A statutory audit is an independent assessment of the financial accounts of a company or institution. The auditor’s role is to report on whether the financial statements issued by an organization are ‘true and fair’, and meet all relevant guidelines or legal requirements. This in turn allows companies to guard against risk and plan for the future.
The auditing sector has been under scrutiny recently, with the government calling for reform following the collapse of high-profile firms whose audits have been called into question. Clearly, it’s vital that auditors recognize and report on any issues that emerge from the auditing process so that any problems in the business can be addressed. Here at Alya, we work with clients to provide effective and timely audits that meet and exceed all statutory obligations.
As per the new UAE Commercial Companies Law, Federal Law No. 2 of 2015, Article 27, Chapter 2, every company shall appoint auditors for auditing their books of accounts by a licensed auditor registered under the Ministry of Economy in the UAE. But many companies do not follow this requirement. In general, companies belonging to the SME category get their books of accounts audited in the following circumstances.
We at Alya Auditors, assist all our clients in maintaining accurate records of all the business transactions, taxes and duties, account books, and other expenditures required to carry out the hassle-free statutory audit. Alya auditors are also the licensed auditors registered with the tax authority to carry out statutory audits. Our experts can guide clients in all matters related to Statutory Audit. Contact Us for any information regarding the Statutory audit process. We are delighted to help!