Whether you are preparing for an audit, want to apply for the ETIP Abu Dhabi program, or are looking for systems to help track your stock and inventory, read on for six audit and assurance services relevant to UAE organizations.
1. Audit Readiness
No matter where your organization is located, it is crucial that you have the processes and systems in place to be prepared for audits.
When you are prepared and ready, audits stop being a worrisome event and become an opportunity for your organization to evolve. Audits not only report and verify your financial information, but they also demonstrate how you can improve operations and make projects more effective.
That being said, to be fully prepared for an audit and make the most out of the experience, you want to be working with qualified consultants who specialize in auditing services.
Your audit readiness team will be with you at every step of the journey. They have the knowledge and know-how to assist with your financial reporting activities, work with you on gathering the necessary documentation, and support your organization’s overall financial management.
Moreover, they can also work with you to implement remediation efforts identified pre- or post-audit and provide additional services related to audits such as infrastructure support and corrective action plans.
2. Management Reporting
Another crucial aspect of audit and assurance services is management reporting. These services assist you in answering questions about your organization, including those pertinent to customers, employees, and products and services.
By utilizing management reporting services, you will be better positioned to improve decision-making, readiness to respond to challenges, resource utilization, and overall efficiency.
When you utilize professional management reporting services, you can expect to quickly find that your daily performance is enhanced, increasing your ability to achieve excellence. In addition, you benefit because these services create independent reports on your organization’s operations and financial information that are more detailed than financial statements.
By providing leadership with these more detailed reports, management reporting offers you an opportunity to establish effective benchmarks, measure KPIs, and facilitate organizational learning by devising a track record.
3. Stock Audit and Verification
If your organization has stock and inventory, you need to utilize stock audits and verification services. Using these essential corporate services ensures that your most valuable assets are safe and organized. The stocks exist, are tracked and managed accurately, and belong to the rightful owner.
Part of this process includes verifying the value of your supplies and everything in your inventory. This requires thorough planning and expertly designed processes.
By opting to bring in a skilled team of stock auditors and verifiers, you can be assured that your inventory is recorded and verified. You will also quickly be able to identify stock levels, damaged goods, and trends that tell the story of your business. It is almost impossible to successfully run an organization without having a robust inventory system.
Unfortunately, too many organizations overlook the importance of these services and find themselves continuously dealing with disruptions to their workflow and experiencing significant losses due to poor inventory control and management.
4. Electrical Tariff Incentive Program (ETIP)
Manufacturers in Abu Dhabi can benefit from the recently launched Electrical Tariff Incentive Program (ETIP). Created by the Department of Economic Development (DED), this program seeks to bolster the emirate’s reputation as a go-to location for industrial projects. Additionally, the program aims to make Abu Dhabi’s energy use more efficient while increasing the economic opportunity of the industrial sector.
Manufacturers who are accepted into this program benefit from reduced electricity tariffs, thereby lowering operating costs. Your organization will be graded on your economic impact, productivity, and connectivity load to be offered these discounted electricity tariffs. Certifying bodies will audit your company and compile a score across these criteria. Eligible organizations must have a minimum score of 50.
The ETIP certification process can be done online and within a single portal. That being said, no matter which manufacturing industry you are in, it is highly recommended that you work with a certifying body that can assist you in obtaining your certificate and advise you on ETIP-related matters.
5. Unified In-Country Value (ICV)
The Unified In-Country Value (ICV) program is another Abu Dhabi initiative founded by the Abu Dhabi National Oil Company (ADNOC), the Abu Dhabi Department of Economic Development (ADED), Aldar Properties, and Abu Dhabi Ports.
This program seeks to increase employment opportunities for Emiratis, promote GDP diversification, and localize essential elements of the supply chain. For organizations that participate in tenders with these organizations and the Abu Dhabi government, and ICV certificate is often required.
Similar to the ETIP program, organizations that apply for an ICV Certificate will be audited and graded by a certifying body based on the previous financial year. For this reason, it is highly suggested that your organization work with an ADNOC ICV certification agency as they will be able to advise you on what needs to be done to get your certification.
If you don’t satisfy the requirements for an ICV Certification, you will quickly find that you are losing bids to other companies that have achieved the desired certification level.
6. Emirates Post Certification
If your organization is a private courier entity, you must be licensed by the Emirates Post Group to operate within the UAE legally.
Under this licensing, as long as they weigh less than 30 kilograms, you will be able to courier all mail items, documents, and parcels locally and internationally. In addition, the Emirates Post Group will collect a 10% fee for all total sales of your licensed activities. Your organization will also be required to submit quarterly statements that are certified by an accredited auditor.
For this reason, if this licensing is relevant to your business operations, you want to ensure that you are seeking the necessary professional services to ensure that you are not only licensed correctly but that your quarterly statements are up-to-date and accurate.
The best auditing firms in Dubai and Abu Dhabi are able to offer you all of these essential services (and more). However, whether you require one of these or something to assist with your quarterly review reporting, asset and transaction tracing, or audit remediation, you must work with experts who can help you get it right.
What type of organisation do you have in the UAE? Which audit and assurance services do you think are necessary to running your business?