Auditing and Financial Services for Industries: a short overview


Today’s hospitality must adopt new approaches to address regulatory requirements and financial risks – while meeting the challenges of expanding globally and achieving sustainable growth. Travel, hospitality, and leisure companies—seeking growth—look to respond to the challenges of an increasingly multi-channel environment, where options are many and customer loyalty is at a premium.
Hotels
For audit purposes, the hotel establishment shall have its final accounts audited by a licensed auditor at the end of the financial year and provide DTCM a copy within six (6) months. In line with this, BMS is equipped with sound professionals to do the audit procedures adequately to provide you with the best possible service. In addition, we can assist you in complying the rules and regulations as outlined by the Dubai Department of Tourism and Commerce Marketing (DTCM)
Annual Financial Audit
Under the Commercial Companies Law, all companies in the mainland are required to have their financial accounts be audited. These companies have to keep their financial records for at least five years.
A financial audit is an independent, objective evaluation of an organization’s financial reports and financial reporting processes. The primary purpose of financial audits is to give regulators, investors, directors, and manager’s reasonable assurance that financial statements are accurate and complete.
At BMS we have a team of qualified Chartered Accountants who are well versed and expert in the
Financial Statement Audits and will give the organization an exact and true picture of the Financials.
BMS is always at your service to conduct a timely and effective audit for you.
Banks
The UAE Banking sector includes approximately 45 commercial banks of which over 50% are foreign banks.
There are sweeping changes and numerous challenges faced by Banks and other financial institutions these days in the midst of global regulatory reforms. As they seek to comply with new regulations while meeting the expectations of customers and shareholders, for transparency and return-on-investment, there is a heap of queries and doubts which these banks and financial institutions are constantly wrestling with.
On August 29, 2018, the UAE Central Bank issued a Circular No. 162/ 2018 to establish the minimum acceptable standards for Banks’ approach to financial reporting and external audit, with a view to:
i) Ensuring the soundness of the Banks; and
ii) Contributing to financial stability
In line with this, the following are some of the important matters in relation to an external audit of the said Regulation:
i) Banks must, every year, appoint an External Auditor or more, approved by the Central Bank, for auditing their accounts
ii0 Banks must rotate their external audit firm at least every 6 years, subject to the conduct of a procurement procedure. In addition, Banks must rotate their external audit firm’s partner in charge of the audit every 3 years.
iii) The External Auditor must conduct audits in accordance with the ISA that requires the use of a risk and materiality based approach in planning and performing the audit.
iv) The External Auditor must comply with the independence provisions laid down in the Central Bank Law, this Regulation and accompanying standards.
At BMS we have a team of qualified Chartered Accountants who are well versed and expert in the
Financial Statement Audits. We always do our audit in compliance with ISA, and other regulatory requirements as mandated by the UAE Central Bank and other authorities.
Insurance
Today, Insurance companies face increased regulation, a highly competitive market, rapid technological innovation, and widespread consolidation. Entities need to be vigilant and flexible about finding new ways to manage margins and preserve capital by implementing sound decision processes and risk mitigation strategies. For this, they must consider every aspect right from investment strategies, reinsurance, diversification, mergers, and acquisition as well as strategic alliances.
Annual Financial Audit
A financial audit is an independent, objective evaluation of an organization’s financial reports and financial reporting processes. The primary purpose of financial audits is to give regulators, investors, directors, and manager’s reasonable assurance that financial statements are accurate and complete.
At BMS we have a team of qualified Chartered Accountants who are well versed and expert in the
Financial Statement Audits and will give the organization an exact and true picture of the Financials.
We are rated as one among the Top most and best Audit Firms by all the Insurance Companies in the UAE.
BMS is always at your service to conduct a timely and effective audit for you.
Dubai SME
Established in 2002, Dubai SME was created as an integrated division of the Department of Economic Development (DED). It was developed as a resource for support, information, and outreach for the growing small and medium enterprise sector. One of the major goals of Dubai SME is to promote innovation and leadership across all segments of the small and medium enterprise sector.
Annual Financial Audit
As per the new UAE Commercial Companies Law, Federal Law No. 2 of 2015, Article 27, Chapter 2, every company shall appoint auditors for auditing their books of accounts by a licensed auditor registered under Ministry of Economy in the UAE. In general, companies belonging to the SME category get their books of accounts audited in the following circumstances.
i) Legal Requirements: Free Zone Companies, Branch of Foreign Companies, Liquidation process and other Government Authorities
ii) Management purpose: to understand the financial position, to evaluate the performance of the entity, to assess the progress of the business
iii) Third party requirements: such as Banks, and/or other non- banking financial institutions and suppliers
At BMS we have a team of qualified Chartered Accountants who are well versed and expert in the
Financial Statement Audits and will give the organization an exact and true picture of the Financials.
We adapt our audit services to fit your unique needs, but what doesn’t change is the exceptional service quality we deliver to all our clients. Whether you’re already at the top or you’re on your way up.
BMS is always at your service to conduct a timely and effective audit for you.
Educational institutions
As economies around the globe look to diversify, improve public sector efficiency and grow their private sector workforce, there is a need for a new mix of skill levels. Education providers are struggling to expand their teaching capacity and research activities due to challenges with funding, access to suitable land, student demand, and the ability to attract and retain top research and teaching talent. Young people entering the workforce are having a difficult time adjusting to this change, which is reflected in high youth unemployment rates.
In 2018, the UAE’s education sector is set to welcome more schools as demand is expected to surge. The recent introduction of favorable government policies is also expected to give a major boost to the sector, which is adopting the latest technologies and skills to create a better and smarter future for future generations.
At BMS Auditing, we lead the professional services sector in the breadth of its education clients and the depth of services it provides. We have a team of dedicated education specialists who offer deep strategic and operational expertise across the key sectors, from early learning through to secondary, vocational and higher education.
We provide advisory and assurance services including:
i) Reform and policy development
ii) Quality inspection and fee regulation
iii) Strategic planning and implementation for new education institutions
iv) Curricula design and programme accreditation
v) Operational efficiency
vi) Education technology
vii) Market entry strategy and expansion planning.
Real Estate, Hospitality & Construction
Real estate and construction are major industry sectors which have a huge impact on the economic health of both the local and global economy – as evidenced by the 2008 financial crisis triggered by the sub-prime property crash in the USA.
Today’s real estate, hospitality, and construction companies must adopt new approaches to address regulatory requirements and financial risks – while meeting the challenges of expanding globally and achieving sustainable growth.
These industry sectors are capital and labor intensive, extremely high-risk and often highly regulated. Both corporate and personal fortunes can be made and lost through investment in property which is increasingly regarded as one of the most significant asset classes.
With environmental concerns rising up the public and world agenda, the demand for ‘green’ buildings and homes is having a major impact on the development of new building technologies and materials to the point where the construction and real estate sectors affect almost everyone. Urban regeneration is also high on many government agendas in the recognition that healthy societies need good environments in which to flourish.
Annual Financial Audit
A financial audit is an independent, objective evaluation of an organization’s financial reports and financial reporting processes. The primary purpose of financial audits is to give regulators, investors, directors, and manager’s reasonable assurance that financial statements are accurate and complete.
At BMS we have a team of qualified Chartered Accountants who are well versed and expert in the
Financial Statement Audits and will give the organization an exact and true picture of the Financials.
In addition, our Real Estate, Hospitality & Construction practice has the ability to mobilize a team of seasoned professionals to address complex and demanding challenges and provide seamless service on a global basis.
BMS is always at your service to conduct a timely and effective audit for you.
Owners Association
The Jointly Owned Property Law, popularly known as the Strata Law, was enacted in 2007, with regulations added in 2010 pertaining to the ownership of common areas, and providing provisions for the establishment of an OA to manage the same. Owners Association (OA) is a non-profit establishment and a separate legal entity comprising all the owners of the units in a jointly owned property.
The OA is responsible for the management, monitoring, and maintenance of common areas within the jointly owned property and each unit owner is a member of the OA. All individual owners in a building or community automatically become members of the OA
Annual Financial Audit
A financial audit is an independent, objective evaluation of an organization’s financial reports and financial reporting processes. The primary purpose of financial audits is to give regulators, investors, directors, and manager’s reasonable assurance that financial statements are accurate and complete.
BMS is always at your service to conduct a timely and effective audit for you.

For Our UAE Services

BMS AUDITING & CONSULTING CO. Suite No.1001, 10th floor, Smart Height, Dubai, United Arab Emirates PH: +971 45516399 | MOB : +971 555569829 info@bmsauditing.com | contact@bmsauditing.com

Related Post