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AUDITING SERVICES IN UAE

Auditing Services

Understand why your business needs Auditing Services from Thafsir Tax and Accounting Consultancy in UAE. Just like how articles undergo checks, your business needs an annual audit. Thafsir ensures your financial statements are rigorously examined by external experts, boosting credibility and trustworthiness. For top-notch auditing services in the UAE, Thafsir is your ultimate choice.

Choosing an Audit Consultant in the UAE or Hiring In-House?

Tax concerns spike during changes or filing periods. A tax consultant offers year-round advice to cut taxes, and appointments are easy. Hiring in-house tax consultants in the UAE might cost more, making hiring a better option, especially for multiple concerns. Thafsir combines expertise and tech, using tools like Emaratax in the UAE for insightful audits.Enhance financial performance, cut costs, and stay compliant with Thafsir’s auditing consultants. Contact us for business growth.

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Contact Us Soon To Avail Our Auditing Services

Our skilled professionals and technical support will help you get an accurate and fair audit of your firm and a quick one. A proper audit can save you taxes and fines in the future and help you keep track of your firm. We are a leading tax and Accounting consultancy in the UAE which also provides Auditing Services in the UAE and any other emirates in UAE.

Business Impact Assessment

What is Business Impact Assessment and Why is It Important?

Expecting the best outcomes is good, but preparing for the worst days is equally important. Any company aware of the worst-case scenario is more prepared when such a situation arises. A Business Impact Assessment exactly does this. It predicts potential loss scenarios, disasters, and disruptions of a business function, gathers and processes information needed, and develops recovery strategies.
A business impact assessment gives you an idea about how much impact your business can take to withstand, i.e., the loss it can survive. It also provides the basis for investment in recovery strategies, prevention, and mitigation strategies.

Potential Disruption Scenarios

One, nothing could have prepared us for the pandemic we just crossed. But, in the future, such a case scenario should be on the list.
One, nothing could have prepared us for the pandemic we just crossed. But, in the future, such a case scenario should be on the list.
Physical damage to buildings, machinery, system, or equipment can cause huge losses.
Physical damage to buildings, machinery, system, or equipment can cause huge losses.
Interruption in the supply chain caused due to transportation blockages or the failure of a supplier.
Interruption in the supply chain caused due to transportation blockages or the failure of a supplier.
Damage, loss, or corruption of data, sensitive information technology including voice and data communications, serves, computers, operating systems, applications, and data.
Damage, loss, or corruption of data, sensitive information technology including voice and data communications, serves, computers, operating systems, applications, and data.

Why is Business Impact Assessment Important?

The core of a Business Impact Assessment is to plan to minimize risk. Disruption is possible at any time, for anyone, but to have the upper hand is to plan, and have a recovery strategy in place.

Plan Well

It is good to produce a response when one is in the midst of a crisis, but it is ideal to prepare for these risks. With a well-thought-out plan of action, the management can handle the situation with more confidence in their decisions and judgments.

Prioritization

The Business Impact Assessment, lists things in priority and plans the order of action accordingly. It helps determine what has to be taken care of immediately and what can wait. It should identify the loss incurred, lost income, damage repair expenditure, and the erosion of the customer base and reputation. Prioritizing all of them in order and finding a solution is very important.

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We are Here To Help You

Thafsir Tax and Consultancy understands all this and is eager to help you with your BIA report. We have the right team and tools to aid you with the report so that when disaster strikes, you defend. We are one of the leading consultancies that provide services such as Accounting, Tax, and Auditing Services In UAE. So our expert team can handle the reporting perfectly.

Thafsir Tax & Accounting consultancy in UAE provides comprehensive auditing services to businesses of all sizes, including helping them ensure compliance with corporate tax in UAE. Our team of auditors has extensive experience in auditing financial statements and tax records, helping businesses identify and address any issues related to corporate tax compliance. We strive to provide our clients with accurate and reliable auditing services that help them maintain compliance with corporate tax laws and regulations in the UAE.

Financial Report

What are The Components of a Financial Report

A financial report or a statement is like a report card for your firm that gives an insight into the firm’s performance, operations, and cash flow. It is presented at The annual board meetings of the company. It talks about short-term goals the company has achieved, in what time, and about long-term goals and how close you are to them. A copy of this report is sent to every shareholder of the company.

The elements of a Financial Report:

Items of economic benefit that yield benefits and grow in value in the future.

Assets:

Items of economic benefit that yield benefits and grow in value in the future.
These are obligations and debts payable to another entity or individual.

Liabilities:

These are obligations and debts payable to another entity or individual.
This is the amount invested in a business by the founders and the subsequent earnings.

Equity:

This is the amount invested in a business by the founders and the subsequent earnings.
This is the amount generated last year from your company operations. It may be caused by the services you provide or the sales of products you manufacture.

Revenue:

This is the amount generated last year from your company operations. It may be caused by the services you provide or the sales of products you manufacture.
This is the reduction in the value of an asset as it is used to generate revenue.

Expenses:

This is the reduction in the value of an asset as it is used to generate revenue.

The Types of Financial Reports

A financial report is a crucial financial document that every business needs. It’s not just a way to document your progress but also acts as a vital tool to level up the figures game. Four statements comprise the Financial Report.

An Income Statement is a pretty important component since it precisely tells you about the profit and loss the company made in the said period or during the financial year. It takes revenue and expenses into account.

Income Statement

An Income Statement is a pretty important component since it precisely tells you about the profit and loss the company made in the said period or during the financial year. It takes revenue and expenses into account.
This gives an idea about the average working capital you have to run the business operations and how easy it is to source cash if needed.

Cash Flow Statement

This gives an idea about the average working capital you have to run the business operations and how easy it is to source cash if needed.
This is the main component of the Financial Report. It talks about three main things, assets, liabilities, and equity. The balance sheet calculates these numbers for a given period. Your balance sheet can help you understand if you can meet your financial obligations.

Balance Sheet

This is the main component of the Financial Report. It talks about three main things, assets, liabilities, and equity. The balance sheet calculates these numbers for a given period. Your balance sheet can help you understand if you can meet your financial obligations.
This document shows the changes made to your company’s share capital, retained earnings, and accumulated reserves. A change in equity for a public company shows how equity share has changed among all the shareholders.

Statement of Change in Equity

This document shows the changes made to your company’s share capital, retained earnings, and accumulated reserves. A change in equity for a public company shows how equity share has changed among all the shareholders.
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We can Help You

Financial report generation is a mammoth task, and our tax experts at Thafsir Tax and Accounting Consultancy can make it for you. Our experience can guide create a well-laid-out financial report for your company that will give everyone a clear and precise outlook about your firm’s wealth and progress. Many leading consultancies are there in this field. But since our firm is handling services related to accounting and Auditing Services In UAE, it would be easier for our team to deal with the generation of Finance Reports.