A statutory audit is a legal procedure that must be conducted to verify the accuracy of the financial statements and statements of an organization.
Based on the specifics of each business and industry, the mandatory audit procedures are adapted in CAPEX to specific operations and customer reporting requirements.
What we do
for statutory audit
We use modern information technology to support and complement our approach to auditing and to assist firms in the UAE.
This supports all phases of the audit process – planning, execution, and reporting. We use the latest innovative audit and documentation software, which contains tools for analyzing, documenting, managing, communicating, interviewing, retrieving, verifying and presenting the audit process. We specialize in Dubai and Sharjah.
At CAPEX, when conducting a statutory audit, we verify information such as:
- Accounting records
- Bank balances
- And financial transactions
Advantages of conducting a statutory audit for your company:
- It improves the company’s reputation
- Statutory audit report enhances firm reliability
- It helps potential customers evaluate the company before doing business with it
Statutory Audit Procedure
The statutory audit procedure includes an understanding of the operating environment of the organization and controls. The obligatory auditor should check the internal mechanisms as well as the details of the accounts.
The company must have the following documents before the start of the mandatory audit:
Company fixed assets
Bank statements with transaction details
Accounts payable and receivable
Information on secured and unsecured loans and advances
Local purchases and import purchases
Information about local sales and export sales
Details of foreign exchange earnings and expenses
Authorized contributions and other fees
Generating New Ideas
Solving Big Problems
CAPEX prepares financial statements as per International Financial Reporting Standards (IFRS)
Why we are different
- The auditor is appointed by the shareholders of the company
- An audit is conducted after preparation of the final reporting
- Statutory audit is a legal requirement
- Conducted by an external auditor or audit firm
- A statutory audit report must meet certain standards
- Internal auditor appointed by management
- Internal audit is an ongoing process
- Internal audit scope is limited by management
- Conducted by company staff or an audit firm
- There are no strict requirements and rules for conducting an internal audit
CAPEX is a consulting firm in Dubai that offers a wide range of services, including: audit, accounting, VAT, tax consulting, software and management. We provide the best audit services in Dubai and its environs.
Established in 2012, CAPEX Auditing is a leading independent financial consultancy firm based in United Arab Emirates.
CAPEX specializes in outsourced accounting services. Delivered by a professional team of accountants, we can address your accountancy needs with our incredible knowledge, experience and expertise. When you partner with CAPEX for your accounting requirements, your business can achieve a competitive edge, improve the management of various financial aspects, improve your bottom line and integrate value added services. As a trusted firm, CAPEX is dedicated to helping small to large companies in reaching every financial success.
- Auditing – 10
- Consulting – 8
- Accounts Management – 6
- Tax Consultancy – 4