BusinessExternal Audit Services
Gateway Oman Accounting, VAT & Audit Services in Oman is to deal with fundamental financial duties. Accounting firms in Oman takes the responsibility of keeping the records of all the transactions made within a firm.
We help to implement your accounts in a professional way
VAT Accounting, VAT & Audit services is the process of keeping records of financial transactions and preparing financial statements, like Balance Sheet and Profit & Loss A/c. With the introduction of various laws, maintaining the books of accounts has become a mandatory compliance requirement, apart from tracking the receivables and payable accounts.
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External Audit Services in Oman
Audit simply refers to examine and give comments on the items verified. Financial audit implies an examination of the books of accounts and other relevant records. This will provide the auditor, necessary information to give his opinion, whether the accounts are properly maintained and complied with necessary statutory, accounting or financial reporting and auditing standards.
A financial statement audit is an independent appraisal of the financial statements prepared by the organization. The basic objective of a financial statement audit is to provide an independent or third-party assurance that the management has, in its financial statements, presenting a “true and fair” view of a company’s financial performance.
The result of this examination is a report by the auditor, attesting to the fairness of presentation of the financial statements and related disclosures. The auditor’s report must accompany the financial statements when they are issued to the intended recipients or stakeholders.
What is an External Audit?
An external audit can be understood as a process in which all the financial books of a company are examined. This type of Audit is usually conducted by court order and is conducted by a third party that has no relations to the company being audited. Similar to an Internal Audit, an External Audit will also provide detailed information about the company, which will be helpful to both the management as well as the investors and shareholders.
An external audit is considered more impartial and without bias, as the Audit is conducted by a third party. The management has to appoint a separate auditor or auditing team to conduct the External Audit of the company. Because of these reasons conducting an External Audit of a company is very important.
What are the Advantages of External Audit?
Apart from being unbiased, there are many advantages of conducting an external audit for a business like:
- A Complete and Comprehensive business report.
- Ensures that all the compliance requirements of the jurisdiction are followed.
- As it is conducted by a third party, it will also provide a different perspective of how to manage the business.
- Assists the management in the judicious and proper utilization of resources, thus curbing wastage.
- Increases the confidence of the investors and will bring in more investors.
- Helps to understand the workings of the business and will prepare it for the future.
Why is External Audit required by Businesses?
There are many different reasons because of which a company requires External Audit. Some of the benefits of External Audit to a business is as follows:
- An External Audit provides an outlook about the business from an external point of view which can help the management to understand the business as well as the business environment.
- It provides a benchmark to the businesses and also assists the management in planning for the future.
- There are many compliance requirements that need to be fulfilled by a business, and an external audit helps in ensuring compliance.
- An external Audit helps in increasing the credibility of the business and also helps in attracting more and more investors.
Things to take care of when conducting an External Audit for the first time.
Before embarking on a journey to conduct an External Audit for your company, there are some points which should be kept in mind of the management. Some of the important points to keep in mind are:
- First and foremost, the management should understand the basics of how an External Audit works and what are the results that can be obtained by it.
- After understanding how the external Audit works, the management should obtain all the documents which will be required in the process.
- In certain scenarios, it is not possible for the management to conduct an internal audit themselves. In such circumstances, the management needs to hire an expert who will understand the requirements of the business and will provide a solution accordingly.
This is why it is suggested that the management should take the assistance of a reputed firm which will take care of all the auditing requirements of the company.
The External Audit Procedures
A well-planned verification is necessary to cover all financial items with audit materiality. An audit involves the collection and evaluation of evidence in support of conclusions arrived. The procedures which will assist the auditor in this direction are:
- Planning and risk assessment: Involves gaining and understanding of the business and the business environment in which it operates, and using this information to assess whether there may be risks that could impact the financial statements.
- Internal controls testing: Involves the assessment of the effectiveness of an entity’s suite of controls, concentrating on such areas for proper authorization, safeguarding of assets and the segregation of duties.
- Substantive procedures: Involves a broad array of procedures, of a small sampling.
We worked with reputed companies in the world
We have doing many more reputed companies in oman. We have done with them with 100% satisfied services. Further service providing summaries across the Oman are below.
Pricing plans
Basic Plan
- Quarter VAT Filing
- Bank Reconciliations
- Monthly VAT Summary
- Monthly Basic Reports
Standard Plan
- All Basic Packages Included
- Document Controlling
- Management Reports
- VAT & Tax Consulting
Premium Plan
- All Standard Plan
- Finalization & Reports
- Monthly Payroll Services
- Annual External Audit
