Member Spotlight
In your opinion, what is the future for the accounting profession?
As far as audit profession is concerned, the amount of regulatory changes and enhanced requirements currently envisaged within the Audit landscape of UAE means the audit profession in the country is set to change. For example, the recent announcements by Abu Dhabi Accountability Authority (ADAA), calling for mandatory rotation of auditors every four year, confirms the same. The country is taking progressive measures to include SME sectors under the scope of financial audit, which is a welcoming act for the profession.
The country being successful in implementing its first indirect taxation system, VAT, in 2018, is now working on expanding the taxation system and improving its administration on the lines of global best practices. These brings about a myriad of opportunities for finance professionals to serve clients in their VAT related concerns.
The recent developments in the compliance domain also has opened doors for finance professional. Especially considering the fact that UAE approved its new Anti-Money Laundering (AML) laws in 2019. This is considered as a major law and regulatory transformation in the country increasing the scope of work in the advisory sector
What is your growth strategy?
Quality over quantity is the prime strategy that MIM International Consultancies believes in. The objective of the firm is to provide high end professional services and solutions to clients without digging a hole in their pockets.
MIM considers its human resources as its most valuable asset. Hence retaining and developing top notch professionals in the areas of audit, accountancy and advisory domain is considered a major catalyst in the growth of the firm.
Another key growth strategy is joining alliance with major international networks, such as BOKS international. The idea is to grow beyond geographical boundaries and to effectively and efficiently utilize the synergies of MIM and the network to create value additions to clients, the network and MIM.
Where do you see your firm 5 years from now?
We aim to be globally recognized leading professional Audit and Advisory firm in the MENA bringing real value to our clients, investing in our people and supporting our communities.
We are also planning to open our branch in Cairo –Egypt, currently we are in the process of recruitment to find the professional staff who are going to conduct our services in Egypt.
What is your biggest challenge?
One of the many challenges faced by accounting and auditing fraternity is to do with technology. While technology is a boon in so many aspects, latest developments such as data analytics and robotic automation is proving to be a challenge and threat at the same time.
Data analytics allows extraction and processing of huge volumes of data from both inside and outside the organization, delivering insight into measuring what is happening in the business and market. This results in making predictions aiding major business decisions. What was once called as the -expertise of an auditor- is increasingly being replaced with powerful data analytic tools.
What business advisory services do you offer?
We offer a wide range of business advisory services such as: Tax Consultation, Corporate Governance, Feasibility Studies & Market Studies, Business Valuation, Business Plan, Performance Improvement
What was your main driver for being part of BOKS International?
To become part of a global organization which will allow us to expand into the international arena and interact with other member firms all over the world to share knowledge and expertise.
Where do you see BOKS International 5 years from now?
We believe and aim that BOKS International will become one of the Top 10 in Audit & Accountancy.
How would you describe your typical client?
Since MIM International Consultancies offer a variety of professional services such as conducting audits, book keeping, feasibility studies, business valuation, arbitration, performance management and business development, developing business plans, corporate governance, etc., to name a few, we serve clients belonging to a wide array of industries.
However, typically our clients are based out of UAE. We have a strong portfolio of clients providing support services to the government of UAE across various government sectors. On a regular basis, we deal with clients working in the construction, manufacturing, services, information technology, real estate, retail and hospitality industries.
Tell us about a recent international assignment
Recently we successfully conducted a feasibility study for a firm based out of Saudi Arabia. The study was conducted to test the feasibility of starting a binding metal wire factory catering mainly to the GCC market.
The study involved extensive market research and analysis. Various primary and secondary forms of data collection were devised by our professionals as part of the assignment. It was an extensive study where we conducted feasibility across financial, legal, technological, operational and economic domains of the proposed business idea. Advanced financial modelling techniques were used to project the financial information of the proposed company for better analysis and decision making.
How do you target clients who are looking for international services?
As mentioned earlier, the strength of MIM International Consultancies lies in its human resource. Since dealing in the consultancy sector, we ensure we are at the top of our game through our team of well qualified professionals with dynamic and multi-cultural work experiences. Professionals at MIM International Consultancies are alumni of reputed educational institutions and members of international professional bodies such as CMA, CPA, CIA etc. Hence our major pitch to clients looking for international services would be the availability of an in-house team of knowledgeable and skilled professionals.
Since MIM International Consultancies is and has connected with various international networks, those references and connections could aid us in serving the international requirements of a client.
Do you specialise in a particular sector or service?
We are specialists in Feasibility Studies and Corporate Governance Models.
