In this episode of FinTalk, Ivan Jesus, Founder and CEO of Finalytics, sits down with Saif Al Hathboor, CPA, Manager at the Financial Audit Authority, who previously spent six years as a senior auditor at PwC. Together, they explore how sound bookkeeping, governance and auditing can help UAE businesses prepare for a changing regulatory environment.
Key takeaways
Keep financial records accurate
Saif says incorrect bookkeeping and misapplied accounting standards are common problems. Errors can affect financial reporting, business decisions and confidence in a company’s numbers.
Governance starts at the top
Effective oversight and a strong tone at the top help keep financial decisions aligned with the company’s interests. Saif highlights that weak board oversight can allow conflicts or pressure to meet targets to distort reporting.
Choose an auditor for value
Saif sees auditors as partners in improving governance and internal controls, not simply as people who catch mistakes. He also recommends making proper use of accounting software and speaking with auditors before the audit begins.
Look beyond the profit and loss
Saif advises leaders to understand the profit and loss statement, balance sheet and cash flow statement. Together, they help show profitability, financial position, liquidity and how money moves through the business.
“The future belongs to those who adapt, so if you're not flexible and your systems are not flexible, then your business is not either.” Saif Al Hathboor
Why it matters for founders
For an owner-led SME, reliable records and clear financial oversight make it easier to meet compliance requirements and make sound decisions. Understanding the balance sheet and cash flow, as well as profit, can help you spot problems before they become harder to fix.
Our take
An audit should never be the first time anyone checks the numbers. The businesses that get through cleanly have books closed and reconciled every month, so the auditor confirms what's there instead of discovering what isn't.
See it in practice: Books rebuilt, audit-ready (leisure and entertainment case)
Watch or listen
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