Statutory Audit In Dubai
Statutory audit in Dubai, UAE
Beyond Numbers is a recognised form for statutory audit in Dubai, United Arab Emirates, method. You can satisfy the regulatory requirements for auditing and have a fair and thorough study of your company’s finances with the assistance of our qualified statutory auditors. Statutory audit reports assist in building trust and dependability and assist clients in deciding whether to begin doing business with a particular organisation.
How does a statutory audit work?
At Beyond Numbers, we put a lot of effort into giving a superior audit service. We get to know each client’s business through and out and provide proactive guidance and insight that goes above and beyond the minimum standards. While maintaining a rigorous approach, we will verify papers, repeat computations, send questionnaires, surveys, and checklists, as well as assess and report on controls and systems. Our goal is to have the least possible impact on your day-to-day operations. In the end, this is a good procedure that ensures best practices and an organisation’s future expansion.
A statutory audit is what?
A statutory audit is, to put it simply, an evaluation of a company’s or institution’s financial records conducted by an outside party. The auditor’s responsibility is to report on whether or not an organisation’s financial statements are ‘true and fair’ and comply with all applicable regulations or legal requirements. In turn, this enables businesses to mitigate risk and make long-term plans.
Following the failure of well-known companies whose audits have been questioned, the government has recently advocated for change in the auditing industry. It goes without saying that it is crucial for auditors to identify and report on any concerns that arise during the auditing process so that any flaws with the business may be fixed. Beyond Numbers, we collaborate with clients to deliver efficient audits on schedule and to the highest statutory standards.
What legal standards must your business meet for an audit?
Companies, both domestic and foreign, must audit their financial records. International businesses are required to submit their financial reports to the UAE-based branch of their business. Contracts, bank statements, financial instruments, and legal documents are among the documents that the auditors may request for inspection. The company is required to keep the reports and documentation for a minimum of five years. For businesses that file for bankruptcy or are liquidated, the auditors deliver a liquidation report along with their revised financial accounts.
Learn more about the auditing services offered by Beyond Numbers.
We have many years of expertise performing both statutory and non-statutory audits as a top team of chartered accountants. Please get in touch with us if you want detailed guidance on this matter, including if your company qualifies for government exemption.