IFRS 16 has been effective for some time now, yet companies, including audit firms in Dubai, continue to run into recurring questions about its implementation. This guide walks through some of the common issues company audit teams face when applying IFRS 16 to leases. Identifying Leases IFRS 16 defines a lease as a contract, or … Continued
NGOs, or non-governmental organizations, are independent entities that operate largely through public donations to achieve their charitable goals. That funding model is exactly why transparency and accountability matter so much for them, and it’s achieved through maintaining comprehensive financial records and statements that reflect performance and demonstrate transparent use of funds. The audit process involves … Continued
Cost audit is a valuable tool management can use to understand where a business genuinely stands and confirm it’s following the procedures it’s supposed to. This article explains the situations in which management in Dubai and the UAE should consider running a cost audit, rather than treating it as a once-a-year formality. When Preparing the … Continued
Financial statements prepared under International Financial Reporting Standards (IFRS) must identify parent-subsidiary relationships, situations where one business controls another. That control assessment determines which entities get included in a parent’s financial statements, and it shapes the reported results, cash flows, and financial position across everything both on and off the group’s balance sheet. Under IFRS, … Continued
Jebel Ali Free Zone Authority (JAFZA) is one of the most significant economic zones in the UAE. Top auditing firms in JAFZA provide companies with auditing services in full compliance with the applicable laws and regulations, and an annual audit is mandatory for all JAFZA-registered companies. JAFZA licenses a range of business activities, including: Why … Continued
Sometimes a company has to purchase land that comes with obstacles already on it, old structures such as roads or buildings. Do the costs of removing them get expensed, or capitalized as part of the asset? And how do audit firms in Dubai typically treat demolition costs under IFRS? This article works through how companies … Continued
The International Organization for Standardization (ISO) is a global leader in developing standards across industries, helping ensure products, processes, and management systems are safe, efficient, and consistent. ISO certification is available across numerous standards, including ISO/IEC 27001, the information security management standard most recently updated in 2022. An ISO audit is valuable for UAE companies … Continued
Most Dubai audit engagements involve a significant number of estimates in the financial statements, and those estimates naturally shift as circumstances and available information change over time. IAS 10 gives company audit specialists direction on how to handle events that happen after the reporting date but before the financial statements are finalized, and how, if … Continued
The COVID-19 pandemic reshaped how Dubai and UAE businesses operate, accelerating remote and hybrid working arrangements across the region. That shift in the workforce has brought a corresponding rise in cybersecurity exposure. Regular security audits give organizations in the UAE a clear picture of their cybersecurity risk and help prepare them for threats such as … Continued