- Revenue for the Shopping mall management industry is likely to decrease over the next five years, mainly because of unfavorable changes in broad economic factors: Home delivery and booming of eCommerce market during the COVID-19.
- As a result, it has gained the confidence of giant suppliers.
- We expect continuous growth in E-commerce sales despite the slowdown in the overall circumstances of macroeconomics. Hence, placing more pressure on demand for retail space at shopping malls.
- It is a common practice by premier Mall Management, who charge a particular percentage from the retail dealer according to their generated revenue. An approved auditor must verify the income by Mall Management.
- Revenue certification by shopping mall management is a commonly used practice in UAE. This Certification also assists the owner of retail stores. The help is negotiating with the Mall Management for annual rent because of his comparatively low gross sale.
Revenue Report or Certificate is the Certification by a valuable and exceptionally skilled auditor. All property management companies in UAE commonly require it from their retail occupant. They review
How it is beneficial?
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How do we assist?
- As an auditing company, A E Y Auditing is assisting several retail stores to get revenue certification. It is further submitted to the Landlords.
- Additionally, we verify your revenue and gross sales for a particular period and provide revenue certification.
- Moreover, we significantly assist clients to certify their sales. Further, we also provide sales audit services in the event of presenting audited gross sales statements to landlords.
Which documents are required?
Below are some of the documents that are required to conduct this audit, and these are:
- Monthly sales report from a sales point
- Bank statement showing the amount of sale revenue.
- Bank statement with cash sales deposit information.
- VAT returns for the period of certification.
- Trade license
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FAQs Of Auditing
The general requirement of a business in the UAE is to maintain its records for not less than (5) years. The Commercial Company Law makes it mandatory for all companies in the mainland.
According to UAE Commercial Company Law, every company needs to have auditors to audit their book of accounts. Under Federal Law no. 2 of 2015, Article 27, a licensed auditor is mandatory. Ministry of Economy in the UAE must approve it.
Dubai Financial Services Authority registers well-known auditors. Therefore, it may appoint them to examine and report accounts of regulated DIFC entities.
However, if your company is usually free from an audit, you need an audit if your shareholders ask so. The shareholders must own at least 10% of the shares. Shares can be particularly on an individual or group level.
If you are an entrepreneur in Dubai, it is essential to get an audit. It’s significant because it assures that your company records are reliable and in order. Auditors in Dubai, while conducting audits, examine internal controls of a company. All of the sudden, they also inspect the existing system, coupled with the financial statement.
Yes! IFRS standards are mandatory by the UAE Commercial Company Law No 2 of 2015. Listing rules of NASDAQ Dubai, Dubai Financial Market PJSC, Abu Dhabi Securities Exchange, and especially Dubai Financial Services also demand it.
You can notably become an FCCA once you have a continuous membership of 5 years with ACCA. Further, you must meet CPD requirements of paying annual subscriptions every year.
Once you file the return, the IRS usually starts these audits within a year. Within particularly six months, they lead to completion. However, expect a delay if you do not deliver the complete information. In fact, we also expected the delay if the auditor finds issues and wants to expand in other years or areas.
The mandatory documents by management are as below:
- Firstly, accounting reports with trial balance, balance sheet, ledgers, income statement, and relevant schedules
- Secondly, copies of vouchers, invoices, receipts, and bills
- Thirdly, a list of bank accounts used for transactions and forgeries of bank statements
- Moreover, maintained reports of all the payroll functions of a business.
- Further, copies of legal documents of the business
- Verifications from clients, suppliers, associated entities, etc.
- Above all, evaluate related parties and transaction examinations with related parties.
- Firstly, it helps accomplish business objectives. It will fix company weakness in all ways.
- Secondly, auditors in Dubai significantly facilitate identifying loopholes and risks in the financial report of your company.
- Thirdly, it boosts credit rating and valuation. You open doors for foreign investors and get the best financial position by calling an audit service.
- Moreover, it reveals the overall picture of your business. You can further focus more on your company’s strengths, weaknesses, opportunities, and threats once you have a clear vision.
- Firstly, we follow our services’ highest professional ethics and quality level.
- Secondly, our company has a fast-growing team of qualified & dedicated professionals.
- Thirdly, you get new opinions to look at your business through Business Analysis, Creative Insight & Industry Benchmarking.
- We act as a Sounding board for crucial financial decisions and significantly provide dependable strategic leadership through our experience and knowledge.
- A E Y Auditing LLC is a UAE-registered auditing firm providing cost-effective value-added solutions to meet all your business needs.
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Small steps taken today in the right direction can produce great results tomorrow.
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