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Consequences of Ignoring Audit Report Notices in the United Arab Emirates

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Consequences of Ignoring Audit Report Notices in the United Arab Emirates

May 29
21:36 2020
Consequences of Ignoring Audit Report Notices in the United Arab Emirates
Whenever you commit a major or minor mistake in your audit report, the audit notices are sent to you for one reason or the other. The main reason behind these notices is to review the financial statements of the company.

Several people ignore the notices like they never got it. That’s the biggest mistake of all time. A lot of them get worried as well. That’s not how things work. If you have been sent a notice, you should take a step to make things right for you. Hiding from the sights of the authorities wouldn’t do any good to you. If you want to get rid of your problems, you should first face them to come up with a better solution.

If you think that you will be able to get away with the IRS even if you avoid the notices of audit from it, you are so not right. There is no way you can get rid of the authorities. If you haven’t claim your finances righteously, they would surely catch you and you will be held answerable for every mistake you commit.

Audit notices

When a person submits all the reports formed by the auditors in UAE of his company to the authorities, the authorities or we can say IRS checks it all thoroughly so that the taxes may be collected in the right manner. If they see any mistake in the documents, they contact back the applicant for the review of all the records.

A person is sent with different notices. The only thing that is demanded form him is acting upon them.

First notice

When IRS finds out any problem with the financial statements or the records of the company, they right away send a notice to the person. The person who gets the notice is supposed to act on it. A lot of people start ignoring it so that they may avoid the charges. This is not how it works. If a person doesn’t respond to the first notice, the second one gets its way through it.

Second notice

Once the person doesn’t respond to the first notice, within some week the second notice is sent to the person. The basic aim of the second notice is to arrange a meeting so that the records of the company can be reviewed. If the person still turns a deaf ear to all the notices, he may get penalized or even imprisoned.

Legal matters are not that easy to handle. If you think ignoring them would let you go through them, you are wrong. That is why you should not only respond to the notices on time but should also make sure that you do not make any mistake in your audit reports by company’s auditors in UAE. If you do, the consequences will be real and you would not want to handle them.

For those who commit the mistakes unintentionally, they should not worry about anything because there is always a room for betterment. Do not worry even if you get the notice. The things will start making sense for you in no time. Click here for more details.

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