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Internal Frauds and Internal Financial Misappropriation in Businesses
Businesses have been flourishing in the UAE for the past many years, thanks to the strong fundamentals of the nation’s economy, attractive return on investments and growing economic signals that have made small to big entrepreneurs expand their businesses. As the businesses grow wider with multiple branches / outlets / business verticals, controls become tougher and give birth to financial leakages, internal frauds and fund misappropriations. When the cash flow is highly positive and business is on the rise, these leakages go unnoticed. COVID 19 period was the time when many of the businessmen realized bottlenecks in cash flow. The […]
Urgent Esr Compliance Test for Uae Businesses : Mof Portal Now Active for 2019
The UAE Ministry of Finance has updated its ESR requirements with regard UAE companies & the filing portal is LIVE now. This requirement continues the UAE’s meeting of the global standards set by the OECD on Harmful Tax Practices. As per the Ministerial Decision no 100 of 2020 On the Issuance of Directives for the Implementation of the Provisions of Cabinet Decision No 57 of 2020 concerning Economic Substance Requirements, also usefully provide a detailed guidance around what constitutes a “Relevant Activity”. Penalties for Non-compliance of ESR filing has been stipulated ranging from 20,000 dhs to 50,000 dhs and further […]
Internal Frauds and Methods to Contain
As the businesses grow wider with multiple branches, outlets or business verticals, controls become tougher and give birth to financial leakages, internal frauds and internal financial misappropriations. We had listed the most common reasons for such internal frauds in businesses, found through our audits and experience and we are suggesting some methods to manage it. 1. Lack of Financial Controls, No Accountants or Accounts Not Maintained Managing correct books of accounts is the first and most critical thing to have financial control. Many of the small businessmen feel that they are in complete control of their finances even without maintaining […]
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