Innovate Accounting offers reliable statutory audit services in Dubai and Mumbai. Statutory audits are mandatory for government institutions to assess their performance. These audits are legally required to evaluate a company's financial position and records.
Primarily conducted for the public, statutory audit firms review and monitor company accounts and accounting processes to provide an unbiased and accurate portrayal of a company's financial health.
Objective of Statutory Audit Services
The objective and purpose of a statutory audit are to ensure that allocated resources are managed appropriately according to established regulations and that all recorded entries are accurately documented.
While this process does not necessarily imply any misconduct, it serves as a deterrent against financial irregularities or malpractices by sending a clear message that any such behavior will be investigated and discouraged within organizations.
Who can perform a Statutory Audit?
Given that statutory audits are mandated by law, they must be conducted by professionals well-versed in the principles and ethics of the governing bodies. Innovate Accounting specializes in statutory audits, ensuring that a company's financial statements accurately depict its current financial position as of the balance sheet date.
What are the Statutory Audit Requirements?
Before commencing a statutory audit, a firm should gather the following documents:
- Details of fixed assets, including bank statements reflecting transactions and cash receipts and payments.
- Information on secured and unsecured loans, advances, trade payables, and receivables.
- Records of local purchases, import purchases, sales (both local and export), and inventory.
- Documentation of administration and selling expenses.
- Information regarding foreign exchange earnings and expenditures.
- Records of statutory dues and other levies.
Statutory audit services are crucial for ensuring the accuracy and reliability of a company's annual accounts, benefiting stakeholders such as debtors, creditors, bankers, shareholders, and government entities.
However, the statutory audit process has become increasingly complex due to the evolving statutory environment and the need for synchronization among various accounting parameters. The reliance of stakeholders on audited accounts has heightened scrutiny on statutory auditors.
Looking for Statutory Audit Services?
Our team of experienced professionals specializes in conducting statutory audits effectively. They stay updated with the latest changes in statutory auditing practices to ensure they remain at the forefront of the field.
For one of the best statutory audit services in the Dubai and Mumbai regions, look no further than Innovate Accounting. Our dedicated consultants are equipped with relevant experience and take pride in delivering value to our clients.
Our statutory audit department conducts audits in accordance with various global accounting and auditing standards. We ensure fair and accurate audits for various stakeholders, including governments, banks, financial institutions, the general public, and investors. Contact us to learn more about our statutory audit services.
