Statutory Audit

There are various types of audits to choose from, and statutory Audit is among them. Particularly the Audit that is enforced by law statutes by the law. It is legally required to be conducted by a company.
Usually, we perform it to assist the public, and we make all the findings public in the end. The reason is awareness of the company’s overall public and other shareholders, to sum up, decisions related to investment in the company. It is particularly among the most frequently seen audits in the public sector.

Usually, a business is required to conduct it legally. Overall, the statutes of law enforce this Audit. Also, there are many types of Audits to choose from, and statutory Audit is among them.

Benefits of statutory audit to a firm

Since it is among audits that help maintain all the business’s regulations. There are many of the benefits of this Audit, and these are below:
Firstly, it will examine all the financial reports that provide authenticity to the business records. In conclusion, it will increase credibility, which will raise its goodwill.

Secondly, we evaluate business reports, assisting the management in increasing the company’s productivity. It will deliver a massive advantage in essence to its investors.
Thirdly, it delivers a better evaluation of the firm’s operations. Further, it also improves the effectiveness of the internal management system.
Moreover, it will reduce the fraud in the company that will significantly boost the confidence level of its shareholders.

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What is the procedure of statutory audit?

Understand the operating environment:

The auditor evaluates if they follow the standard guidelines of industries.

Evaluate controls and procedures:

Secondly, the auditor evaluates the post-auditing reports of a company.

Evaluate account balance and detail:

We evaluate all accounts, banks, and insurance balances to assure zero error in the report.


Understand the operating environment:

The auditor evaluates if they follow the standard guidelines of industries.

Evaluate controls and procedures:

Secondly, the auditor evaluates the post-auditing reports of a company.

Evaluate account balance and detail:
We evaluate all accounts, banks, and insurance balances to assure zero error in the report.

Who needs a statutory audit?

Any company that completes the auditing authority’s specific prerequisites can conduct A statutory audit mainly. Further, a company’s management can also perform a statutory audit if any officer considers it necessary or a statute strictly
demands it. The main reason for delivering a statutory audit is to evaluate if the particular company provides complete and error-free data regarding its finance. This Audit identifies the financial position of a company. Moreover, it assures the company is conducting no illegal or wrong activity. Any organization which completes the required statutes can perform it or satisfy a condition.

Benefits of statutory audit to a firm
Benefits of statutory audit to a firm

What are Statutory Audit requirements?

A company needs to have the documents mentioned below:

Specifications of fixed assets bank statements will all of the details of transactions. Further, the fact of each of the cash payments and its receipts.
Data on secured and unsecured loans and advances Trade payables & receivables.
Information of company’s local and import purchases.
Data of local sales of a company and its export sales.
Detailed data of inventory administration with all the selling expenses.
Details of foreign exchange earnings and expenses.
Statutory dues and other levies information.

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As among the top audit companies in Dubai, we are in your complete help to:

Analyze and detail review of your firm to highlight any issues.
Once we know the problems, our experts recommend reducing them.
We use changed, innovative, and up-to-date audit software to assist you in all ways.
A E Y Auditing provides a brief review of the accuracy of a business or financial statement. Additionally, we review the records of your company.
In summary, we examine your records and deliver a detailed analysis of the financial history and other areas. It will assist you in providing an independent opinion to the stakeholders based on a fair financial statement.

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FAQs Of Auditing

The general requirement of a business in the UAE is to maintain its records for not less than (5) years. The Commercial Company Law makes it mandatory for all companies in the mainland.

According to UAE Commercial Company Law, every company needs to have auditors to audit their book of accounts. Under Federal Law no. 2 of 2015, Article 27, a licensed auditor is mandatory. Ministry of Economy in the UAE must approve it.

Dubai Financial Services Authority registers well-known auditors. Therefore, it may appoint them to examine and report accounts of regulated DIFC entities.

However, if your company is usually free from an audit, you need an audit if your shareholders ask so. The shareholders must own at least 10% of the shares. Shares can be particularly on an individual or group level. 

If you are an entrepreneur in Dubai, it is essential to get an audit. It’s significant because it assures that your company records are reliable and in order. Auditors in Dubai, while conducting audits, examine internal controls of a company. All of the sudden, they also inspect the existing system, coupled with the financial statement.

Yes! IFRS standards are mandatory by the UAE Commercial Company Law No 2 of 2015. Listing rules of NASDAQ Dubai, Dubai Financial Market PJSC, Abu Dhabi Securities Exchange, and especially Dubai Financial Services also demand it.

(5) years.

You can notably become an FCCA once you have a continuous membership of 5 years with ACCA. Further, you must meet CPD requirements of paying annual subscriptions every year.

Once you file the return, the IRS usually starts these audits within a year. Within particularly six months, they lead to completion. However, expect a delay if you do not deliver the complete information. In fact, we also expected the delay if the auditor finds issues and wants to expand in other years or areas.

The mandatory documents by management are as below:

  • Firstly, accounting reports with trial balance, balance sheet, ledgers, income statement, and relevant schedules
  • Secondly, copies of vouchers, invoices, receipts, and bills
  • Thirdly, a list of bank accounts used for transactions and forgeries of bank statements
  • Moreover, maintained reports of all the payroll functions of a business.
  • Further, copies of legal documents of the business
  • Verifications from clients, suppliers, associated entities, etc.
  • Above all, evaluate related parties and transaction examinations with related parties.
  • Firstly, it helps accomplish business objectives. It will fix company weakness in all ways.
  • Secondly, auditors in Dubai significantly facilitate identifying loopholes and risks in the financial report of your company.
  • Thirdly, it boosts credit rating and valuation. You open doors for foreign investors and get the best financial position by calling an audit service.
  • Moreover, it reveals the overall picture of your business. You can further focus more on your company’s strengths, weaknesses, opportunities, and threats once you have a clear vision.
  • Firstly, we follow our services’ highest professional ethics and quality level.
  • Secondly, our company has a fast-growing team of qualified & dedicated professionals.
  • Thirdly, you get new opinions to look at your business through Business Analysis, Creative Insight & Industry Benchmarking.
  • We act as a Sounding board for crucial financial decisions and significantly provide dependable strategic leadership through our experience and knowledge.
  • A E Y Auditing LLC is a UAE-registered auditing firm providing cost-effective value-added solutions to meet all your business needs.

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