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At Kreston, we are dedicated to providing exceptional accounting and auditing services to businesses throughout Dubai and the UAE. Our team of highly skilled professionals brings years of experience and expertise to deliver personalized financial solutions that cater to the unique needs of each client. Whether you require comprehensive bookkeeping, thorough audits, or expert tax consulting, Kreston is your trusted partner in navigating the complexities of the financial landscape in the UAE.
We pride ourselves on building long-term relationships with our clients, founded on trust, transparency, and a commitment to excellence. Kreston serves a diverse range of industries, including real estate, hospitality, retail, manufacturing, healthcare, and technology. Our goal is to help your business stay compliant with the latest regulations while providing strategic insights to secure your financial future. Reach out to Kreston today and discover how we can help you achieve your business objectives with confidence and clarity.
About Kreston
Placing clients at the centre of all that we do and adhering to the highest standards of professionalism, transparency, ethics and conduct, Kreston Menon has steadily grown over the years to be reckoned as one of the leading auditing and advisory firms in the United Arab Emirates.
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Kreston Menon is affiliated to Kreston Global, one of the largest accounting networks in the world with over 160 member firms employing over 27,000+ professionals in 820 offices from 114 countries.
Newsletter & Articles
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VAT Implementation in UAE : Top 3 FAQs
With only half a year left before the implementation of the 5% VAT in UAE (value added tax) roll out, a lot of questions about its regulation are still hanging in the air. We compiled the top three frequently asked questions and try to answer some of it.
Will the cost of living in the UAE go up?
Yes, but this will depend mostly on the individual’s lifestyle and spending habit. While the cost of living is expected to go up a notch, don’t panic, it will be a very minimal adjustment as there will be limited taxable items in the market. In fact, Gulf Cooperation Council (GCC) states already agreed to exempt about 94 food products. Similarly, medical and educational bills are not affected unless there’s a hike in prices.
What should businesses need to do in order to prepare for VAT implementation in UAE?
Essentially, businesses are highly advised to prepare a strategic business plan and carefully assess the impact of this change. As stated by the Ministry of Finance (MOF), “We believe that businesses may need to make some changes to their core operations, their financial management and book-keeping, their technology, and perhaps even their human resource mix (e.g., accountants and tax advisors).”
Will the airline and tourism industry get affected?
Currently, it’s still unclear whether the airfare will increase since the law hasn’t hit the ground. However, given that most countries exclude VAT on airfares, it’s probably seen to get off the hook. We’ll have to wait for further updates from the MOF on that one. Nevertheless, tourists are advised to double their pocket money as their purchases will not be exempted from VAT considering that the tourism industry is one of the major sources of UAE’s revenue.
These are just a few of the most asked questions and we are on the lookout for more updates from the government regarding the tax procedure bill. Get your business ready for the coming year, know more about how you can prepare and adjust. Contact our VAT consultant dubai team to learn more about our VAT consulting services.
Auditors In UAE : 3 Factors for Considering
Deciding which auditor to hire can be a bit tedious as it involves your company’s financial stability. Ideally, the relationship between a company and the auditor should be long and beneficial for both parties. Since the stakes are considerably high in choosing the right auditors from the best audit firms in UAE, we have shared the key factors that a company needs to consider in order to choose the ideal auditor that will match its goals.
Transparent Communication
The key to any long term relationship between businesses and its auditor is to build a strong foundation of trust. The auditing firm should be transparent in the process it employs and the quality control procedures it follows. Businesses should know that the work is accurate and complete, thus an open communication is likewise essential. Audit firms that practice openness is ideal as companies can expect that even the smallest inconsistency in the audit is communicated immediately before it escalates into a larger issue. Moreover, an enviable auditing firm should ensure that the company understood the auditing process and freely answer all their questions about it.
Industry Experience
A business’ financial statement should be handled by experts with experience similar to the organization’s field or industry. Companies should do a thorough research about the background experience of the auditors in UAE. Don’t just rely on their website’s portfolio and client’s page; it’s helpful to also look into their review pages on Google and other company review platforms. Another way is to ask them for a list of references and call at least five references. Furthermore, assess on how they keep up with the evolving trend in the accounting world. This way, companies will have an idea how the auditor can prepare and face the future changes that may occur. Likewise, the auditing firm employs a meticulous review of the client’s credentials before pursuing the deal. This way, the firm maintains their standards in taking only the credible clients.
Audit Fee internal-audit-services
There’s an old saying “you get what you pay for. ’’ Basically, the quality of services will conform on the cost. It’s a little doubtful if the auditing fee is lower than usual. This will lead a company to question whether the auditor is amateur and inexperienced, thus the low fee. Essentially, the fee shouldn’t matter much but still considerable to the process. Since both parties should benefit from each other, it’s expected that the audit fee is competitive and rational.
The financial statement establishes the financial condition of the company. It supports the efforts of the business development strategy of the company, whether their plan to risk investing in another venture is profitable or not. Auditing firms are expected to determine the downfall and effects of these efforts by doing a methodical audit process. Small discrepancies in the audit could cause a lot for the business, thus hiring the ideal auditor that fits your company needs is vital.
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