engagement:

Income Statement
Balance Sheet
Statement of cash flows
Statement of Changes in Equity
Related notes and schedules thereto

Why Choose ADEPTS

Expertise and Experience

Tailored Solutions

Time and Cost Efficiency

Accuracy and Compliance

Dependable Service

Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

Audit & Assurance

services

Audit & Assurance

Comprehensive Audit and Assurance Services

In today's complex business environment, reliable financial information is crucial. Specializing in Financial Audit and Quarterly Financial Review Reporting, we provide the insights and assurance your business needs to thrive.

Financial Statement Audit

Trust is the foundation of any successful business, and our Financial Audit services are designed to strengthen that trust. We provide an independent and comprehensive examination of your financial statements, ensuring they present a true and fair view of your business's financial position. Our meticulous approach not only helps you meet regulatory requirements but also enhances your understanding of the financial nuances of your operations.

Forensic Auditing

Forensic auditing is a specialized branch of auditing that involves the systematic examination of financial records, transactions, and documentation to uncover fraud, financial irregularities, or misconduct within an organization. It goes beyond traditional auditing practices by applying investigative methodologies and forensic tools to gather evidence that can be used in legal proceedings or to strengthen internal controls.

Quarterly Financial Review Reporting

Stay informed and proactive with our Quarterly Financial Review Reporting services. These reviews offer timely insights into your financial status, helping you make informed decisions and respond quickly to changing circumstances. We provide a detailed analysis of your financial performance, highlighting trends, opportunities, and areas of concern.

Tax Agency Services

What is a Tax Agency Service?

Why should you hire a Tax Agency?

Benefits of hiring our Tax Agency?

What Services do we offer?

Our Execution

Consultation

Advisory

Representation

frequently asked questions

Why Choose ADEPTS

Expertise and Experience

Tailored Solutions

Time and Cost Efficiency

Accuracy and Compliance

Dependable Service

VAT Health check in UAE

Maintain Your Business Efficiency

What is VAT Health Check

Benefits of VAT Health Check

Process of VAT Health Check

Why is UAE VAT Health Check Necessary

VAT Transaction Analysis in UAE

VAT Requirements in UAE

UAE VAT Impact Analysis

frequently asked questions

Why Choose ADEPTS

Expertise and Experience

Tailored Solutions

Time and Cost Efficiency

Accuracy and Compliance

Dependable Service

Value Added Tax

Value Added Tax

VAT Health Check

Tax Agency Services

Excise Tax Compliance Review

UAE Excise Duty Regulations

What is the Significance of Excise Compliance?

The Main Purpose of Excise Compliance

Why is Compliance Challenging for Businesses in the UAE?

ADEPTS Excise Compliance Service Process

Why Choose ADEPTS

Comprehensive review

Customized solutions

Experienced team

Avoid penalties

Peace of mind

Excise Tax

Excise Tax

Excise Tax Health Check

Excise Tax Audit

ICV Certificate Services

What Is ICV Certification

What We Offer?

ICV Certification

ICV Improvement Plan

ICV Score Improvement Strategy

Benefits of ICV Certification

How to get ICV Certificate?

Auditing of Financial Statements

Sharing of Financial Information for ICV Process

Verification of Financial Information

Finalization and Issuance

Your Only Solution to ICV Certification!

frequently asked questions

Why Choose ADEPTS

Expertise and Experience

Tailored Solutions

Time and Cost Efficiency

Accuracy and Compliance

Dependable Service

Certifications

Certifications

ICV Certification Services

ISO Certification

ETIP Certification

Financial Statements Audit

Goals Of Auditing Financial Statements

Why do you need it?