As UAE is shifting to a solid regulated business regime, tremendous strategic changes are required to comply and benefit from this UAE vision. Lima will assist you in all compliance aspects including, Economic Substance Regulation (ESR), Country By Country Reporting (CBCR), Ultimate Beneficial Ownership (UBO), Anti Money Laundering (AML) procedure, Tax Residency Certificate (TRC) etc.
How Lima can help you
The audit on Legal compliance is an assessment of a company’s processes and methods to gauge how well the company complies with applicable laws. A legal audit allows management to analyze, prioritize and predict the most crucial matters that could potentially distract management from its focus on the business.
Depends on purposes and nature of services Lima design and apply separate compliance audit programs and tools.
Lima strength and experience
As a practitioner of taxation, audit, assurance and compliance audit team of Lima is experienced in all fields of its analysis. The compliance audit report designed for legal and statutory compliance is using as a reference material by most of the audits. The governance compliance report will be set as a bench mark for the operation and management of the business. The responsibility account chart is key take away.
Compliance can seem to present organizations with a predicament in which they are liable for penalties whether they work to comply or not. Deficiencies discovered in a regulatory audit may be subject to fines. However, any deficiencies that are not discovered in an audit may still subject an organization to a third-party lawsuit. Deficiencies disclosed in self-auditing and self-reporting can still garner significant penalties.
A compliance audit is the type of audit service that their performance or procedure is mainly focusing on whether the entity complying with local law, regulation, and related rule.
A compliance audit also reviews whether an entity complying with internal rules, regulations, policies, decisions, and procedures.
Fail to comply with the internal policy and procedure might lead to serious fraud.
Lima works the compliance audit not to the purpose only. It ensures compliance with regulations and controls by examining and analyzing records, reports, operating practices, and documentations recommending opportunities to strengthen the internal control structure. Verifies assets and liabilities by comparing items to documentation.