Why Coordinate With The Audit Firms For Statutory Audit In Dubai?
There are certain procedures to be conducted in order to check the financial records of a company. A statutory audit is such a procedure done to review the accuracy of an organization's financial statements and records. For evaluating the performance of a company the statutory audit is conducted, especially for government organizations. In order to know whether the company is providing accurate financial information to the public, the statutory audit is produced. Apart from this, there is also an internal audit and external audit. Thus it is possible to get a fair and accurate report. The statutory report also carries out bookkeeping records, bank balances, transactions, etc. During the shareholder meetings, the statutory auditors are selected ranging from 3 to 5 years.
Grow your business
It is vital for a company to show progress in its business operations. For managing simple operations an internal auditor is enough but for doing complex calculations like statutory audit there is a need for the best audit firms to deal with. The details about tax exemption and policies can be explained in detail by these firms.
The professional firms play a vital role in this as their skills and expertise are needed in the big operation. These professionals can also help with filing the returns and saving money. They are also concerned about the tax system and try to keep the business in control along with maintaining the finance.
It will be very difficult for the company officials to deal with every financial dealing of the company. They have to handle a lot of work with daily operations. With all this work it will be impossible for them to manage the accounts too which helps in knowing whether the company will go into profit or loss.
What are the advantages of the Statutory Audit Service?
1. The reputation of the company will be improved.
2. Improve the credibility of the firm
3. Can do a complete evaluation of the company before having any business terms with the company.
Requirements for a statutory audit are:-
1. Fixed asset details
2. About secured and unsecured loans
3. Local purchases
4. Import purchases
5. Trade payables and trade receivables
6. Inventory details
7. Foreign exchange earnings and expenditure details.
8. Selling expenses.
Managing your work
Relying on expert work is the best way to deal with your financial statements. They will deal with multiple transactions that also within time and also maintain a professional relationship.