About Audit Services
Federal Tax Authority: The FTA may request annual audited accounts to corroborate the accuracy of an entity’s VAT filing in case of VAT audit.
Economic Substance and Country-by-Country reporting: Audited accounts will provide strong supporting evidence for ES and CbC reporting.
Liquidation: During liquidation of a company, audited financials are one of the key documents required by liquidator to prepare the Liquidator’s Report.
Reliability: Having the financial statements verified by an external auditor enhances the reliability of the financial statement that are produced by management
Risk identification: As part of the audit, auditors will generally highlight any risks or lack of internal controls associated with the company.
Business Valuation: An audit report is very important to understand the net worth of a business, especially if there are multiple investors or if the whole or part of a business is being considered for sale.
Federal Bankruptcy Law: Access to regularly audited financial statements enables directors to determine the risks of insolvency more swiftly and reliably, which may assist in avoiding liability for wrongful trading under the Federal Bankruptcy Law.
Creditworthiness: Banks, credit bureaus and vendors will always require audited financials to gauge the creditworthiness of a business.
Tender Submissions: Government agencies and large companies will generally require companies to submit audited financials along with their tender for a contract.
Legal documents, Trade Licence, Share Certifications, Memorandum and Articles of Association
Trial Balance of the company, and Management Accounts (generally comprising Profit & Loss Report and Balance Sheet) if maintained.
Bank statement, closing balance confirmation, closing ‘cash in hand’ balance confirmation
General Ledger transactional listing and evidence of all the transactions
Fixed Asset Register, Accruals, Prepayments, Fixed Deposit Schedules
Payroll Data and Directors’ Remuneration, including commission and bonuses
End of Service Benefit calculation and provisions
Board Meeting Minutes and Dividend Resolutions
Loan Statements, Leases, Tenancy Agreements, and any material contracts
Stock Confirmations, if applicable.
Tax Registration Number (TRN) certificate and copy of VAT Returns
Debtors and Creditors Balance Confirmation
Shareholder Balance Confirmation
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