Work Patterns in the UAE: What You Need to Know to Stay Compliant

HLB UAE Payroll Team

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HLB HAMT - Accounting Firm in UAE

Phone:- +971 4 327 7775
Mobile:- +971 50 205 9540
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com

    Schedule a Consultation




    Understanding work patterns under UAE Labor Law is crucial for employers and employees in the UAE. The UAE Labor Law serves as a framework to ensure fair working conditions, rights, and obligations for all parties involved.

    Recently, the UAE introduced new legislation in Federal Decree-Law No. 33 of 2021. This legislation has significant implications for employment options in the country. It is essential for businesses to grasp the changes brought about by this new law and adapt their work patterns accordingly. By understanding the importance of work patterns under UAE Labor Law and staying informed about the latest legislation, businesses can create a productive and legally compliant work environment, ultimately contributing to their success and growth.

    Let’s dive into the different work type patterns in the UAE.

    • Full-time Employment

      Under the UAE Labor Law, full-time employment is a work arrangement where an employee is contractually obligated to work under single employer for a specified number of hours per week. This type of employment offers stability and consistency, as the employee is committed to working for a particular organization long-term. By hiring full-time employees, businesses can ensure a dedicated and committed workforce, contributing to increased productivity and efficiency.

    • Part-time Employment

      Part-time employment in the UAE refers to a work arrangement where an employee works fewer hours than a full-time employee. Businesses in the UAE can recruit employees who work less than a regular full-time work week using a part-time contract structure. This type of employment offers flexibility for individuals who cannot commit to a full-time work schedule due to personal or other professional commitments. It also provides businesses with an adaptable workforce to meet fluctuating demands.

      The primary employer is the first employer of an employee who act as a sponsor of the worker. Secondary employer is the employer where an employee works part-time.

    • Temporary Work

      Temporary work refers to a specific work arrangement under the UAE Labor Law where an employee is hired for a fixed duration to fulfil a temporary or seasonal job requirement. This type of employment has a particular function, such as filling personnel gaps, overseeing short-term initiatives, or handling elevated workloads at specified times. It is suited for those people who, due to a variety of personal or job responsibilities, cannot commit to a full-time work schedule.

    • Flexible Work

      Flexible work is a significant aspect of the UAE labour market, allowing employees and employers to adapt their work arrangements to suit their needs. It refers to various flexible work options, including remote work, flexible hours, compressed workweeks, and job-sharing arrangements. Flexible work is particularly beneficial in today’s fast-paced and dynamic business environment. It allows employees to achieve a better work-life balance, reducing stress and improving overall well-being.

    • Remote work

      Remote work refers to an arrangement where employees perform their duties outside a traditional office setting, often from their homes or remote locations. The UAE Labor Law recognizes remote work as a legitimate and legally binding employment option. Remote work empowers employees to work from any location, eliminating the need for a physical office space. Using technology tools and platforms, remote workers can collaborate effectively with their colleagues, ensuring seamless communication and productivity.

    • Job Sharing 

      The UAE Labor Law defines a flexible work arrangement where two or more employees share the responsibilities and workload of a single full-time position. This arrangement allows employees to split their working hours, either by working part-time or alternating days, while still fulfilling the duties and responsibilities of the job. Job sharing allows employees to achieve a better work-life balance by adjusting their working hours to meet personal commitments. Offering job-sharing options can attract and retain talented individuals who may require flexible work arrangements due to personal or caregiving responsibilities.

    Bottom Line

    Understanding work patterns under the UAE Labor Law is paramount for employers and employees. The labour law is vital to ensuring fair and just working conditions, rights, and obligations for all parties involved. With the recent introduction of Federal Decree-Law No. 33 of 2021, businesses must stay updated and adapt their work patterns accordingly. By staying informed about the latest legislation and complying with the law, businesses can create a productive and legally compliant work environment. Businesses must prioritize understanding the importance of work patterns under the UAE Labor Law to make informed decisions and ensure a harmonious working relationship between employers and employees.

    Payroll Process in UAE

    When it comes to simplifying your payroll process in the UAE, HLB HAMT stands out as the trusted partner you need. Our tailored payroll services are designed to navigate the intricacies of the UAE’s labor laws, ensuring your business remains compliant while your employees receive their salaries promptly. Our team of experts is dedicated to error-free, secure, and confidential payroll processing, prioritizing data security at every step.

    By outsourcing your payroll to HLB HAMT, you not only gain peace of mind but also unlock valuable time and cost efficiencies, allowing you to focus on strategic business growth. Make the smart choice for your business today and experience streamlined, hassle-free payroll processing with HLB HAMT – your partner for payroll excellence in the UAE.

    For any related queries or assistance, call us at +971 4 327 7775 or email payroll@hlbhamt.com to schedule a meeting.

     

     

     

    Would you like to rate us on Google?         

     

    Varun R Chandra
    Varun R Chandra
    07:38 25 Apr 21
    HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
    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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    Data Fabric: The Future of Cloud Technology Data Fabric

    Midhun Menon P

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    HLB HAMT - Accounting Firm in UAE

    Phone:- +971 4 327 7775
    Mobile:- +971 52 830 7998
    WhatsApp:- +971 56 219 1607
    Email:- dubai@hlbhamt.com

      Schedule a Consultation




      Data Fabric is a self-contained architecture for data management that provides flexible access via a hybrid cloud, making it simple to search, process, structure, and integrate data. It is one of the most advanced DataOps practices, as well as one of the most popular solutions for cloud systems in general. Data fabrics help businesses accelerate their digital transformation and automation initiatives.

      Specialists typically use a microservice architecture with inherent orchestration and data virtualization to implement a data fabric. Furthermore, this concept is compatible with machine learning, artificial intelligence, and data science at all stages of implementation—from data structuring to processing. Data fabric employs an API for data integration.

      Data fabric, as an upgrade or addition to an existing IT infrastructure, provides a quick response to data changes, improves the quality of predictive data analysis, and simplifies data maintenance.

      Instead of centralizing data, this architecture purges data sources and storage. This is accomplished by introducing a new layer of data virtualization through which users can access this information. As a result, data fabric does not require replacing existing infrastructure but rather adds a new technology layer on top of it for data management and access.

      Guidelines of Data Fabric

      cloud technology data fabric

      Since data fabric is not a physical entity, it is best to comprehend it by focusing on its fundamental Guidelines. So, let us go over the five Guidelines of data fabric implementation.

      Integration of Data

      Initially, a data fabric is a network architecture that uses advanced technologies to provide simple and fast integration of data pipelines and cloud environments. DataOps professionals typically use various automation solutions based on machine learning and artificial intelligence to perform end-to-end integration of all data sources (including file storage, DBMS, and data lakes) into a single information system via APIs.

      Data Research

      This principle provides new capabilities for linking disparate data sources in the context of data fabric implementation. One common application is the integration of supply chain software and CRM to optimize the process of delivering goods to the end consumer and increase customer loyalty to the company.

      Data Management

      No matter how quickly the IT infrastructure expands, the data fabric ensures the unification and efficient governance of disparate data. Simultaneously, this technology can maintain the same level of data security while reducing the risk of data leakage.

      Data collection

      Data curation means seamlessly integrating and structuring disparate data to preserve its value over time when implementing data fabric. This means that the information gathered can be reused.

      Orchestration of Data

      Data orchestration, which is associated with the deployment of data fabric, is the process of bringing together disparate data sources in order to use that data for global analysis. In most cases, specialized tools such as Kubernetes are used to carry out this process.

      Thus, data fabric is a method for implementing DataOps processes that provides a rapid response to events, a high level of predictability, process optimization, and resource maintenance. Using the full potential of cloud technologies and virtualizing all components of the IT infrastructure, the data fabric enables DevOps and other teams to access data in the ways they prefer.

      Data Fabric: How Does It Work?

      The main challenge that data fabric faces is the constant increase in data volume. Due to its inability to scale, an improperly designed infrastructure can stymie business processes. Data fabric enables businesses to realise the full value of data in order to meet their needs and gain a competitive advantage.

      One of the primary advantages of data fabric is the elimination of “piecewise-continuous” data processing functions. The main issue is integrating multiple systems into a single ecosystem, each with its own workload and scaling parameters. However, this approach alone does not solve the main problem because the data is still scattered.

      Furthermore, IT operations are expensive because businesses must manage a large number of systems. Data must be copied and transformed between systems. All of this results in the appearance of numerous copies, which frequently contradict each other and necessitate additional synchronization. Using data fabric in conjunction with artificial intelligence or/and machine learning is critical for reducing reliance on separate formats and sources, allowing businesses to migrate their applications to a common platform that combines both data and the tools to work with it.

      For example, when processing information, machine learning is available at every stage, from data analysis to optimization of processing algorithms. This technology, when combined with data fabric, enables users and analysts to quickly access trusted data for applications, analytics, and business process automation. In the future, this will improve decision quality and accelerate the company’s digital transformation.

      The application of ML and/or AI with data fabric is directly dependent on the type of data: image analysis using neural networks, text parsing, accident prediction at key enterprise nodes, or intermediate obtaining of key data features for further analysis. It is critical to understand how justified the use of intelligent technologies is in this context. As practise has shown, the best option is a symbiotic relationship between the work of AI and ML and a mathematical model, which allows companies to achieve the best results.

      When Is Data Fabric Useful?

      Let us now discuss when data fabric can be useful:

      • Combining applications from the cloud with local systems
      • Administration of both organized and unstructured data simultaneously
      • The control of diverse data
      • Managing numerous systems with various architectures
      • Administration of several DBMS, SaaS, and file systems

      In all of the aforementioned cases, businesses must deal with a variety of data sources that have various structures, supported data types, and localizations (cloud services, local data centers, etc.). Traditional data centralization techniques are ineffective in this situation because they require too many resources to create and maintain.

      Without having to develop multiple methods for handling data within a single firm, data fabric allows companies significant power to tackle these difficulties not partially or gradually, but totally and all at once. It maximises the capacity for reusing data in any of the company’s systems.

      Additionally, data fabric enables businesses to establish a pipeline for their digital projects, cutting down on the amount of time it takes to market new capabilities. This means that a digital project can be developed in a matter of months rather than a year or more.

      Enterprise data fabric solutions get higher ROI, quick scaling, and performance maintenance as a result.

      Data Fabric Architecture Use Cases

      • Development of Apps and Services
      • Development and Integration of Ecosystems
      • Solutions for Data Security
      • Storage Administration
      • Data Transmission
      • Endpoint Management Software

      They must be collected and processed quickly for operational support of management processes. Companies can use data fabric to efficiently store and process disparate and unstructured information as well as provide it in the appropriate format for decision support systems. The enterprise data fabric solutions are listed below.

      Development of Apps and Services

      The first simple application of data fabric architecture is the creation of applications and services with a microservice architecture and their own data collection infrastructure. As a result, this technology greatly simplifies the interaction process between users and disparate data sources within an application or service.

      Development and Integration of Ecosystems

      Data fabric can also be used to create entire ecosystems for data collection, management, and storage. In this case, data fabric allows companies to significantly reduce risks associated with data leakage and loss by performing proper preliminary modernization of outdated security mechanisms.

      Solutions for Data Security

      Data Fabric is the best solution for businesses that need to comply with specific security and privacy policies for user data. Furthermore, this concept determines the possibility of reusing this data in any other solution developed by a specific company.

      Storage Administration

      Unlike centralized solutions, which are difficult to scale, combining multiple systems into one with a new layer of virtualized data provides an excellent foundation for future functionality expansion as the company’s business needs grow and change.

      Data Transmission

      Companies with a distributed physical infrastructure face unique challenges in implementing and maintaining standard centralised solutions. In turn, data fabric allows access to data from any physical location where the company’s office is located.

      Endpoint Management Software

      Finally, data fabric is useful in software development for endpoints, providing real-time data delivery, structuring, and processing regardless of where these endpoints are located.

      Data Fabric Difficulties

      Remember that there are drawbacks to this style of design as well. For this reason, we offer to educate you about the potential issues that businesses that choose to adopt data fabric may encounter.

      Regardless of the fact that there are numerous scenarios for using data fabric, ranging from the financial sector to smart logistics warehouses with the ability to build end-to-end processes for moving equipment, the main stumbling block in its implementation is the unpreparedness of its potential users. Many businesses are unfamiliar with this technology, and some lack the necessary knowledge to implement, support, and train their employees.

      Companies may also encounter issues with data transport and security. A system that is ready to work with data must be outfitted with cutting-edge technologies and tools. Because legacy systems limit performance and scalability, the company will not benefit from a data fabric approach. As a result, some businesses must update their old data transport and security scenarios in order to effectively implement this new technology concept.

       

       

      Would you like to rate us on Google?         

       

      Varun R Chandra
      Varun R Chandra
      07:38 25 Apr 21
      HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
      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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      How to Enhance Your Cybersecurity

      Vimal Ramachandran

      image

      HLB HAMT - Accounting Firm in UAE

      Phone:- +971 4 327 7775
      Mobile:- +971 52 830 7998
      WhatsApp:- +971 56 219 1607
      Email:- dubai@hlbhamt.com

        Schedule a Consultation




        Your expanding digital footprint as a growing company gives cyber criminals more chances to extort money from you and your teams, hinder your productivity, and generally cause mayhem.

        Who are our adversaries in terms of Cybersecurity?

        When it comes to cybercrime, Eddie says business leaders must know who and what they are up against. Ransomware attacks target businesses with fewer than 1,000 employees 82% of the time. Small and medium-sized businesses are suffering from attacks.

        On the dark web, where cybercriminals create various attack techniques and offer them for sale, many of these attacks start. White-collar crime or state-sponsored attacks that visit these markets, purchase these components and assemble them are the potential next steps, according to him.

        Ransomware is a type of malware that can enter your system through an email or an infected website. Once it has access to your local machine, it will try to break into the office network and steal important information. When a ransom is paid, it starts to encrypt your data and prevent you from accessing crucial business systems. With this kind of attack, the risk of data leaks and reputational harm is also typical.

        Multi-factor authentication (MFA) fatigue, according to Eddie, is also becoming a pro According to Eddie, ” multi-factor authentication (MFA) fatigue blem.”MFA is an excellent security measure, but the applications that provide it are currently working to make it more practical.” Convenience may be the enemy of security. Your phone might merely ask you, “Do you allow this login?” rather than requesting an MFA passcode. Users are being bombarded with these notifications by cybercriminals more frequently until access is granted.

        The compromise of business email is yet another common attack technique. Threat actors can trick employees into sharing sensitive information or paying a fake invoice by sending deceptive emails that appear to come from the CEO or a vendor demanding payment.

        Why small and medium-sized companies? Why do they not concentrate on the Fortune 500? simply because they can. By simply writing a script, all of those components from the dark web marketplace can be automated to reach tens of thousands of businesses, according to Eddie.

        How can we fend off online Assaults?

        Eddie advises business leaders to concentrate on the “identify and recover” components of the NIST cybersecurity framework to defend their company against attacks. Ideally, you should entrust a seasoned managed security provider with the remaining requirements.

        Discover Cybersecurity Threats

        Eddie advises, “You must recognize your risk and comprehend your risk surface.” Knowing what resources, you have in terms of tools and services is key. You use computers, but do employees also access the corporate network using their cell phones? There is a significant risk there, so telling your IT provider about it is crucial.

        “How are you employing those instruments?” Do you continue to use the hallway to access an email server? Do you make use of Office 365? Those may be the appropriate solutions for the situation but telling your provider about them is crucial. Who is using these tools, thirdly? Your IT provider needs to be aware of any teams that require remote access.

        Respond to Cybersecurity Threats

        Working with your provider to determine what will happen if you are compromised, according to Eddie, is part of planning for recovery. The foundation of this is two key queries.

        • RPO: Recovery Point Objective How many hours can you afford to lose before it harms your customers, staff, or finances? How many revisions are you prepared to make? Is it now or in the past? For your provider to assemble the proper tools and solutions, you must provide answers to these questions.
        • RTO: Recovery Time Objective How long can you tolerate a system outage before it harms your customers, staff, or financial situation? How long can you survive without your tool before it harms your customers, staff, or financial situation? How long can you survive without your tools? It’s not about redoing work; it’s about having real-time access to your systems. Can you live without access to the internet or email, for instance? Your provider can construct the proper solutions if you can provide the answers to these questions.

        The other three components of your cybersecurity framework—protecting, detecting, and responding—can then be worked on by a provider like HLB HAMT after you have outlined these goals, says Eddie. It all comes down to using the appropriate tools, keeping an eye on your surroundings, performing maintenance, and looking toward the future. Although there is a lot of work involved, the answers to these questions will help you succeed.

        HLB HAMT can help you increase your Cybersecurity Resilience

        Electric provides standardized security across devices, apps, and networks to safeguard small and medium-sized businesses. Get in touch with us right away to find out how you can put in place a fully managed, more intelligent, and productive cybersecurity infrastructure.

         

         

        Would you like to rate us on Google?         

         

        Varun R Chandra
        Varun R Chandra
        07:38 25 Apr 21
        HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
        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
        Next Reviews
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        The Role of Data Analytics in Redefining Internal Auditing

        Raghunath T, Director

        image

        HLB HAMT - Accounting Firm in UAE

        Phone:- +971 4 327 7775
        Mobile:- +971 55 807 4568
        WhatsApp:- +971 56 219 1607
        Email:- dubai@hlbhamt.com

          Schedule a Consultation




          In the modern business landscape, data has emerged as a strategic asset that can drive informed decision-making and fuel operational efficiency. Internal audit, which has been traditionally focused on financial compliance and risk assessment, is undergoing a transformation with the integration of data analytics. Leveraging advanced data analytics tools and techniques, internal audit departments are not only enhancing their effectiveness but also gaining new insights into organizational processes, identifying anomalies, and contributing significantly to strategic planning.

          Evolution of Internal Audit

          Internal audit has come a long way from its conventional role of manual scrutiny of financial statements and transaction records. In today’s dynamic environment, businesses generate vast volumes of data in various formats and from diverse sources. This data contains valuable information that can aid in identifying patterns, detecting irregularities, and assessing operational efficiency. Recognizing this potential, internal audit functions are adopting data analytics to revolutionize their approach.

          Data Analytics can perform several crucial roles in Internal Audit, such as:

          1. Risk Assessment and Fraud Detection:

            Data analytics enables auditors to examine data across different dimensions, identifying trends and outliers that might not be easily noticeable through traditional methods. By analyzing large datasets, internal auditors can uncover potential fraud or compliance issues more effectively.

          2. Continuous Monitoring:

            Traditional audits often operate on a periodic basis, which can lead to gaps in detecting real-time anomalies. Data analytics empowers internal auditors to conduct continuous monitoring, promptly identifying unusual transactions or behaviors and addressing them before they escalate into major issues.

          3. Process Improvement:

            Beyond compliance and risk, data analytics can provide insights into process inefficiencies. By analyzing operational data, auditors can pinpoint bottlenecks, streamline workflows, and optimize resource allocation.

          4. Predictive Insights:

            With the application of advanced techniques such as predictive modeling, internal auditors can forecast potential risks and their impact on the organization. This proactive approach enables businesses to take preventive measures, reducing the likelihood of negative outcomes.

          5. Enhanced Assurance:

            Data analytics offers a higher level of assurance by reducing the risk of sampling errors and increasing the coverage of audit tests. Auditors can analyze entire datasets rather than relying on smaller samples, leading to more accurate conclusions.

          Challenges and Considerations

          While the integration of data analytics into internal audit brings about numerous advantages, it also presents certain challenges that organizations must address:

          1. Data Quality and Integrity:

            The effectiveness of data analytics hinges on the quality and integrity of the data being analyzed. Inaccurate or incomplete data can lead to faulty insights and incorrect conclusions. Therefore, organizations must ensure that data sources are reliable and properly maintained.

          2. Skill Gap:

            Implementing data analytics requires auditors to possess a certain level of technical expertise. Organizations may need to invest in training programs to equip their audit teams with the necessary skills to leverage data analytics tools effectively.

          3. Data Privacy and Security:

            Analyzing sensitive data introduces privacy and security concerns. Internal auditors must adhere to data protection regulations and ensure that the data being analyzed is handled securely to prevent breaches.

          4. Integration with Existing Processes:

            Incorporating data analytics seamlessly into existing audit processes can be challenging. It requires a careful approach to avoid disruptions while maximizing the benefits of data-driven insights.

          Internal auditors should be able to leverage analytics properly to get the best outcomes. Some of the best practices for leveraging Data Analytics in Internal Audit include the following.

          1. Define Clear Objectives:

            Determine the specific objectives you aim to achieve through data analytics. Whether it’s fraud detection, process improvement, or risk assessment, having well-defined goals will guide your analytics strategy.

          2. Choose the Right Tools:

            Select data analytics tools that align with your objectives and suit the technical capabilities of your audit team. There are various software options available, ranging from basic statistical tools to advanced machine learning platforms.

          3. Data Preparation:

            Clean, transform, and preprocess data before analysis. This step is crucial to ensure accurate results and meaningful insights. Ensure that data sources are properly integrated to eliminate silos.

          4. Collaboration:

            Foster collaboration between auditors and data analysts. Effective communication between these two teams ensures that data analysis is aligned with audit priorities and objectives.

          5. Continuous Learning:

            Encourage your audit team to continually develop their data analytics skills. This could involve formal training, workshops, or learning from industry best practices.

          6. Data Privacy Compliance:

            Prioritize data privacy and security. Implement appropriate protocols to handle sensitive information and ensure compliance with relevant regulations such as GDPR or HIPAA.

          Bottom Line

          The integration of data analytics into internal audit processes marks a significant paradigm shift in the world of corporate governance and risk management. By harnessing the power of data, internal auditors are not only improving their ability to detect fraud and assess risk but also contributing to operational efficiency and process improvement. While challenges exist, organizations that embrace data analytics in their internal audit functions are poised to gain a competitive advantage through more informed decision-making and a proactive approach to risk mitigation. As technology continues to evolve, the synergy between data analytics and internal audit will undoubtedly shape the future of organizational governance and accountability.

           

          Enhancing Internal Audits with Data Analytics

          Data analytics can help several organizations to enhance their internal audit processes.

          • Retail Chains: Optimizing Inventory Management
            Retail Chains, by analyzing sales data, have been able to identify discrepancies between sales records and inventory levels, leading to the discovery of inventory shrinkage due to theft. Data analytics thus allow retailers to implement tighter inventory controls and reduce losses.
          • Financial Institutions: Anticipating Loan Defaults
            Financial institutions who have implemented predictive analytics are able to forecast potential loan defaults. By analyzing borrower data, institutions could proactively address risky loans and minimize financial losses.
          • Manufacturing Sector: Streamlining Operational Efficiency
            In the manufacturing sector, companies have streamlined their supply chains, identified bottlenecks and areas of inefficiency. This has resulted in increased throughput, improvement in operational efficiency, order servicing and customer satisfaction.

          For any related queries and assistance, call our experts at +971 4 327 7775 or email dubai@hlbhamt.com to schedule a meeting.

           

           

          Would you like to rate us on Google?         

           

          Varun R Chandra
          Varun R Chandra
          07:38 25 Apr 21
          HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
          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
          Next Reviews
          js_loader

          Business Setup Opportunities in Dubai’s Healthcare Industry 2023

          Rajesh R Pillai

          image

          HLB HAMT - Accounting Firm in UAE

          Phone:- +971 4 327 7775
          Mobile:- +971 55 160 1291
          WhatsApp:- +971 56 219 1607
          Email:- dubai@hlbhamt.com

            Schedule a Consultation




            Dubai’s healthcare industry has been a beacon of innovation and growth, offering a multitude of opportunities for entrepreneurs and investors seeking to establish a business in the dynamic Middle Eastern market. With a rapidly expanding population and a government committed to providing world-class healthcare services, Dubai presents an alluring landscape for those looking to venture into the healthcare sector. This blog is your gateway to uncovering these opportunities, understanding the regulatory landscape, and how HLB HAMT can be your partner in translating dreams into thriving healthcare businesses.

            Why Choose Dubai for Your Healthcare Business?

            Dubai’s healthcare industry has experienced remarkable growth over the years, making it a prime destination for ambitious entrepreneurs. Here are some compelling reasons why setting up a healthcare business in Dubai is a smart choice:

            • Strategic Area: Dubai acts as a gateway to a sizable market because of its location at the intersection of Europe, Asia, and Africa. This allows easy access to international markets and facilitates global trade.
            • Political and Economic Stability: Dubai boasts a stable political environment and a robust economy, providing a secure and conducive business climate. The city’s pro-business policies, tax benefits, and investor-friendly regulations make it an attractive destination for entrepreneurs.
            • World-Class Infrastructure: Dubai is renowned for its state-of-the-art infrastructure, including modern healthcare facilities, advanced technology, and a well-connected transportation network. These factors contribute to a seamless business setup process and efficient operations.
            • Growing Healthcare Demand: The demand for quality healthcare services in Dubai continues to rise due to population growth, increasing medical tourism, and a focus on enhancing the overall healthcare system. This growing demand creates ample opportunities for healthcare entrepreneurs to cater to diverse market segments.

            Types of Healthcare Setups in Dubai

            • Medical Clinics
              Medical clinics are one of the most common healthcare setups in Dubai. They provide a wide range of primary healthcare services, including general medicine, pediatrics, gynecology, and dentistry. Medical clinics cater to the local population and offer essential healthcare services in a convenient and accessible manner.
            • Specialized Clinics
              Specialized clinics focus on specific medical specialties, such as dermatology, orthopedics, ophthalmology, fertility treatments, plastic surgery, and alternative medicine. These clinics target niche markets and provide specialized treatment and care for patients with specific medical needs.
            • Diagnostic Centers
              Diagnostic centers play a crucial role in the healthcare ecosystem by providing medical testing, imaging, and diagnostic services. These centers include laboratories, radiology facilities, and imaging centers equipped with advanced technology to support accurate diagnoses and treatment planning.
            • Rehabilitation Centers
              Rehabilitation facilities concentrate on aiding patients in their recovery from illnesses, operations, or chronic ailments. They offer specialized services such as physiotherapy, occupational therapy, speech therapy, and rehabilitation programs tailored to different patient needs.
            • Wellness Centers
              Wellness centers promote holistic health and well-being by offering services beyond traditional medical treatments. These centers may include spa facilities, fitness studios, nutrition counseling, stress management programs, and alternative therapies such as acupuncture and yoga.
            • Home Healthcare Services
              Home healthcare services have gained popularity in Dubai, providing medical care, nursing, physiotherapy, and other healthcare services in the comfort of a patient’s home. These services are particularly beneficial for the elderly, individuals with mobility issues, or those requiring long-term care.
            •  Telemedicine and Digital Health
              With advancements in technology, telemedicine and digital health solutions have become increasingly prevalent in Dubai. These setups leverage digital platforms to provide remote consultations, online medical advice, virtual monitoring, and health management solutions, enhancing accessibility and convenience for patients.

            Documents Needed for Healthcare Setup in Dubai

            • Passport Copies: Passport copies of the business owner(s), partners, and shareholders involved in the healthcare business setup.
            • Emirates ID Copies: Copies of Emirates ID (United Arab Emirates Identification Card) for the business owner(s), partners, and shareholders.
            • Visa Copies: Copies of valid UAE visas for the business owner(s), partners, and shareholders.
            • No Objection Certificate (NOC): If the business owner(s), partners, or shareholders are currently employed in the UAE, an NOC from their employer allowing them to start a new business is required.
            • Memorandum of Association (MOA): For partnership and company formations, a MOA that outlines the shareholding structure, ownership percentages, roles, and responsibilities of partners/shareholders is needed.
            • Trade Name Reservation Certificate: A certificate obtained from the Department of Economic Development (DED) confirming the reservation of your desired trade name.
            • Lease Agreement: A valid lease agreement or tenancy contract for the premises where your healthcare business will operate. The agreement should comply with the regulations of the concerned authorities.
            • Health Professional Licenses: Copies of the professional licenses or certificates of healthcare professionals working in your business, including doctors, nurses, technicians, or therapists.
            • Qualification Documents: Copies of educational qualifications, degrees, diplomas, or certifications of healthcare professionals, verifying their expertise and eligibility to practice in Dubai.
            • Facility Plan/Layout: A detailed plan or layout of the healthcare facility, showcasing the arrangement of different departments, treatment rooms, waiting areas, and necessary amenities.
            • Health Facility License Application: A completed application form for the health facility license, which includes details about the type of healthcare setup, services offered, facility capacity, and other relevant information.
            • Insurance Coverage: Proof of appropriate insurance coverage, such as professional liability insurance or medical malpractice insurance, depending on the nature of your healthcare business.
            • Financial Documents: Financial statements, bank statements, or proof of financial resources demonstrating your ability to meet the financial obligations associated with the healthcare business set up.
            • Additional Permits and Approvals: Depending on the specific nature of your healthcare business, additional permits and approvals may be required. These can include approvals from the Dubai Health Authority (DHA), Dubai Healthcare City (DHCC), or other relevant regulatory bodies.

            “HLB HAMT: Your Trustworthy Partner”

            As pioneers in business advisory services, HLB HAMT stands poised to assist you in capitalizing on the thriving healthcare opportunities in Dubai.

            Call our experts at +971 4 327 7775 or email dubai@hlbhamt.com to get personalized guidance for your business setup in Dubai.

             

             

            Would you like to rate us on Google?         

             

            Varun R Chandra
            Varun R Chandra
            07:38 25 Apr 21
            HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
            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
            Next Reviews
            js_loader

            Understanding Audit Services in the UAE: A Comprehensive Guide

            Sumesh Krishna, Partner

            image

            HLB HAMT - Accounting Firm in UAE

            Phone:- +971 4 327 7775
            Mobile:- +971 50 749 0576
            WhatsApp:- +971 56 219 1607
            Email:- dubai@hlbhamt.com

              Schedule a Consultation




              Imagine you are an entrepreneur or business owner overseeing a rapidly growing enterprise that has captured the attention of investors and customers alike. As your company scales up, you understand the importance of maintaining financial transparency and accountability. Like a captain navigating turbulent waters, you need a reliable compass to guide your business towards success. This is where the power of audit services comes into play.

              In this real-world scenario, let’s explore how audit services in Dubai can become your steadfast compass, steering your business through challenges and uncertainties. If you seek a clear and comprehensive overview of audit services in Dubai, you’ve come to the right place. This guide is tailored to illuminate the intricacies of audit services, empowering you with the knowledge you need to navigate this crucial aspect of your business journey.

              An audit service involves a meticulous examination of a business’s financial statements and records by an independent and objective auditor.

              The primary objective?

              Ensure that your financial statements accurately represent your business’s results of operations and financial position. To achieve this, a thorough and unbiased assessment of your financial records is conducted, providing you with confidence in your company’s financial data.

              Internal Audit Services in Dubai

              As the name suggests, internal audit services evaluate your business’s internal operations. Conducted by either an individual or a team of in-house auditors, these experts possess an in-depth understanding of your company’s internal control and related financial processes. Their role is to:

              • Identify potential business risks associated with your daily operations.
              • Verify and validate the accuracy of your financial data.
              • Enhance overall business performance by streamlining procedures and functions.
              • Make sure your company continues to adhere to all applicable laws.
              • Facilitate a smoother external audit process.

              What to Expect During an Internal Audit

              The internal audit process is tailor-made to suit the unique characteristics of your organization and control cycles. It typically commences with the preparation of an initial audit plan. The internal audit team then collects information by conducting comprehensive audits and interviews with the various functional heads and process owners, delving into different aspects such as revenue, cost, sales, distribution, manufacturing fixed assets, taxation, accounting, payroll, and financial statements. Finally, the team compiles and finalizes an audit report with the risk matrix and priorities, seeking feedback from various departments within your company to conclude the process.

              External Audit Services

              As your business evolves and grows, external audits become mandatory in the UAE. Shareholders engage an external auditor to conduct an impartial and precise assessment of your company’s financial position and results of operations. The benefits of external auditing services include:

              • Ensuring adherence to the Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) compliance standards.
              • Delivering impartial and precise reporting conducted by experienced and qualified auditing professionals.
              • Showcasing the company’s operation results and strength to the stakeholders
              • Ensuring your continued compliance with the local laws and regulations.

              Understanding the External Audit Process

              The external audit process in Dubai follows a structured approach in line with International Standards on Auditing and ISQM compliances. A skilled and experienced external auditor registered with the Ministry of Economy will be appointed to conduct the audit The external auditor thoroughly examines your books of accounts and financial statements, evaluates internal controls and procedures and ensures compliance with the accounting standards and UAE laws and regulations. Upon completion, a formal report is submitted for consideration.

              Legal Obligations for UAE Businesses

              Every business operating in the UAE is legally required to engage a licensed audit firm to conduct an audit of their financial statements. The financial information needs to be prepared under International Financial Reporting Standards (IFRS). It should be submitted to the relevant regulators within their established deadline for submission (Generally within three months six months after the end of the financial year, depending on different authorities). Additionally, businesses must retain their financial and company records for at least five years to facilitate auditing.

              Auditing Requirements in UAE

              According to the UAE Commercial Companies Law, companies must engage independent professional auditors to assess and audit their financial records. Registration of the auditor with the UAE Ministry of Economy is a prerequisite for conducting audits in the country, and it is mandatory to audit companies situated on the UAE mainland. However, certain free zones do not necessitate the obligatory submission of audited financial statements.

              Accelerate Your Business Growth with HLB HAMT

              Are you feeling overwhelmed by managing accurate financial data for your business? You’re not alone. Many entrepreneurs and business owners in Dubai face the same challenge.

              HLB HAMT is here to help you streamline your operations and f help you to maintain the local compliances , so that you can focus on what matters most: growing your business. Our tailored audit and assurance services will give you the confidence and support you need to succeed.

              Call our experts at +971 4 327 7775 or email audit@hlbhamt.com to unlock the true potential of your business today!

               

               

              Would you like to rate us on Google?         

               

              Varun R Chandra
              Varun R Chandra
              07:38 25 Apr 21
              HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
              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
              Next Reviews
              js_loader

              AML/CFT Compliance in the UAE: Ensuring Financial Integrity

              Raghunath T, Director

              image

              HLB HAMT - Accounting Firm in UAE

              Phone:- +971 4 327 7775
              Mobile:- +971 55 807 4568
              WhatsApp:- +971 56 219 1607
              Email:- dubai@hlbhamt.com

                Schedule a Consultation




                Over the past few years, the United Arab Emirates (UAE) has emerged as a significant global player in the fight against financial crime. Recognizing its status as a flourishing financial hub in the Middle East, the UAE places great importance on establishing a robust framework to tackle money laundering (ML) and counter the financing of terrorism (FT). This commitment aims to safeguard the stability and reputation of its financial sector. This blog delves into the crucial role of AML/CFT compliance services in upholding financial Integrity in the UAE.

                Regulatory Authorities and Their Functions in the UAE

                In the UAE, several regulatory authorities play a critical role in the AML/CFT landscape, overseeing the compliance efforts of financial institutions and ensuring adherence to the country’s AML/CFT regulations.

                These key authorities include:

                • Central Bank of the UAE (CBUAE):

                  The Central Bank of the UAE (CBUAE) is responsible for the oversight and regulation of various financial entities, such as banks, moneychangers, finance companies, and other similar institutions. It establishes guidelines and rules to ensure compliance with anti-money laundering and countering the financing of terrorism (AML/CFT) measures. Moreover, the CBUAE conducts on-site inspections and takes necessary actions against entities that do not comply with the regulations.

                • Securities and Commodities Authority (SCA):

                  The Securities and Commodities Authority (SCA) is tasked with supervising market participants, including brokers, investment funds, and listed companies. It focuses on verifying that effective risk management systems are in place to safeguard the financial market’s integrity.

                • Dubai Financial Services Authority (DFSA):

                  Operating as an independent regulator of financial services in Dubai, the Dubai Financial Services Authority (DFSA) enforces AML/CFT regulations specifically for financial institutions within the Dubai International Financial Centre (DIFC). The DFSA maintains strict monitoring of compliance among these institutions. These regulatory authorities work in close coordination and share information to effectively combat money laundering and terrorist financing in the UAE.

                • Financial Services Regulatory Authority (FSRA):

                  The FSRA serves as the overseeing body for entities within the Abu Dhabi Global Market (ADGM), issuing essential rules and guidance pertaining to AML/CFT. Covering a range of aspects including risk-based methodologies, customer due diligence processes, the role of money laundering officers, record-keeping obligations, AML Annual Return filing, and more, FSRA’s AML Rules and Guidance provide comprehensive directives to ensure proficient management of financial crime risks by ADGM entities. Complementing these guidelines, businesses operating within or from ADGM are required to adhere to both the outlined AML rules and guidance and the Federal Decree-Law, collectively establishing a robust framework for AML compliance.

                • Ministry of Economy (MoE):

                  As the supervisory authority, the MoE plays a pivotal role in overseeing the ‘Designated Non-financial Businesses and Professions’ (DNFBPs) sector across the state and commercial free zones, with a focused aim on countering money laundering and terrorist financing. With a commitment to establishing a robust regulatory framework, the MoE fosters a secure environment for organizations and companies, aligning with global best practices. This effort not only enhances the state’s economic competitiveness but also nurtures a conducive business and investment climate. Prioritizing knowledge dissemination, training, and support, the MoE collaborates with various economic sectors to bolster the compliance and awareness of DNFBPs, contributing to a balanced and sustainable economic model. Internationally, the MoE aspires to elevate compliance with global standards, ensuring the nation’s economic reputation and prominence endure in global markets and across international partnerships.

                • Ministry of Justice (MoJ):

                  The Ministry of Justice assumes a crucial role in AML/CFT efforts, as evidenced by the stipulations of the Ministerial Decision No. (533) of 2019. Operating within the State, encompassing free zones and financial free zones, the MoJ extends its oversight to Designated Non-Financial Businesses and Professions (DNFBPs), specifically Lawyers, Notaries and Legal Independent Professionals engaged in various activities such as real estate transactions, fund management, company formation, and commercial entity transactions. While these entities must adhere to the AML/CFT provisions when conducting financial transactions or customer-related activities, certain exceptions apply, including cases involving legal assessments, representation, arbitration, and providing legal opinions. The MoJ collaborates with free zone authorities to ensure compliance and implementation, strengthening the regulatory landscape and upholding professional standards across diverse sectors.

                • Virtual Assets Regulatory Authority (VARA):

                  As of March 11, 2022, the enactment of Virtual Assets Law No. 4 of 2022 has significantly impacted the regulation of virtual assets within the Emirate of Dubai (excluding the DIFC). This law pertains to virtual asset services across Dubai, establishing VARA as the supervisory authority responsible for overseeing virtual asset service providers in both mainland and free zones, except the DIFC. Aligning with the law, VARA has introduced an extensive VASP compliance and risk management Rulebook, outlining obligatory frameworks for companies engaged in virtual asset services, particularly emphasizing AML/CFT measures.

                Significance of AML Compliance: 5 Essential Factors

                Highlighting the significance of AML compliance, there are five key reasons why financial institutions, DNFBPs, and VASPs in the UAE prioritize adhering to these regulations:

                Meeting Regulations

                To avoid hefty fines and penalties from regulators, it’s vital to follow strict AML rules. Not complying could even lead to legal actions against individuals within the organization.

                Changing Threats

                Criminals are getting smarter with technology, making them harder to catch. The rise of lone-wolf terrorists, cybercriminals, and e-commerce fraud highlights the need for strong AML practices.

                Protecting Reputation

                A company’s reputation is crucial. Not sticking to AML rules can seriously hurt its image and make customers trust less. Using effective anti-money laundering measures makes customers feel secure and improves the company’s image.

                Better Customer Experience

                Ignoring AML rules raises the risk of fraud, hurting customers with financial losses and less trust. Giving priority to AML compliance helps protect customers from bad experiences and makes them trust the company more.

                Fighting Financial Crime

                Despite efforts, financial crimes still threaten the financial system. AML compliance plays a big role in reducing these risks and keeping the financial world safe.

                 

                Fines for Non-Compliance

                Financial institutions that fail to comply with AML regulations not only risk substantial fines but also put their reputation at significant risk. Non-compliance can damage a company’s brand image and expose individuals within the organization to potential criminal liability.

                Regulatory authorities have imposed substantial AML-related fines worldwide, totalling billions of dollars over the past decade.

                To ensure the stability and integrity of the financial system, businesses must establish effective AML/CFT programs and remain vigilant against evolving financial crime threats.

                Embracing Tomorrow’s AML Compliance Landscape in the UAE

                Best practices for FIs, DNFBPs, and VASPs.

                • Regular review and updating AML/CFT compliance programs to keep pace with evolving regulatory requirements and financial crime threats.
                • Organizations can effectively manage AML/CFT risks and adhere to regulatory standards by maintaining up-to-date compliance programs.
                • Investing in technology and staff training is essential for equipping the workforce with the necessary skills to combat financial crime effectively.
                • Monitoring regulatory developments and adapting will enable businesses to stay compliant and avoid potential penalties.

                The Role of Collaboration and Partnerships

                • Building strong relationships with regulatory authorities and participating in industry forums can offer valuable insights and guidance on AML/CFT compliance best practices, helping organizations stay informed about emerging trends and challenges.
                • Financial institutions and businesses should engage with their peers and participate in industry initiatives to foster a culture of cooperation and learning.
                • By collectively strengthening their defences against financial crime, organizations can contribute to maintaining the integrity of the UAE’s financial sector.

                How HLB HAMT supports AML/CFT Compliance in the UAE

                HLB HAMT, the leading accounting and audit service provider in the UAE, specializes in AML/CFT compliance services. Our proven expertise enables companies to stay compliant and mitigate financial risks. By utilizing our comprehensive AML consulting services, businesses can minimize false positives, boost accurate identifications, and ultimately improve their overall compliance standing.

                For any related assistance and query, call our experts at +971 4 327 7775 or email dubai@hlbhamt.com to schedule a meeting.

                 

                 

                Would you like to rate us on Google?         

                 

                Varun R Chandra
                Varun R Chandra
                07:38 25 Apr 21
                HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
                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
                Next Reviews
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                The Role of Financial Due Diligence in making Investment Decisions

                Raghunath T, Director

                image

                HLB HAMT - Accounting Firm in UAE

                Phone:- +971 4 327 7775
                Mobile:- +971 55 807 4568
                WhatsApp:- +971 56 219 1607
                Email:- dubai@hlbhamt.com

                  Schedule a Consultation




                  In the dynamic and ever-evolving world of investments, the age-old adage “Look before you leap” holds particularly true. Whether you’re considering investing in a startup, real estate, stocks, or any other venture, due diligence emerges as the cornerstone of informed decision-making. Simply put, a Due Diligence is the rigorous process that empowers investors to assess risks, evaluate opportunities, and make sound investment choices.

                  In a growing market like the UAE, especially where there are newer and newer ventures, it is critical for investors to conduct thorough due diligence before making an investment decision. In this article, we delve into the importance of due diligence before investing in any venture, highlighting the ways it mitigates risks and maximizes potential returns.

                  There are several types of Due Diligence that investors typically undertake. This article focuses primarily on Financial Due Diligence and its importance.

                  Financial due diligence stands as a crucial pillar in the due diligence process, offering a comprehensive view of a potential investment’s financial health. It’s an investigative tool that goes beyond the surface, diving deep into financial statements, historical performance, and projections. In the realm of investments, this diligence proves invaluable, guarding against unseen risks and guiding toward profitable opportunities.

                  The benefits of conducting financial due diligence are as follows.

                  Risk Assessment and Mitigation

                  Financial due diligence is a risk management mechanism by uncovering potential pitfalls in an investment’s financial structure. By analyzing financial records, cash flow patterns, and debt obligations, investors can gain insights into potential areas of concern. This allows them to make informed decisions and either negotiate better terms or avoid committing themselves to investments that might expose them to undue financial risk.

                  Validation of Financial Records

                  By conducting a thorough Financial due diligence, an investor can independently verify the accuracy of financial records made by the target venture. This verification process prevents investors from falling victim to misleading financial information, which an untrained eye could often not spot. The financial due diligence will involve the following:

                  • Analyzing the target company’s audit reports.
                  • Management financials.
                  • Reading between the lines to ascertain the validity of the financial data.

                  Identification of Hidden Liabilities

                  A venture’s balance sheet may not always reveal its true financial standing. Hidden liabilities could mean potential lawsuits that have financial implications, contingent liabilities, or unrecognized expenses. There could also be non-performing assets, such as receivables and obsoleted inventories, that can significantly impact the value of an investment. Through financial due diligence, these hidden liabilities can be uncovered, allowing investors to make decisions with a clear understanding of the potential financial obligations they might inherit.

                  Insights into Historical Performance

                  Past performance often serves as a reliable indicator of future potential. Financial due diligence thoroughly examines a venture’s historical financial performance. This assessment helps investors gauge the consistency of revenue streams, profitability trends, and growth trajectories. Using this knowledge, investors can make well-informed judgments about the business’s ability to generate returns in the long run. Further, there can be further analysis done, such as an unhealthy level of dependence on key geographies, customers, suppliers, or even salespersons in some cases.

                  Projection Accuracy and Viability

                  Projections play a vital role in investment decisions, but they are only as good as the underlying assumptions based upon which they are built. An excellent financial due diligence scrutinizes the assumptions underlying future projections, assessing their reasonableness and alignment with market realities. This process ensures that investors base their decisions on well-grounded predictions, reducing the chances of unrealistic expectations.

                  Insights into Historical Performance

                  Past performance often serves as a reliable indicator of future potential. Financial due diligence thoroughly examines a venture’s historical financial performance. This assessment helps investors gauge the consistency of revenue streams, profitability trends, and growth trajectories. Using this knowledge, investors can make well-informed judgments about the business’s ability to generate returns in the long run. Further, there can be further analysis done, such as an unhealthy level of dependence on key geographies, customers, suppliers, or even salespersons in some cases.

                  Tailored Investment Strategies

                  Investors have diverse financial goals and risk appetites. Financial due diligence empowers investors to align their investment strategies with their objectives. Based on the insights from financial analysis, investors can optimize their portfolio allocation, deciding whether an investment complements their risk tolerance and desired returns.

                  Negotiation Leverage

                  Financial due diligence arms investors with a wealth of information that can serve as a negotiation tool. By identifying weaknesses or areas of concern in a venture’s financial structure, investors can negotiate for more favorable terms, pricing, or conditions. This strategic advantage can lead to better investment terms that maximize potential returns.

                  Preserving Reputation

                  Investment decisions impact not only financial outcomes but also reputation. Making uninformed investment choices can tarnish an investor’s credibility. Conducting thorough financial due diligence demonstrates professionalism and a commitment to responsible investing. This can safeguard an investor’s reputation and establish a track record of prudent decision-making.

                  Given the levels of uncertainty that exist despite the numerous opportunities that abound, financial due diligence is a powerful tool that empowers investors to uncover hidden risks, validate financial claims, and assess the true potential of an investment. By diving into financial statements, projections, historical performance, and underlying assumptions, a good consultant with expertise across various industry sectors can help investors make informed decisions to safeguard their potential investments.

                  For any related assistance or queries, call our experts at +971 4 327 7775 or mail us at dubai@hlbhamt.com

                   

                   

                  Would you like to rate us on Google?         

                   

                  Varun R Chandra
                  Varun R Chandra
                  07:38 25 Apr 21
                  HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
                  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
                  Next Reviews
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                  Start the conversation

                  Becoming a Digital Citizen: Embracing Learning and Development in the Workplace

                  Sumesh Krishna, Partner

                  image

                  HLB HAMT - Accounting Firm in UAE

                  Phone:- +971 4 327 7775
                  Mobile:- +971 50 749 0576
                  WhatsApp:- +971 56 219 1607
                  Email:- dubai@hlbhamt.com

                    Schedule a Consultation




                    The ever-changing digital landscape ensures that adopting innovative technologies in the workplace will always be necessary. Accountancy and finance professionals must maintain the right level of competence to be effective in their roles.

                    Data analytics emerged as a primary area for development across various fields of interest. The main obstacles to maintaining digital skills were perceived lack of time, insufficient resources, and limited opportunities for continuous learning.

                    There no reason why developing these skills would be challenging for Individuals. The digital realm is often regarded as confusing, and the wide range of topics that need to be covered can appear daunting. Nevertheless, it is essential to recognize and seize the available opportunities to make the most of them.

                    The Challenge of understanding the Business

                    • Technology plays a significant role in the responsibilities of finance professionals, regardless of their specific roles. We must be proficient in using and applying relevant tools in our work.
                    • As businesses increasingly utilize technology to gain a competitive edge, it is vital to understand the importance of using it correctly and the impact on financial and operational processes.

                    Confidence is required in three key areas:

                    1. Ensuring the data used by the organization is complete, accurate, and exists.
                    2. Familiarity with the tools available for analyzing the data and understanding the organization’s business model to contextualize the analysis within its strategy is essential.
                    3. The key to developing our digital competence is a clear understanding of how technology and data are employed in the business.

                    Successful finance professionals will integrate their digital skills with accounting expertise, ethical judgment, and business acumen.

                    • The successful individuals in the future will be determined by their capacity to establish an efficient operating model that aligns with the organization’s core competencies.
                    • As accountants and finance professionals, we must comprehend the organization’s capabilities and effectively utilize our skills to assess how these capabilities are utilized in executing the strategy.

                    Seizing the Developmental Opportunities

                    The digital quotient combines skill (knowing how to do something) and knowledge based on facts (understanding how to gain commercial advantage, for instance). There is no single developmental path that can address both objectives.

                    • Possessing a curious mindset towards innovative technologies and embracing the opportunities available, including learning from colleagues in your workplace, is essential.
                    • One potential approach is to identify a few trusted organizations or individuals whose opinions you value and actively follow the insights they develop. This approach helps you to develop an understanding of trends and focus on the areas that are relevant to you.

                    There have been two notable periods of increased understanding of business processes.

                    • The first occurred with implementation of the first generation of ERP applications in the late 1980s.
                    • The second was prompted by the Sarbanes-Oxley Act of 2002, which emphasized internal control and processes. While control documentation has been maintained, the intrinsic comprehension of processes and data flows has been lost.

                    For finance professionals, digital transformation presents an opportunity to regain the knowledge of processes and data that was lost. It allows us to maximize our understanding of processes and data to serve our organizations better.

                    The Generational Divide

                    The reality is that the workforce is experiencing an ageing population. Fertility rates are declining, and in some developed economies, the fastest-growing segment of the workforce is the over-55 age group.

                    When technology is discussed, it often involves assumptions about generational differences. One common assumption is that younger generations are naturally more technologically literate, while older individuals struggle to understand the digital world. While these assumptions may have some truth, they overlook a more considerable challenge.

                    • The potential challenge for older individuals is that they may be perceived as less adaptable than younger people. Older workers may find themselves comparing their technological comfort with the younger generation, who are more at ease with consumer technology.
                    • As technology continues to evolve, it remains crucial for individuals to learn and develop new skills throughout their careers continuously. It doesn’t imply that only technologically adept individuals from older generations drive transformations.

                    It is impractical for each generation to rely solely on succeeding generations to master the latest software and innovations. As a profession, we must provide relevant learning opportunities to enable individuals to reach the required performance levels.

                    Five sectors of Future Career Opportunity in Accountancy

                    1. The Assurance Advocate

                      The role of the assurance advocate is to enhance trust and integrity within organizational operations. They may concentrate on enterprise risk management, promoting transparency, and understanding emerging issues that impact business performance.

                      Additionally, they are at the forefront of shaping future audit practices as digital tools and technologies. They may even be responsible for auditing algorithms in the future.

                    2. The Business Transformer

                      On the other hand, the business transformer serves as the driving force behind organizational change. They are responsible for leading significant business change initiatives or transforming finance operations.

                      They may also lead innovative smaller accountancy firms specializing in transforming client businesses. Furthermore, they might explore expanding their careers in external advisory services driven by technological innovation and economic growth.

                    3. The Data Navigator

                      The role of the data navigator revolves around being a valuable business partner. They recognize the immense opportunities presented by the expanding realm of data and leverage emerging technologies and analytical tools to drive insights that lead to tangible business outcomes and effective financial management.

                      They advocate for utilizing diverse and comprehensive data sets and employ smart data to produce forward-looking analysis that supports decision-making processes.

                    4. The Digital Playmaker

                      On the other hand, the digital playmaker is an enthusiastic proponent of technology. They envision the transformative potential of emerging digital tools within their organizations. They actively promote technology adoption and advocate for effective data governance practices.

                      They may specialize in digital implementation programs or possess expertise in specific finance and business technologies. The digital playmaker understands that in today’s global economy, digital transformation is crucial for the long-term sustainability of organizations.

                    5. The Sustainability Trailblazer

                      The role of the sustainability trailblazer is centred around performance management within the organization, with a specific focus on sustainability. They are responsible for establishing frameworks that capture, evaluate, and report on activities that generate value in transparent and meaningful ways for external stakeholders.
                      They spearhead the transformation of management accounting practices to align with a multi-capital world, considering various forms of value beyond just financial aspects.

                    Developing Your Digital Quotient

                    As finance and accountancy professionals, we must consistently invest in our digital skills to capitalize on the available opportunities. Our strong technical background obtained through qualifications is always relevant to our work. However, mastering digital skills in a rapidly changing world is ongoing. While embracing emerging technologies, we should exercise caution and not be swayed solely by their promises.

                    • When developing our digital skills, especially in emerging technologies, it is crucial to cultivate initial awareness during the enthusiasm phase.
                    • However, we must also avoid heavy investments until the reality phase.
                    • Failing to recognize this exposes us to the risk of becoming overly committed to emerging technologies that may ultimately prove less beneficial than anticipated.

                    As a Professional

                    As professionals in accountancy and finance, continuously enhancing their digital proficiency in separate domains is essential.

                    • Firstly, they need to assess the significance of the digital environment in their work setting and comprehend how technology is employed to execute business strategies – in the digital context.
                    • Secondly, they should acquire and apply specific skills relevant to the technologies utilized by their organization – digital applications.
                    • Additionally, it is crucial to acknowledge emerging technologies as a third category.

                    Collectively, these two domains encompass a blend of knowledge and skills, necessitating distinct personal development strategies for each.

                     As a Manager or Leader

                    As a manager or leader, it is crucial to consider how you can develop and acquire these skills. Additionally, a successfully transformed organization should foster a culture of innovation and curiosity.

                    This aspect is equally important throughout the profession, alongside the ability to comprehend the digital landscape within any given role. Some elements of such a culture include:

                    • Promoting collaborative work across various functions and geographical locations.
                    • Recognizing and rewarding individuals for generating new ideas.
                    • Recognizing and rewarding individuals who embrace an agile mindset, being open to testing and adapting.
                    • Granting autonomy to employees in making business decisions.

                    Establishing a strong digital culture within the organization is imperative for effective leadership. Regardless of age, context, or performance level, it is essential to acknowledge and reward progress.

                    HLB HAMT to Assist!

                    HLB HAMT is an independent member firm of HLB International, UK. It is one of the top 10 global advisory and accounting firms. With over 23 years of industry experience and an impressive client base of over 3,000 organizations, HLB HAMT offers expert guidance and assistance to navigate the complexities of today’s dynamic business landscape.

                    Our audit procedures are tailored to client operations and reporting requirements, specifically focusing on each business and industry. The experience of the audit team, covering many industries and service sectors, enables us to focus on critical areas of risk, adequacy of internal controls, and potential areas of fraud.

                    For any audit-related queries or assistance, reach out to audit@hlbhamt.com

                     

                     

                    Would you like to rate us on Google?         

                     

                    Varun R Chandra
                    Varun R Chandra
                    07:38 25 Apr 21
                    HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
                    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
                    Next Reviews
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                    Internal Audit Outsourcing in UAE

                    Reema Muneer

                    image

                    HLB HAMT - Accounting Firm in UAE

                    Phone:- +971 4 327 7775
                    WhatsApp:- +971 56 219 1607
                    Mobile:- +971 55 807 4568
                    Email:- dubai@hlbhamt.com

                      Schedule a Consultation




                      Introduction to Internal Auditing

                      An organization’s internal audit department has as its main goals assessing and enhancing the efficiency of internal controls, risk management, and governance procedures. It is a separate, impartial operation created to offer consulting and assurance services to the organization.

                      Assessing the efficacy and sufficiency of internal controls and risk management systems is the main goal of internal audit. Internal auditors look at and assess different aspects of the company, including its:

                      • operations
                      • financial systems
                      • adherence to internal rules and procedures, and
                      • compliance with laws and regulations.

                      They seek to pinpoint operational inefficiencies, possible risk factors, and growth prospects.

                      Key aspects of Internal Audit

                      • Independence

                        It is important for internal auditors to be impartial towards the areas they are auditing. This independence guarantees their evaluations’ objectivity and impartiality and enables them to offer unbiased evaluations of controls and procedures.

                      • Scope of Work

                        The objectives, hazards, and regulatory requirements of the organisation are used to set the internal audit’s job scope. It includes a wide variety of tasks, including financial controls, operational procedures, adherence to legal and regulatory requirements, information technology systems, and strategic initiatives.

                      • Risk Assessment

                        Risks inside the organisation are evaluated and prioritised by internal auditors. This entails identifying possible hazards, assessing their potential effects, and figuring out how likely it is that they will occur. Internal auditors concentrate their attention on the areas that are most important to the organization’s goals with the use of the risk assessment.

                      • Audit Planning

                        Internal auditors develop a comprehensive audit plan based on the identified risks and objectives. The plan outlines the scope, objectives, methodology, and timelines for the audits to be conducted. It serves as a roadmap for executing audit engagements effectively and efficiently.

                      • Testing and Evaluation

                        To evaluate the efficiency and effectiveness of controls and processes, internal auditors conduct testing and assessment methods.

                        Analysing data, conducting interviews, reviewing paperwork, and doing sample testing are some of the methods used by internal auditors. The goal is to evaluate if controls are correctly designed and working to reduce risks.

                      • Reporting

                        After completing audits, internal auditors communicate their findings, observations, and recommendations to management and relevant stakeholders. Audit reports highlight areas of strength, weaknesses, and opportunities for improvement. They also provide recommendations for enhancing controls, mitigating risks, and improving operational efficiency.

                      • Follow-up and Monitoring

                        To make sure that management has taken the proper action, internal auditors monitor the execution of their recommendations. They could carry out follow-up audits or evaluations to gauge how well the adopted measures are working. This constant observation enables us to make sure that problems discovered during audits are properly handled.

                      What is outsourcing of Internal Audit services?

                      Outsourcing of services refers to the practice of contracting and delegating specific tasks, functions, or processes to an external service provider. This allows organizations to leverage the expertise and resources of external entities to perform certain activities, rather than handling them internally.

                      Outsourcing Internal Audit Services in UAE: An Overview

                      In the United Arab Emirates (UAE), outsourcing of internal audit services refers to the practice of engaging an external firm or service provider to conduct internal audit activities on behalf of an organization. Instead of establishing an in-house internal audit department, organizations opt to outsource this function to a specialized external firm.

                      Outsourcing internal audit services in the UAE offers several potential benefits, such as:

                      • Expertise

                        Through outsourcing, businesses may access the specialised knowledge and abilities of qualified auditors with expertise in a range of fields and sectors. These outside specialists can offer a fresh perspective or viewpoint and in-depth knowledge of best practices in internal auditing.

                      • Cost Efficiency

                        Compared to keeping an internal audit department in-house, outsourcing might be a more affordable option. Companies can cut expenses connected with internal teams’ hiring, training, compensation, perks, and infrastructure. The costs of outsourcing are frequently more adaptable and predictable since they depend on the nature of the task.

                      • Flexibility and Scalability

                        Internal audit services may be scaled according to the demands of the organisation when they are outsourced. The external service provider may set aside extra resources during times of heightened audit activity to fulfil the demand. On the other hand, organisations can change the amount of outsourcing as audit needs drop.

                      • Access to Technology and Tools

                        External audit firms often possess advanced audit technology and tools that may be cost-prohibitive for an organization to acquire on its own. By outsourcing, organizations can leverage these resources without the need for significant upfront investments.

                      • Independence and Objectivity

                        The auditing process may become more impartial and independent by outsourcing internal audit services. External auditors can offer a more objective assessment of controls, risks, and governance practises since they present an unbiased viewpoint free from potential conflicts of interest.

                      • Compliance and Regulatory Expertise

                        UAE external auditors are knowledgeable about regional laws, rules, and corporate governance norms. Organisations may gain from the experience and direction of experts who are familiar with the unique compliance standards in the UAE by outsourcing internal audit services.

                      While outsourcing internal audit services in the UAE organizations should carefully consider factors such as:

                      • reputation and experience of the service provider,
                      • confidentiality and data security measures,
                      • service-level agreements, and
                      • the ability to maintain effective communication and coordination between the external auditors and internal stakeholders.

                      Conclusion

                      To conclude we can say that outsourcing internal audit services in the UAE can be a strategic choice for organizations seeking to optimize their resources and gain access to specialized expertise.

                      It offers;

                      • cost-efficiency
                      • flexibility
                      • independence, and
                      • compliance advantages.

                      However, careful consideration of service providers, confidentiality, and effective communication is essential to ensure a successful and productive outsourcing arrangement.

                      HLB HAMT offers internal audit services in UAE with:

                      • We provide management advise on how to create a safe and efficient internal control environment.
                      • We highlight the risk and the applicable recommendation for operational and financial issues.
                      • Aiding to match business goals with operational strategy and risk performance indicators.
                      • Reviewing and analysing key structures, systems and practises that enable sound corporate governance.
                      • Assisting management for developing and deploying efficient and focused business practices.

                       

                       

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                      Varun R Chandra
                      Varun R Chandra
                      07:38 25 Apr 21
                      HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
                      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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