Audit
Audit & Audit Related Services
What is a business audit?
A business audit is a documented evaluation of whether or not a company’s financial statements are materially correct along with the standards, evidence, and assumptions used to conduct the audit.
The results are reported in a written audit opinion, and the language in the opinion defines an audit. An auditor reports on several topics:
- Financial statements: An auditor reports whether the financial statements are free of material misstatement. In this context, the word “material” means an error or missing information that is large enough to impact the reader’s opinion of the financial statements. An audit is designed to identify financial statement errors.
- Regulatory requirements: The financial statements must be prepared based on a set of accounting rules. The audit opinion states that the financial statements were prepared in accordance with a specific set of rules. In Sultanate of Oman, Muscat auditing is conducted under IFRS or International Financial Reporting Standards.
- Internal controls: Finally, most audits require an auditor to assess the effectiveness of internal controls. These controls are put in place so that the business can produce accurate financial statements and prevent assets from theft. If there are weaknesses in any internal controls, the auditor must disclose the weaknesses.
Benefits
Get a second opinion,
Assess business efficiency,
Reduce the risk of employee theft,
Make the change,
Stakeholders—including investors, creditors, and regulators—rely on the accuracy of financial statements.
Audit Services
STATUTORY AUDIT
Through statutory audit we will provide an independent opinion to the shareholders on the truth and fairness of the financial statements, whether they have been properly prepared in accordance with the Companies Act.
INTERNAL AUDITING
Every organization, regardless of its size, should have some type of internal control system or process in place. You know that good governance, risk management, and internal controls are essential to corporate success and longevity.
We are assisting the management and governing body in fulfilling their responsibilities by bringing a systematic disciplined approach to assessing the effectiveness of the design and execution of the system of internal controls and risk management processes.
Through internal audit activity we provide assurance to management that risks to the organization are understood and managed appropriately.
EXTERNAL AUDIT
We inspect clients’ accounting records and express an opinion as to whether financial statements are presented fairly in accordance with the applicable accounting standards of the entity as per International Financial Reporting Standards (IFRS). We must assert whether financial statements are free of material misstatement, whether due to error or fraud.