UAE is fast becoming a major hub when it comes to the world of business. The rate at which businesses are blooming rapidly, it should not come as a surprise when there is an increase in hiring various chartered accountants to audit firms in UAE. Apart from being audited, it would be mandatory for firms to be appointed by a certification agency in ADNOC for ICV certification.
Handing over the books to accountants: Routine of a firm is a strong indicator on whether the firm needs to hire a chartered accountant or not. There is a every chance for errors within a firm that carries multiple transactions on a daily basis. This makes it challenging for managers to handle the books of the firm. Chartered accountants do an amazing job in dealing with important accounting and income tax related issues. They have this ability guiding the firm by advising and consulting the firm to work on their financial decisions. It is not the question of not paying taxes rather it comes down to being unaware of different tax laws and this where a chartered accountant can be handy.
Challenges for accountants: Chartered accountants can find it challenging to audit a Multinational Corporation(MNC) given the nature of such a firm/business. To make the auditing process smooth for both the MNC and auditor, it would be wise for MNCs to integrate automation into their books. In this manner chartered accountants would just rely on certain applications and different types of software to manage the books of an MNC.
Boosting UAE’s economy: The initiative of ICV certification being provided by ADNOC to different companies serves well for UAE’s economy. Goals of this initiative varies from creating employment opportunities for UAE nationals within the private sector, encouraging diversification in UAE’s GDP by sourcing more and services within the UAE and lastly strategize value chains for various entities in the state.
Compliance: Hiring a chartered accountant and being associated with ADNOC go hand in hand. It is imperative that firms hire a well reputed chartered accountant to handle the financial aspect bearing in mind it is compulsory for firms to declare their certified ICV scores for previous financial years. To get the best out of ICVs firms have to get themselves registered and in doing so they can reap the benefits of higher ICV scores.