STATUTORY AUDIT
Statutory Audit, also referred to as External or Annual Audit, is an audit mandated under the laws and regulations governing an entity, as well as fundamental legal documents such as the Memorandum and Articles of Association.
An independent Statutory Auditor, appointed by the shareholders, examines the financial records and financial statements to express an opinion on whether they accurately represent the entity’s true and fair financial position.
When Statutory Audit is Required
Apart from statutory requirements, audit reports are essential at the time of:
- Business valuation exercises
- License renewal with regulatory authorities
- Obtaining In-Country Value (ICV) certificates
Service Scope
MBK Auditing LLC is registered as an Authorised Auditor with most Free Zone Authorities, MoET and banking institutions in the UAE. The firm acts as statutory auditor of business entities of various sizes and across all major economic segments including manufacturing, trading, services, healthcare, education as well as non-profit organisations all across UAE in mainland as well as free zones.
Our audit methodology utilizes cloud-based audit software that ensures compliance with International Standards on Auditing (ISA).
Benefits to Clients
- Enhanced trust and confidence amongst stakeholders and investors
- Strengthens internal control frameworks and risk management systems
- Facilitates efficient financial management frameworks
- Ensures compliance with applicable laws and regulations
- Improves financial reporting accuracy and transparency
- Streamlines access to loan and credit facilities from financial institutions
Registrations and Affiliations
- MBK Auditing LLC is registered as approved auditor in all major free zones in UAE including DIFC .
- MBK Auditing LLC is empanelled as auditor with major banking institutions in the UAE
- MBK Auditing LLC is registered as Offshore agent with JAFZA and RAKICC , the two offshore jurisdictions in UAE.
- MBK Auditing LLC is a member of GMNI, an association of legally independent accounting firms worldwide.
- Mr. Rajeev Kulkarni, Managing Partner is a qualified Chartered Accountant, registered with Ministry of Economy and Tourism (MoET).
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