STATUTORY AUDITS

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WHAT ARE STATUTORY AUDITS?

Statutory Audits are legally mandated examinations or financial reviews of a company’s financial statements to ensure they accurately represent its financial position and comply with regulatory requirements.
These audits verify that businesses meet the UAE’s strict legal and financial reporting standards, including adherence to International Financial Reporting Standards (IFRS). The purpose of these audits are to maintain transparency, build trust with stakeholders, and avoid penalties for non-compliance. For companies operating in the UAE, statutory audits also demonstrate accountability and financial integrity in a highly competitive and regulated business environment.
To ensure that your financial statements adhere to laws and international accounting standards, Prateel Tosniwal statutory audit consultations provide detailed financial analysis and transparent reporting, giving you confidence in your financial data.

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    The Prateek Tosniwal Approach

    Prateek Tosniwal delivers statutory audit guidance with a client-focused and results-driven methodology. His approach ensures businesses meet all regulatory requirements while enhancing financial credibility and operational efficiency. Combining technical expertise with an understanding of the UAE’s regulatory framework, he offers a seamless and value-added audit experience.
    In addition to meeting statutory requirements, Prateek Tosniwal’s audits offer insights that enhance financial transparency and decision-making, providing added value to your business operations.
    PRE-AUDIT PLANNING

    PRE-AUDIT PLANNING

    The process starts by understanding your business operations, financial practices, and industry-specific challenges. This enables him to identify areas of focus and ensure the audit aligns with your organizational needs and compliance requirements.

    RISK AND MATERIALITY ASSESSMENT

    RISK AND MATERIALITY ASSESSMENT

    Then he conducts a detailed analysis of financial risks, materiality thresholds, and areas prone to errors or misstatements. This risk-based approach ensures a more efficient and targeted audit process.

    DOCUMENT REVIEW AND VERIFICATION

    Financial statements, accounting records, and other relevant documentation are thoroughly reviewed and verified to confirm their accuracy and compliance with IFRS and UAE regulations.

    INTERNAL CONTROLS TESTING

    INTERNAL CONTROLS TESTING

    After that the effectiveness of your internal control systems is assessed to ensure they adequately mitigate risks and support accurate financial reporting. Any deficiencies are identified and communicated for corrective action.

    ACCOUNTING

    AUDIT EXECUTION

    A meticulous audit is conducted to evaluate financial transactions, account balances, and disclosures. He uses advanced tools and techniques to ensure precision and compliance.

    COMPREHENSIVE REPORTING

    COMPREHENSIVE REPORTING

    His audit reports provide a clear and concise summary of findings, including areas of concern, compliance status, and actionable recommendations for improvement. These reports are designed to meet the needs of regulators and stakeholders.

    POST-AUDIT SUPPORT

    POST-AUDIT SUPPORT

    Beyond delivering the audit report, he assists with implementing recommendations and provides ongoing guidance to strengthen internal processes, improve compliance, and optimize financial performance.

    Benefits of Statutory Audits

    REGULATORY COMPLIANCE

    Ensure compliance with UAE regulations, IFRS, and other statutory requirements, avoiding legal penalties.

    TRANSPARENCY AND ACCOUNTABILITY

    Build stakeholder trust by demonstrating financial integrity and operational transparency.

    IMPROVED FINANCIAL CONTROLS

    Identify and address weaknesses in internal controls to enhance operational efficiency.

    FRAUD PREVENTION

    Detects potential irregularities or fraudulent activities, safeguarding business assets.

    INFORMED DECISION-MAKING

    Leverage audit findings to make strategic decisions and improve financial performance.

    ENHANCED STAKEHOLDER CONFIDENCE

    Provide investors, creditors, and regulatory bodies with assurance about the company’s financial health and compliance.

    Prateek Tosniwal- Investor | Financial Advisor | Entrepreneur
    ABOUT PRATEEK TOSNIWAL

    WHY WORK WITH PRATEEK TOSNIWAL?

    Choosing Prateek Tosniwal for your statutory audit needs ensures comprehensive, precise, and timely audits that go beyond mere compliance. Here’s why businesses across the UAE trusts him:
    • In-Depth Regulatory Expertise: With extensive knowledge of UAE
      regulations and international financial standards, he delivers audits that
      meet the highest compliance benchmarks.
    • Tailored Solutions: Every business is unique. He customizes his audit
      process to address specific organizational challenges and industry
      nuances.
    • Advanced Tools and Techniques: Leveraging modern audit tools, Prateek
      Tosniwal ensures precision, efficiency, and reliability in every audit.
    • Comprehensive Reporting: His detailed reports not only meet statutory
      requirements but also provide actionable insights to support better
      decision-making.
    • Client-Centric Approach: He works closely with your team to ensure the
      audit process is seamless, transparent, and value-driven.
    • Post-Audit Support: Beyond compliance, he also assists in implementing
      improvements and optimizing financial processes to enhance overall
      business performance.
    With a commitment to accuracy, transparency, and excellence, Prateek Tosniwal delivers statutory audits that not only fulfill regulatory obligations but also contribute to your organization’s long-term success and financial stability.

    FAQs

    Statutory audits are legally required to ensure that financial statements are
    accurate, transparent, and compliant with regulatory standards. These audits
    provide assurance to stakeholders, including investors and regulators, about a
    company’s financial health. In the UAE, statutory audits help businesses meet
    strict legal obligations, avoid penalties, and enhance stakeholder trust. Prateek
    Tosniwal’s expertise ensures accurate and efficient statutory audits, helping
    businesses maintain compliance and achieve greater financial accountability.

    A statutory audit evaluates a company’s financial statements, accounting practices, and internal controls. It ensures compliance with local laws and international financial reporting standards (IFRS). In the UAE, these audits verify the accuracy of financial records, detect misstatements, and assess whether the company adheres to regulatory requirements. Prateek’s statutory audit services provide a comprehensive review, ensuring businesses meet their obligations while maintaining financial transparency.
    Statutory audits provide businesses with financial credibility, transparency, and regulatory compliance. They build trust with stakeholders by ensuring that financial statements accurately reflect operations. In the UAE, these audits also help businesses identify areas for improvement and avoid regulatory penalties. Prateek’s audits deliver actionable insights that support better decision-making, enhance financial reporting, and protect businesses from potential risks.
    Challenges include complex regulatory requirements, evolving compliance standards, and tight deadlines. Businesses often struggle to navigate these complexities without expert guidance. Prateek’s statutory audit services address these challenges by ensuring timely, accurate, and compliant audits. His in-depth knowledge of UAE regulations helps businesses meet their obligations efficiently and avoid penalties.
    Prateek offers unmatched expertise in statutory audits, combining knowledge of UAE regulations with international auditing standards. His tailored approach ensures compliance, accuracy, and stakeholder trust. With clear reporting and actionable recommendations, Prateek’s audits support businesses in maintaining financial credibility and achieving regulatory success.

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