Comprehensive Audit & Accounting Services by Xact Auditing

Business Services

🎯 Client Background The client is a growing multinational firm based in Dubai, offering marketing and consulting services across the GCC region. As the company expanded, they faced challenges with accurate financial reporting, VAT compliance, and preparing for UAE Corporate Tax regulations. They approached Xact Auditing to streamline their accounting operations and conduct a statutory audit in line with International Standards on Auditing (ISA) and IFRS compliance.

What was the main challenge in this project?

🧩 Challenges Disorganized historical financial records No structured monthly bookkeeping Incomplete reconciliation of bank transactions VAT returns filed without proper documentation trails Limited internal understanding of corporate tax obligations

What was your solution or approach?

🛠️ Xact Auditing’s Solution 1. Accounting & Bookkeeping Setup Created a clean and structured chart of accounts aligned with IFRS Reconstructed prior months’ records using bank statements and available invoices Implemented a monthly accounting workflow for real-time visibility 2. VAT Review & Rectification Reconciled previous VAT filings Corrected input/output mismatches Ensured supporting documentation for all VAT transactions Submitted accurate VAT returns for the latest quarters 3. Corporate Tax Readiness Evaluated tax implications under the new UAE Corporate Tax regime Re-classified revenue based on economic activity Updated the business activity code in the FTA portal Submitted corporate tax registration and prepared financial data accordingly 4. External Audit Conducted a risk-based audit in compliance with ISA Reviewed client internal controls and financial practices Issued a clean audit report submitted to regulatory bodies and stakeholders