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Everything to know about Statutory Auditing

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Statutory auditing is a form of audit required by a law or regulation to ensure that the account books submitted to regulators and the public are accurate and honest. Statutory audit is compulsory if the company follows such requirements. It is done by a professional Chartered Accountant who is independent of the organization. Let’s get to the Legislative Audit in depth. Hussain Al Shemsi Chartered Accountants (HALSCA) What is statutory Audit? Statutory Audit is an audit mandated by the various laws, such as Reserve Bank of India, Income Tax, Companies Act, etc. A Chartered Accountant must carry out several audits according to various classification criteria. Audit of banks by statute is mandatory. RBI nominates legislative auditors in accordance with the ICAI. A very thorough audit is performed in every branch of the banks every year after the end of the preceding financial year. The process for doing a statutory audit The statutory auditors should ensure that t...
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Reasons why hiring Auditors are important in business

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There are many accredited  auditors in Dubai and UAE  and Auditors in  Abu Dhabi  but you need to employ experienced smart auditors to monitor your company’s financial status for an effective audit program.  Halsca  have years of experience offering  audit services in Dubai, UAE . We have vast expertise that helps clients perform  statutory and external audit  A business with  qualified auditors  in Dubai we provide results-oriented services to our clients. Goals of Audit: The first and foremost explanation behind the audit is to show the opinion about the company’s  financial statements . Management decision-making is essentially based upon the financial statements of the organization. Unless the financial statements are not correct, the company management would not be in a position to make the right decisions. All these things are interrelated, so  audit  is of prime importance in the business. The audit is ...
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Registration of VAT mandatory and voluntary for companies in Dubai

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Value Added Tax (VAT), considered an all-purpose consumption tax, is imposed on the supply / goods and services of the conventional corporations. A  VAT advisory company  in the UAE is recommended to do business within a legal framework. For whom VAT registration is mandatory In the last one year, companies and individuals who have access to their taxable supplies are allowed to apply for  VAT registration  if the supplies are more than AED375,000 in the preceding 12 months. This assumes businesses will charge Value Added  Tax (VAT)  on their sales (output VAT) but can recover any VAT incurred on their purchases (input VAT). When your company has a turnover that falls below the required threshold for  VAT registration , you do not have to apply for VAT. Only filing for VAT means you don’t have to distinguish the VAT in the records on transactions or sales. You should not charge VAT on your company’s revenue. It can, at first, seem like g...
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Major reasons to avail accounting services in Dubai

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There are many factors that make a  business  successful. It is a combination of multiple aspects that lead to any  company  to a successful company. The major part comes to the  financial areas of the business , which is the base and needs to be handled professionally. To make any  business  successful it is important to have a professional team of  Accounting and Bookkeeping . Those who reluctantly ignore this factor tend to get in loss later. The implementation of  VAT in the UAE  had an effect on the  tax calculation  system and forced businesses to alter their way of conducting and operating a business. As to adapt the policies governing the introduction of  VAT  in the country, the companies in UAE are now getting inclined towards availing  accounting and bookkeeping services.  As regards adjusting the policies regulating the implementation of VAT in the region, the companies in the UAE are now i...
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Major reasons to avail accounting services in Dubai

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There are many factors that make a  business successful . It is a combination of multiple aspects that lead to any  company  to a successful company. The major part comes to the  financial  areas of the business, which is the base and needs to be handled professionally. To make any  business  successful it is important to have a professional team of  Accounting and Bookkeeping . Those who reluctantly ignore this factor tend to get in loss later. The implementation of VAT in the UAE had an effect on the tax calculation system and forced businesses to alter their way of conducting and operating a business. As to adapt the policies governing the introduction of VAT in the country, the companies in UAE are now getting inclined towards  availing accounting  and bookkeeping services. As regards adjusting the policies regulating the implementation of VAT in the region, the companies in the UAE are now inclined to use accounting and  ...
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