Statutory Audit

A statutory audit is an essential process that every company must undertake to ensure that their financial statements are accurate, reliable, and comply with the relevant laws and regulations. It is a legal requirement that is mandated by the most free zone authorities/government to protect the interests of shareholders, investors, and other stakeholders. A statutory audit provides an independent and objective assessment of a company’s financial health and provides assurance to stakeholders that the financial statements are a true and fair reflection of the company’s financial performance.

Statutory audit is a thorough examination of a company’s financial records, accounting practices, and financial reporting systems to ensure that they comply with the applicable laws and regulations.

Whether you’re a startup, a small business, or a large corporation, we are here to help you manage your finances with ease and confidence. Contact us today to learn more about our statutory audits.

Statutory Audit Benefits

Better decision-making

Statutory audits can provide valuable insights into a company's financial performance, which can help stakeholders make better-informed decisions about the company's future.

Improved transparency and accountability

Audit process provides greater transparency and accountability to stakeholders, including shareholders, investors and other parties, by providing an independent opinion on the financial statements.

Identification of errors and fraud

Statutory auditors are trained to identify errors and fraud in financial statements, which can help prevent potential financial losses and reputational damage.

Compliance with regulations

Statutory audit helps ensure that companies comply with legal and regulatory requirements, such as the Companies Act, tax laws, and other applicable laws and regulations.

Enhanced credibility

Companies that undergo statutory audits demonstrate a commitment to transparency and accountability, which can enhance their credibility with stakeholders.

Improved access to capital

Companies that undergo statutory audits may be more attractive to lenders and investors, who are more likely to invest in companies that have been audited by a reputable audit firm.

Statutory Process

Planning

Plans the audit by understanding the client's business, risks, and internal controls and identify the areas that require more attention.

Preliminary review

The auditor performs a preliminary review of the client's financial statements, internal controls, and other relevant documents.

Fieldwork

Obtain evidence supporting financial statements. Involves testing transactions, reviewing documents, and interviewing personnel.

Audit report

After completing the audit, the auditor issues an audit report expressing their opinion on the financial statements' fairness and reliability.

Follow-up

If issues or deficiencies are identified during the audit, the auditor may follow up with the client to ensure that corrective actions have been taken.

Why choose us

Independence & objectivity

Independent and objective in their work, free from any conflicts of interest or bias. Ensure the integrity of the audit process and the credibility of the financial statements.

Reputation & Credibility

Reputation of firm matters a lot. Reputable auditor provide more credibility to your financial statements and strengthen the confidence of investors, creditors, and other stakeholders.

Expertise and Experience

Expertise in the relevant industry and experience in performing audits and have a deep understanding of the applicable laws, regulations, and accounting principles.

Quality of service

High-quality service, including effective communication, timely delivery of work, and the ability to identify areas of weakness and provide recommendations for improvement.

Cost-effectiveness

While cost should not be the only factor in choosing an auditor, it is still an important consideration. A good auditor should provide cost-effective solutions that offer value for money.

Availability

It is important to choose an auditor who is available when you need them. The auditor should be responsive to your needs and be able to provide the necessary support when required.

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