Are your company’s financial statements accurate and fair? How do you find out?
Well, a statutory audit is one that helps define a fair and accurate representation of your financial position. It is determined by looking at bank balances, bookkeeping records, financial transactions, and more. A statutory audit is a legally required document, and hence it is important to conduct a statutory audit in UAE.
There are various associations and people that might be dependent upon legal reviews. This is especially significant for public organizations, albeit some privately owned businesses will likewise be dependent upon legal reviews. There are various prerequisites dependent on an organization’s pay level, while there might be additional requesting necessities for organizations that arrangement with customer reserves, for example, specialists or organizations managing annuities.
To perform a statutory audit successfully, first and foremost – share the complete information with your audit team. This will cover a lot of the underlying documentation needed by the review group. Ordering this data forthright will empower the group to ‘get down to business during the booked review hands-on work and help to decrease the time spent by you examining data during this time. Furnishing the review group with a rundown of key people/contacts to whom certain inquiries ought to be coordinated, just as subtleties of their accessibility during the review will likewise be of help.
As companies continue to manage the aftermath of COVID-19, the management should consider the effect on the fiscal reports from a monetary and divulgence viewpoint.
During the statutory audit process, auditors ensure the financial statements are error-free and comply with all the regulatory standards. They also perform tests on balances and accounts to ensure a true and fair representation of a company’s financial statements.
Are you looking for statutory audit services in Dubai? Reach out to the team of experts at TRC Pamco, one of the top audit firms in Dubai, and they can help you out!
