A statutory audit is a legally required review of the accuracy of a company’s or government’s financial statements and records. The purpose of a statutory audit is to determine whether an organization provides a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records, and financial transactions.
A Statutory Audit is a legal requirement by Law to determine whether your business is providing a fair and accurate representation of its financial positioning by examining information, such as bank balances, bookkeeping records and financial transactions.
By getting to know your business, our enthusiastic audit team will be able to apply our rigorous approach and deep knowledge to your circumstances.
A passion for audit is at the heart of the Alya Auditors. Our audit staff are enthused about auditing and our clients enjoy our approach.
Audit Firms in Dubai
Benefits of Statutory Audits for Companies in UAE
An audit provides independent verification that the financial statements are a true and fair representation of the entity’s current situation. This provides invaluable credibility and confidence to your organisation’s customers/clients, stakeholders, investors or lenders and even potential buyers. It is confirmation that financially everything is as it appears to be.
Statutory audit provides complete peace of mind for business owners and shareholders that the organisation is 100% compliant with all of its current statutory obligations. Non-compliance runs the risk of incurring heavy fines, loss of customers and a tarnished reputation – damage that far outweighs the cost and any minimal, temporary inconvenience that may be caused by an audit.
It’s estimated that up to 30% of the UAE’s businesses are subject to fraud, error and corruption. Workplace fraud can occur for years without being detected and can be so substantial that some businesses never recover financially or repair their reputations. An audit can be an effective tool for identifying fraud and opportunities to commit fraud. Experienced auditors are skilled at pinpointing weaknesses in an organisation’s systems and controls and suggesting ways to strengthen these to prevent fraud occurring.
An audit confirms the accuracy of an organisation’s financial statements by analysing its financial transactions. It’s a detailed process and can result in certain types of income, expenditure, assets and liabilities being scrutinised. This critical examination, coupled with the auditor’s financial expertise, can then be used by business owners for better financial planning, budgeting and financial decision-making for the future.
A thorough, in-depth audit takes an impartial look at your organisation’s internal systems and controls. This means it’s an ideal opportunity for the auditing experts to suggest improvements that can make your business more efficient. Ways to improve internal controls, business systems, accounting practises, efficiencies, governance and culture can all be identified through the audit process.
Our Statutory Audit Procedures
The auditor checks if the industry guidelines are followed in the company.
The past reports are evaluated and the work procedures are also checked.
All the financial details like bank account details and cash book details are also checked to ensure the report is error free.
Our audit approach is founded on detailed risk assessments and corroborated analytical review which involves understanding what makes each individual business tick. We put robust and considered planning at the centre of our process, and involve the client at all stages.
Auditing is done for various sections, and different auditing reports are generated. We review the generated document to make sure it is with respect to the federal law of UAE. It is further merged into one before presenting in front of the board of directors and shareholders.
Why Alya Auditors ?
Commitment to quality and value
Producing quality audits is of paramount importance, and the key tenets of our approach are:
- understanding your business;
- our rigorous internal quality assurance procedures; and
- our outstanding technical and marketplace knowledge.
An audit should be worth the money you pay for it, and our approach is aimed at delivering this promise.
Commitment to clients
The audit marketplace is continuing to change and our stance is, and has always been, to ensure that regulation reform does not adversely affect you. We are committed to finding out what you think and surveying the business community at large.
We’ll assess the size and complexity of your business before we begin auditing. The audit of an owner-managed business is likely to focus on the risks associated with size and evolving management structures rather than complex accounting issues. The audit of a large listed entity is likely to focus on areas of risk arising from diversity in operations and complex transactions, which raise more complex accounting issues.
To audit or not to audit ?
Not all businesses need an audit but should you avoid auditors at all costs? If you are a growing business, or are considering a sale or flotation, an audit could help you ensure you have ‘all your ducks in a row’ in good time and are more appealing to investors. Alternatively, speak to us about other forms of assurance, including a non-statutory audit, which can help reassure stakeholders that your business is performing, that risks are being mitigated and that you’re complying with legislation. We would be delighted to discuss how we can help.