Risians Accounting & Tax Consultancy is one of the most trusted names in statutory audit service firms in Dubai and the rest of the UAE. A statutory audit is that legally mandated review of a company’s financial records, actually considering such aspects as transparency, accuracy, and compliance with the UAE Commercial Companies Law and internationally accepted accounting standards. These audits serve a very vital purpose for government institutions, listed corporations, and regulated entities for ascertaining their financial position and performance.
This statutory audit gives independence in the evaluation of the company accounts, as it provides an unbiased and fair view of the organization’s financial health. This therefore reassures stakeholders, investors, and regulators that the company conducts its operations in an ethical and efficient manner.
The main goal of a statutory audit is to ascertain whether a company’s resources were managed in compliance with established rules or laws and whether all entries in its financial records are accurate.
The statutory audit does not suggest misconduct in any of the operations; rather, it upholds accountability and echoes a clear message across the organization that any financial misconduct or fraud would be identified and dealt with in a strict manner.
According to the Companies Act, a statutory audit is a legally mandated audit for the company, as defined in terms of qualified accountants who are knowledgeable about the laws governing accounting principles and ethical standards. Audits are conducted at Risians Accounting & Tax Consultancy by our certified auditors to ensure fair presentation of the financial statements of your company, which present an accurate and transparently accurate view of the financial position as of the balance sheet.
This is done in compliance with UAE requirements, International Financial Reporting Standards (IFRS), and national best auditing practices, thereby ensuring that the business is credible before stakeholders, investors, and authorities. Precision and reliability are guaranteed in statutory auditing offered by Risians as necessary for transparency, accountability, and sustainable future finances.
Prior to commencing a statutory audit, a complete set of documents shall be made available by the company to undertake a full and proper review. Generally, the key documents include:
Such a statutory audit is vital to safeguard that the annual accounts of a company are reliable and credible in the eyes of its stakeholders: debtors, creditors, investors, commercial banks, and government authorities.
Today, statutory audits have become complicated due to regulatory and other requirements, with the added need for coordination across a collection of standards along with a deep understanding of financial reporting requirements. At Risians Accounting & Tax Consultancy, we take pride in presenting highly qualified auditors who will exercise the utmost care in complying with all statutory requirements in the preparation of accurate and dependable audit reports.
We offer statutory audit services in Dubai and the UAE and guarantee that our professionals will check the veracity of financial statements concerning the payment of UAE Commercial Companies Law and the International Financial Reporting Standards (IFRS). We help businesses maintain transparency, accountability, and credibility with all relevant stakeholders, including investors and regulators, while providing actionable insights to improve financial management and decision-making.
Our statutory audit services encompass almost all critical areas of auditing, including preparing audit working papers, verification of financial records, evaluation of internal controls, and detailed reporting to present legal and compliance requirements. Risians Accounting & Tax Consultancy will guarantee that the statutory audit of your company’s accounts will be done with certified auditors who value accuracy, reliability, and integrity.
The statutory audit is an auditing procedure legally required to be executed to ensure the ratio of compliance with UAE Commercial Companies Law and IFRS. The statutory audit gives assurance of true and fair accounts to the stakeholders, investors, and other bodies.
All those companies that have contributed in any way towards the UAE Commercial Companies Law must subject themselves to a statutory audit. Major examples of such companies are government entities, public shareholding companies, and others governed by their own specific regulatory mechanisms.
Because it bears down on the reasons (either known or not known), resulting in unreliability within its control—failed regulation and audited status. Accountability; enforceability that was always vibrating till the bookkeeping took war against the outlandish audits. Compliance: the imprisonment of Congo, they say.
A statutory audit is performed by qualified accountants on the Risians Accounting & Tax Consultancy platform in order to make it comply with the regulations of the UAE, IFRS, and ethical auditing pronouncements.
A comprehensive list of supporting documents would include details concerning fixed assets; bank statements; cash receipts and payments; loans and advances; trade payables and receivables; sales and purchase records; inventories; expenses; foreign exchange transactions; and all dues and taxes required by law to be paid.
No, it does not. The statutory audit basically focuses on problems concerning accountability and transparency. It does, however, point out any inconsistencies or irregularities that might be against the rules, but it does not necessarily reflect fraud.
A statutory audit increases the credibility of the business to investors, bankers, and regulators; ensures legal compliance; contributes to a better financial management system; and helps the company implement decision-making.
Under the law, the statutory audit is supposed to be carried out for each financial year, usually annually, according to the UAE Commercial Companies Law.
We are certified public accountants operating under IFRS and have in-depth knowledge of UAE laws and a strong commitment to efficiency and accuracy amongst reputed audit firms in Dubai.
You may contact Risians Accounting & Tax Consultancy, schedule an appointment, arrange for the needed documents, and initiate a statutory audit suitable for your company.
