Have you ever heard about something called a statutory audit? Well, in Dubai, just like in many other places, the government or authorities often want to check if a business's financial records are accurate. This is what they call a statutory audit. This audit investigates all the company's documents, like the bank balance, bookkeeping records, and all financial transactions.
In Dubai, where this is a common practice, statutory auditors are required to provide the government or concerned authorities with an audit report. This report helps them make sure there's been no funny business or fraudulent activity in the company. The auditor also figures out the correct profit and the taxes owed to the government. Because statutory audits are required by law, it's essential to have experts in statutory audit services in Dubai who know the rules set by the governing bodies.
Now, don't worry if you hear about a statutory audit for your company. It doesn't mean you did something wrong. Usually, it's done to prevent wrongdoing, like someone misusing your company's funds. Third-party statutory auditors in Dubai regularly check your records to make sure everything is in order.
In the UAE, if your company is on the mainland, it must be audited. But if it's in a free zone, the rules about auditing depend on that specific free zone's regulations.
Before starting a statutory audit in Dubai, your company needs to have certain documents ready. These include information on fixed assets, bank statements showing transactions, details about cash receipts and payments, info about secured and unsecured loans, trade payables and receivables, both local and international purchases and sales, costs like selling, administrative, and inventory, foreign exchange revenues and expenses, and details about statutory fees and other assessments.
Our statutory auditors follow global accounting and auditing standards to provide fair and accurate audits for various stakeholders, including the government, banks, financial institutions, the public, and investors.