Audit of Sales in UAE

Vimal Kutty

1 March, 2021

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    Retail businesses that operate in shopping malls in UAE are mandatorily required to submit a Statement of Gross Turnover that is being audited by an approved Auditor. This requirement is based on the terms in the Lease Agreement.

    Gross turnover refers to the total sales generated by the business every financial period. The submission of this information is required as a component of the rent paid is based on a percentage of the gross turnover.

    The definition of gross turnover is specified in the lease agreement which provides for certain component of sales to be included/excluded respectively.

    Benefits of Audit of Sales

    • Helps to review the sales collection process to potentially identify control deficiency
    • Ensures the tenant’s compliance to the lease agreement
    • Provide assurance of reported gross sales to the landlord

    Our Services include

    • Review of daily sales with the supporting documents
    • Prepare and issue the sales audit report as per the terms of the lease agreement
    • Provide consultation on any queries you have on the reporting requirements

    Sales Audit Procedure by HLB

    • Our engagement is conducted in accordance with the International Standard on Related Services (ISRS 4400) that is applicable to agreed upon procedures engagements and we indicate that in our report.
    • Verify to ensure that the gross sales report and the invoice wise listing of the sales for the lease period agrees with the books of accounts or related general ledger.
    • Perform vouching on selected sample invoices from the sales report and match the sales amount with the invoice wise listing.
    • Check the arithmetical accuracy of the statement of gross sales.
    • Examine the existing internal control system on revenue/invoice cycle to confirm the completeness, accuracy and adequacy of sales records.

    HLB’s Experience in Audit of Sales

    Being an Approved Auditor with almost all the Mall Authorities in UAE and carrying out more than 1000 sales audit in a year for various well-known brands, HLB HAMT should be anyone’s preferred vendor for this service.

    Pricing and Competition

    Although Sales Audit has been one of the very competitive services being offered by most of the Audit Firms, HLB HAMT has already built a niche position in the market for this service through its continuous quality of service and pricing strategy.

    Further to providing a respite to our customers during the ongoing Covid 19 Pandemic, we have started providing this service remotely at an unbeatable price.

     

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    Giuseppe Assi
    Giuseppe Assi
    06:20 31 Jan 21
    I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
    Mohamed Sheriff
    Mohamed Sheriff
    16:16 28 Jun 20
    Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
    218141 JOSEPH THOMAS
    218141 JOSEPH THOMAS
    16:20 23 Jun 20
    Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
    PMI
    PMI
    07:14 23 Jun 20
    In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
    RAVI CHOKSI
    RAVI CHOKSI
    08:28 21 Jun 20
    Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
    Maharajan Subramaniam
    Maharajan Subramaniam
    18:17 06 Jun 20
    High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
    Mohammed L
    Mohammed L
    08:07 05 Jun 20
    We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
    ROY ROSHAN VIVIAN
    ROY ROSHAN VIVIAN
    06:32 04 Jun 20
    Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
    Basil Daniells
    Basil Daniells
    05:55 03 Jun 20
    I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
    Amar Kashyap
    Amar Kashyap
    19:28 02 Jun 20
    Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
    Radz de Jesus
    Radz de Jesus
    16:03 02 Jun 20
    We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
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