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Services

Services

 What we do and Our Approach

We offer to provide the following services to you.

  • Annual Statutory Audits
  1. Internal Audits
  2. Transaction Audits
  3. Systems Audit
  4. Internal Control Systems
  5. Company Formations
  6. Taxation
  7. Liquidation
  8. Corporate Restructuring
  9. Management Consultancy
  10. Mergers, Amalgamations and Acquisitions
  11. Human Resource Management
  12. Computerisation and IT Software

The firm engages in Audit and Consultancy practice including other professional services incidental or complimentary to the above practice.

Statutory Audit Report:

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 and generally accepted auditing principles as applicable to the business.

Internal Audit Report:

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 Utilisation of Manpower, Utilisation 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.

Transaction Audit Report:

We carry out Monthly Transaction Audits of the books and records and accounting transactions for the year. This would include transactions relating to Petty Cash Expenses, Bank Vouchers for Deposit and Withdrawals / Debits, 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, as well as the accuracy of the same, as prepared by the accountants. We carry out the audit in accordance with the International Accounting Standards and generally accepted auditing principles as applicable to the Company.

Systems Audit:

During the course of this audit, we review the systems of bookkeeping and accounting. We carry out such tests, as we consider 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, as well as the verification of assets and liabilities at the year-end.

Internal Control Systems:

In the course of our assignment we include a critical review of the internal control procedures, and based upon our review of these internal control systems, we are in a position to make recommendations to improve the systems and in effect the internal control mechanism. We also help in designing the Internal Control Systems and the Manuals and Procedures for this.

Company Formation Services:

We are also involved in the preparation of the papers, their submission and liaison required by the Ministry of Commerce & Industry for the purposes of setting up of 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 with the least amount of time as well as resources.

Taxation:

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 the 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.

Liquidations:

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.

Corporate Restructuring:

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. to enable them function more effectively.

Based on our experience, the restructuring and reconstruction arrangements that we can execute, consider the following as very important.

  • The avoidance of over capitalization
  • Maintenance of adequate working capital
  • Preservation of the equities of the shareholders
  • Satisfaction of debenture holders
  • Satisfaction of creditors in accordance with the provision of the law
 Management Consultancy

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.

Mergers, Amalgamations & Acquisitions:

It might be necessary to merge or amalgamate some companies with the purpose of achieving any or all of the following:

  • decreasing competition
  • pooling financial, technical and commercial resources
  • securing economics of scale, etc.

We possess the requisite experience and competence to handle such assignments to the satisfaction of all parties in the arrangement. 

Human Resource Management:

We are also able to help in the recruitment and training of highly experienced and skilled staff for our clients.

Computerisation & I. T. Software

We have the requisite dedicated staff to help in the computerisation of small, medium and large offices including the providing of the required hardware, the networking and the operating systems. We also help in ensuring the security and safety of the entire system. We have specialists who can provide any business the most 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 provide you our services for we work very well within the Box but our thinking extends beyond the Box.