The firm engages in Audit and Consultancy practice including other professional services incidental or complimentary to the above practice. The detailed structure can be found below:
We carry out the audit of books and records for the year end and express our opinion on the fairness of the accounts prepared by the accountants. We carry out the audit in accordance with the International Accounting Standards (IAS) and Generally Accepted Auditing Principles as applicable to the business.
We carry out Internal Audits of the books and records for the year. This would include a number of operational matters relating to the actual working and performance of the Company. We express our opinion on the operating aspects of the work carried out during the period under review. These would include matters such as utilization of Manpower, utilization of Plant & Machinery, Transport Vehicle utility, Variances of Budget v/s Actuals, Consumption Comparisons, etc.
We carry out the audit in accordance with the parameters and procedures laid down by the Management.
We carry out Monthly Transaction Audits of the books, records and accounting transactions for the entire year. This would include transactions relating to Petty Cash Expenses, Bank Vouchers for Deposit and Withdrawals, Purchase, Stock Transfers, Stores Issues, Payroll, Fixed Assets, Invoicing, Journal Entries, etc.
We express our opinion on the correctness of the transactions, the recording of the same and as well as the accuracy of the same, as prepared by the accountants.
During the course of this audit, we review the systems of bookkeeping and accounting. We carry out such tests, as we consider it appropriate to satisfy ourselves regarding the implementation and effectiveness of the established systems. Our examination would include tests regarding the day-to-day operations of the business, the correctness of the recording of the transactions and as well as the verification of assets and liabilities at the year-end.
In the course of our assignment we include a critical review of the internal control procedures, based upon our review of these internal control systems, we are in a position to make recommendations to improve the systems which, in turn effects the internal control mechanism. We also help in designing the Internal Control Systems and the Manuals and Procedures to be put in place for the working of the same.
We are also involved in the preparation of legal documents, their submission and liaison as required by the Ministry of Commerce & Industry for the purpose of setting up a Company in the Sultanate of Oman or in any other location such as the UAE Free Zones or the more commonly known International Free Trade locations. We are able to advise as to the most convenient route by which this can be handled so as to be efficient and effective.
Taxation was introduced in the Sultanate of Oman from 1994 and is payable by all business entities. Business entities with a registered capital of R.O. 20,000/- or above are liable to file their tax returns with the financial statements audited by a firm of locally registered auditors. The taxation laws are not complex but as they are not comprehensive, the tax officer can use his discretionary powers in most cases of assessment. This therefore obviously creates a need for a professional handling of the tax assessment.
We are well versed in the provisions of the tax laws. We are also experienced in the practice of the assessment of taxation. We have handled the tax matters of various organizations on our clientele list. Our wealth of experience places us at an advantage to provide quality and excellent service in this area.
In the case of an Omani Company becoming defunct due to various reasons, we are able to liquidate these companies. We also act as the Liquidator for official purposes.
Restructuring and reconstruction may be necessary for some of the customers businesses to clear off persistent losses and place such companies in a favorable position for earning profits, raising further capital from existing shareholders by forming a new company and allotting to them partly paid shares, therein extending the scope of their memorandum, etc. so as to enable them function more effectively.
Based on our experience in restructuring and reconstruction arrangements. Consider the following very important for the execution of the same.
Our firm has put in place adequate facilities to render professional management consultancy services to a ‘select clientele’ consisting of corporate bodies and individuals in any desired area. We specialize in preparation of feasibility studies for our clients looking for startup of new projects or expansion plans. The excellent crop of qualified and other skilled and experienced professionals making up the management staff can readily attest to our claims. Our broad based clients include organizations in the industrial, public and private sectors of the economy.
It might be necessary to merge or amalgamate some companies with the purpose of achieving any or all of the following:
We possess the requisite experience and competence to handle such assignments to the satisfaction of all parties in the arrangement.
We are also able to help in the recruitment and training of highly experienced and skilled staff for our clients.
We have the requisite dedicated staff to help in the computerization of small, medium and large offices including providing of the required hardware, networking and operating systems. We also help in ensuring the security and safety of the entire system. We have specialists who can provide any business with the optimum solution for their need to invest in the accounting software. This includes the ever popular TALLY and extends to the ultimate in ERP solutions.
For further details on our activities, we will be willing and ready at all times to provide you a detailed and comprehensive discussion on how we can serve you for we work very well within the Box but our thinking extends beyond the Box.