This UAE accountancy and advisory firm provides services ranging from auditing to forensics
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This UAE accountancy and advisory firm provides services ranging from auditing to forensics

This UAE accountancy and advisory firm provides services ranging from auditing to forensics

Khalid Farooq and Farhan Ali are at the helm of Resilience which provides a range of finance and IT services to several public and private sector businesses

Resilience

What is your core business and scope of advisory services at Resilience?
We cover a range of services in Resilience which includes financial advisory, forensic and dispute services, and audit and accountancy services too. We also cover IT services which include ERP implementation and migration.

Could you give us an overview of the clients you work with most often?
Our clients are from both the private and public sectors. Previously, they were inclined towards engaging with big names. However, we are seeing a shift in the region now. We do quite a bit of work with our clients based in most of the GCC countries. We are planning to expand into Europe in the coming years.

What does it take to be within the forensic and cybersecurity services business?
Both require a special skill set. They aren’t only acquired by education and degrees. It requires several years of experience, and most individuals who are involved in forensic reviews are those with over a decade of forensic services experience among other skills.

Are companies in the region able to combat the new wave of cyberattacks that have accelerated since the start of the pandemic?
The public sector engages cybersecurity experts on an ongoing basis to carry out penetration testing and to ensure systems are intact. We are engaged with them quite frequently throughout the year to conduct cybersecurity reviews and IT audits. Among the private sector, we have found that many of them are not very aware of threats within cyberspace, and there is definitely a need for greater awareness to make them aware of the continuous threats they face.

As an accountancy firm, what are some of the UAE’s latest anti-money laundering laws that companies will now have to comply with?
We have to comply with most legislation put in place by the Central Bank with regards to financial crimes. Recently, a reporting platform has been rolled out to all companies called GoAML which was introduced to adhere to money-laundering legislations that have been put in place to ensure the utmost transparency in financial transactions. As an accounting and advisory firm, we have an obligation to ensure that any suspicious activity is reported immediately to the authorities.

What are some of the global best practices in accountancy and advisory that you would like to implement at Resilience?
Our firm likes to lead by example. We have implemented global practices within the firm which have been benchmarked with the global practices. We would however like to implement artificial intelligence platforms within our systems in a fully integrated manner.

What are some of the biggest concerns you have for your business?
While some companies understand the potential of firms out of the global arena, we still face a lot of lost opportunities due to brand bias. This is a major challenge that we face. We are hoping this changes in the future.

What are your expansion plans?
We are planning to expand into Europe, hopefully by 2023 or the last quarter of 2022.

For more details, visit www.resilienceuae.com 

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