Priju Dominic, CEO, AAAA

Ahmed Abdulrahman Al Janaahi Auditing (AAAA) is a member firm of Geneva Group International with presence in 126 countries through its member firms.

An expert local team with rich experience across various sectors and verticals along with our robust global reach, enhances our expert services with a multitude of solutions of international standards. With our offices in Dubai, Abu Dhabi, and Sharjah, we manage the business needs of our clients to perfection.

As a registered tax agent with FTA and an approved auditor with various UAE government bodies as well as all the free zones authorities, we fulfil the legal, regulatory and compliance obligations along with the business needs.

With the introduction of corporate taxes, the UAE embraces both direct and indirect taxes and this necessitates the UAE businesses to elevate their accounting and financial policies to international standards.

The accounting function is a serious and vital management activity in any business and external audit becomes the litmus test of accounting accuracy and adherence to the international standards for their true and fair presentation of their financial statements.

SME segment, which constitutes more than 95 per cent of the UAE business, should equip themselves for a quicker accounting and financial transformation and should resort to professional auditors to verify the authenticity of their financial reports.

It is highly advisable to make use of professional guidance and assistance to be fully compliant with all the regulatory requirements. UAE corporate tax necessitates a very disciplined recording of business transactions as the final tax payment is highly dependent on its numerical and procedural correctness. An overstatement or an understatement do have significant repercussions and will surely attract unwanted fines and penalties.

Robust accounting practices and regular financial audit will ensure better financial decisions and clear and transparent regulatory reporting. This inevitable change in the economic landscape will enable many more informed decisions to create more successful businesses in the UAE.