BMS Auditing is offering reliable statutory audit services in UAE, KSA, Qatar, Bahrain, Oman, India, UK and USA. A statutory audit is compulsory for government institutions to monitor and evaluate their performance. A statutory audit is legally required audit that needs to be done to evaluate the company financial position and financial records.
Generally, a statutory audit is conducted for the public. Statutory audit firms give review and monitor company accounts and accounting process to present a neutral and fair picture of the financial health of a specific company.
Objective of Statutory Audit Services
The objective and purpose of statutory audit is to exercise and to evaluate if the allocated resources were handled amicably as per laid down rules and that all recorded entries are filled inaccurately.
All this activity does not imply that any misconduct happened, but it sends a healthy message across organizations that any misconduct or financial crime will be investigated and is strictly discouraged.
Who can perform a Statutory Audit?
Since statutory audits are mandated by a statute or law, it needs to be conducted by professionals who know the governing bodies' principles and ethic. BMS Auditing performs statutory audit to ensure that the account statements of the company reflect fair and accurate picture of the current financial position on the date of the balance sheet.
What are the Statutory Audit Requirements?
A firm needs to have the following documents before getting a statutory audit started:
- Details of fixed assets, bank statements with details of transactions therein and the details of cash receipts & payments
- Information on secured and unsecured loans and advances Trade payables & receivables
- Local purchases & import purchases
- Local sales and export sales information
- Details of inventory, administration and selling expenses
- Details of foreign exchange earnings & expenditures
- Statutory dues & other levies
Statutory audit services are essential for assuring the reliability of company’s annual accounts of various stakeholders like debtors, creditors, bankers, shareholders and government.
The process of the statutory audits has become increasingly complicated recently. Statutory environment in cooperation with synchronization of various accounting parameters and the reliance of various stake holders on audited accounts have increased the questionability of statutory auditors.
Looking for Statutory Audit Services?
Our statutory auditing team consists if experienced professionals for effectively conducting the statutory auditing procedure. The team members remain acquainted with the latest changes in the statutory auditing arena for staying ahead in the loop.
If you are in search of one of the best Statutory Audit services in UAE, KSA, Qatar, Bahrain, Oman, India, UK and USA region, look no further and contact BMS Auditing where you will find a team of dedicated consultants equipped with relevant experience who take pride in creating value for their clients.
Our statutory audit department conducts audit by adhering to various global accounting and auditing standards for conducting fair and accurate audits for various stakeholders like government, bank, financial institution, general public and investors. You can contact us for enquiring more about the statutory audit services.