M&M Al Menhali Auditing is at the forefront of improving the quality of the external audit. External audits are mandated in UAE in certain free zones, in certain cases where the companies have taken any facilities from banks, multinational companies having their subsidiary or branches requiring audits etc... The firm combines international accounting standards with the local knowledge of the legal frameworks. Our audit process is rooted in a close and sound understanding of the client, the business and its environment. Our Audit emphasizes planning and conducting the work in accordance with International Standards on Auditing (lSAs) pronounced by International Auditing and Assurance Standards Board (lASSB) under the International Federation of Accountants (IFAC) and applicable requirements of the UAE laws, determining the key risk areas and issues critical to the audit and communicating results with suggestions to management.
M&M Al Menhali Auditing professionals are fully equipped to provide internal audit solutions which primarily include reviewing controls established by the management, reviewing accounting records for transactions and suggestions for continuous improvement in controls and best practices as laid down by international standards for the professional practice of internal auditing.
Special purpose audit are conducted by our trained staff based on the specific requirement of the management of the company. This might involve specific areas/ departmental transactions to be investigated, specific business deals. Special purpose financial statements prepared in accordance with special purpose framework are designed to meet the financial needs of specific users according to the International Standards on Auditing.
Our accounting services include, computerized accounting of all business transactions to assure that the accounts are prepared in accordance with International Financial Reporting Standards issued by the IASB, interpretations issued by the IFRIC and applicable requirements of the laws of UAE. We do reconciliation of accounts, periodical management accounts and reports and preparation of periodical financial statements.
Indirect tax consultancy is provided through our sister concern MSM Tax consultants registered under Department of Economic development
In the year 2017, a member state of the Gulf cooperation council ('GCC') namely, United Arab Emirates ('UAE'), The kingdom of Bahrain, The kingdom of Saudi Arabia, The Sultanate of Oman, The State of Qatar and the State of Kuwait agreed to implement the common VAT agreement among the member state. Pursuant to this, UAE passed the landmark federal law no (7) of 2017 for tax procedure followed by federal law no 8 of 2017 on VAT and cabinet decision no (52) of 2017. The UAE vat law mandates for registration under VAT in case of vatable revenue being more than AED 375000. More details on vat are available in our resource section.
M&M has developed expertise and team with qualified members to provide necessary support to the business community in UAE as TAX consultancy and services like VAT accounting processes, online payment methodology, record maintenance, audits, selection of software and staff training programmes.
Federal Law No. (7) Of excise is a selective tax, which sets the foundations of tax procedures, tax implementation, tax rates, tax obligations, cases of tax exemption, as well as procedures and rules of tax registration and cancellation. The law also stipulates selective tax procedures to be implemented for each designated area, as well as rules and regulations with regards to cases of transfer of selective goods within designated zones, the general framework of calculation of tax and tax deductions. The law specifies the tax period, tax declaration, tax payment mechanisms and tax evasion and penalties. These procedures have come into effect from 1 October 2017.
M&M group has been providing different services to companies registered under Securities and Commodities Authority and Dubai financials service authority as Internal auditors, compliance services, disciplinary officer services and Risk officers. We have developed expertise in assisting clients in verifying documents under Anti Money Laundering services, FATCA applications etc.
We assists client in setting up of companies in UAE
Liquidation of companies.
The decision makers of any organization conduct a feasibility study for the assessment, analysis and evaluation of costs and benefits of a potential project or endeavour. A properly conducted feasibility study will provide immeasurable value in assessing the upside potential and downside risks for the stakeholders and help the organization make a more educated decision on the implementation of the project, under review / consideration. Sensitivity studies involving various possible future scenarios are considered and included in a feasibility report. The studies conducted, outline alternatives and highlight new opportunities as well as, address matters that can adversely affect the organization. Our offerings include Financial Feasibility Study, Project Feasibility Study, Transaction Feasibility Study, Market Feasibility Study, business consulting services and vetting of available project studies, to provide an independent professional opinion on the same. Business valuation for assisting business owners in understanding the value of the business, done through various methods based on International valuation standards by International Valuation Standard Council.
Through Our Affiliate Company
We also carry out feasibility studies for companies facing financial stress and underperformance or crisis and deliver restructuring solutions designed to build a platform for swift recovery and sustained future success. We provide revitalization options; develop a plan of action in partnership with management, creditors, and other stakeholders; and mobilize the resources required for effective implementation.
Our goals are to rebuild trust between the business and its financial stakeholders and to develop a detailed, targeted action plan for business improvement, simplification or divestment which involves:
Our team has extensive experience in helping to formulate restructuring plans, negotiate with all stakeholders to obtain the necessary buy in, and implementing the plan either as Monitoring Accountants or as formally appointed Judicial Managers or Scheme Managers.
As part of our feasibility exercise, we suggest the appropriate zones, emirates, forms of companies as to where and how the companies can be set up.