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Statutory Audit

MANTRAA

Understanding Statutory Audit and Its Importance

Conducting an audit is a critical process for any business, involving several steps and adherence to various prerequisites. Among the different types of audits, the Statutory Audit stands out due to its legal requirements and significance in financial transparency and compliance.

What is a Statutory Audit?

A statutory audit is a legally mandated examination of a company’s financial statements and records. The primary purpose is to ensure that the company’s financial reports are accurate and comply with applicable laws and regulations. In the UAE, statutory audits are often seen in the public sector and are conducted by auditors appointed by shareholders for terms ranging from 3 to 5 years.

The outcomes of a statutory audit are typically made public, providing transparency and helping stakeholders, including investors and the general public, make informed decisions about the company.

Types of Audits:
Regulatory, Statutory, and Performance

Regulatory Audit

Focus: Examines a specific product or process to determine if it adheres to sector-specific regulations.
Purpose: Ensures compliance with industry standards and regulations.

Performance Audit

Focus: Assesses the efficiency and effectiveness of various business processes.
Purpose: Identifies ways to improve operations and achieve better outcomes.

Statutory Audit

Focus: Reviews the overall financial statements of a business.
Purpose: Ensures that financial statements provide a true and fair view of the company's financial position and comply with legal requirements.

While all three audits provide valuable insights, the statutory audit is comprehensive, offering a complete overview of the company’s financial health and compliance with legal standards.

Who Can Perform a Statutory Audit?

Statutory audits must be conducted by licensed and registered auditors. In the UAE, these auditors must be registered with the Ministry of Economy. The management of a company must ensure that the audit is performed by a qualified professional to meet legal requirements and maintain financial transparency.

Statutory Audit Requirements

For a statutory audit, companies need to prepare and provide the following documents:

  • Bank Statements and Financial Receipts
  • Details of Fixed Assets
  • Trade Payables and Receivables
  • Information on Credits and Advances
  • Stock Details
  • Documents Related to Dues and Duties
  • Management and Selling Costs

These documents are essential for the auditor to review and verify the accuracy and completeness of financial records. Having these documents organized and readily available can significantly streamline the audit process.

Key Reasons to Choose Us

Mantraa Advisory Service  is a leading financial consultancy firm in Dubai, renowned for its expert statutory audit services. Our team of licensed auditors is committed to providing thorough and accurate audits that ensure compliance with legal standards and enhance financial transparency.

1. Experienced Auditors

  • Experienced Auditors: Our auditors are licensed and registered with the appropriate authorities, ensuring compliance with UAE regulations.

2. Comprehensive Services

  • JAFZA Offshore offers a range of benefits, including a well-established infrastructure, access to global markets, and a straightforward registration process.
3. Advanced Technology
  • We use up-to-date audit software to analyze and identify potential issues, offering effective solutions and detailed insights.

4. Client-Centric Approach

  • We work closely with our clients to understand their needs and provide tailored audit solutions that align with their business objectives.

Get In Touch

For reliable and efficient statutory audit services in the UAE, contact Mantraa Advisory Service. Our team is dedicated to supporting your business’s financial health and compliance needs. Let us help you navigate the complexities of statutory audits with expertise and precision.

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