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Statutory Audit
A statutory audit is compulsory for government institutions to monitor and evaluate their performance. A statutory audit is a legally required audit that needs to be done to evaluate the company's financial position and financial records.
Generally, a statutory audit is conducted for the public. Statutory audit firms give review and monitor company accounts and accounting processes to present a neutral and fair picture of the financial health of a specific company.
Analytix Audit Support team takes the boredom out of auditing without putting much strain, costs, and manpower. With trained, qualified, and experienced resources solely devoting their time to process audit work, which helps you better service. Deep knowledge of the market and compliances in the kingdom help us to serve our clients with an Effortless Audit.
Statutory Audit Requirements
Statutory audit services are essential for assuring the reliability of a company's annual accounts of various stakeholders like debtors, creditors, bankers, shareholders, and government.
The process of statutory audits has become increasingly complicated recently. The statutory environment in cooperation with the synchronization of various accounting parameters and the reliance of various stakeholders on audited accounts has increased the questionability of statutory auditors.
Details of fixed assets, bank statements with details of transactions there in and the details of cash receipts & payments
Information on secured and unsecured loans and advances Trade payables & receivables
Local purchases & import purchases
Local sales and export sales information
Details of inventory, administration and selling expenses
Details of foreign exchange earnings & expenditures
Statutory dues & other levies
Compliance with Regulations
Statutory audit in KSA ensures compliance with laws and regulations.
Improved Financial Reporting
Statutory audits ensure financial transparency, accuracy.
Enhanced Transparency
Statutory audits enhance financial transparency and decision-making.
Importance of Statutory Audit in Saudi Arabia
Statutory audit requirements in Saudi Arabia play a crucial role in ensuring compliance with regulations, improving financial reporting, enhancing transparency, managing financial risks, increasing confidence in financial data, and leading to improved business performance.
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