Statutory Audit is mandated by a Law or a Statute to ensure the books of accounts presented to the regulators and public are true and fair.
The purpose of a statutory audit is to determine whether an organization provides a fair and accurate representation of its financial position & if funds were handled properly by examining information such as bank balances, bookkeeping records, and financial transactions.
The shareholders of a company can choose any registered statutory auditors or audit firms in UAE in general meeting.
Companies in the UAE are required to complete their audits in accordance with international financial reporting standards. We can advise you on what is the best reporting to meet your financial needs.
Benefits of Statutory Audit Service
The advantages of conducting a statutory audit are:
- It increases the authenticity and credibility of financial statements as an independent party, i.e., the auditor is verifying the financial statements.
- It confirms that management has taken due care while delivering their responsibilities.
- It helps the prospective clients in evaluating the company before doing any business.
- With the help of the audited financial statements, it becomes easier for companies to get banking loans and other types of credit facilities.