AUDIT & ASSURANCE

AUDIT & ASSURANCE

Our firm provides the following audit and assurance related services:

• External audit of financial statements as per local statutory requirements
• Review of financial statements
• Agreed upon procedures engagements
• Special purpose audits
• IFRS reporting

OUR APPROACH:

Our audit approach is supported by the core objective of audit of financial statements; which is to express an independent opinion on whether the financial statements as a whole have been prepared in accordance with International Financial Reporting Standards (IFRS) to give a true and fair view of the financial position and results of the entity. In order to achieve the objective (and to express an opinion), we perform our audit in accordance with International Standards on Auditing.

We focus on obtaining sufficient, reliable and relevant audit evidence to form an opinion. This involves making the best use of resources available to us, the expertise of our professional staff and their time. Given the objective and the diversity of clients we serve, we have developed an audit approach that provides a high degree of flexibility with an emphasis on exercise of professional judgment in performing the audit to meet the specific requirements of each client.

Our approach has four key factors:

1. Understanding the client – business, risks and needs
2. Developing client service strategy based on our understanding of client
3. Translating the strategy into an effective and efficient programme of work for the audit

Drawing appropriate conclusions from the results of audit procedures performed

ACCOUNTING

CAAS is an expert accounting service provider in following core areas:

• Reconciliations and verifications
• Book keeping and accounting services including maintenance of General Ledgers, Subsidiary ledgers and controlling Trial Balance
• Preparation of annual, quarterly and half-yearly financial statement as per statutory requirements
• Preparation of monthly financial statements as per management requirements
• Book keeping of records through accounting software and generation of statutory reports through it
• Preparation of management reports
• Accounting advices and technical opinions

OUR APPROACH:

We provide accurate and detailed management information on a timely basis and tailored to the clients’ requirements; ensuring the fact that informed business decisions can be made by the management. We believe that management accounting drives business performance.

We have been providing accounting and book keeping services to many clients on accounting software such as Tally ERP 9. Our accounting department operates the software on behalf of the clients and all the data entries are reviewed by senior level staff before final reflection in the general ledgers. In this way, the general and subsidiary ledgers are maintained from which trial balance is generated and monthly, quarterly, annual or semi-annual financial statements are prepared. Our accounting department personnel also prepare the annual financial statement as per the statutory requirements along-with all relevant disclosures for on-ward submission to regulators.

We also provide a comprehensive audit file providing reconciliations of all the balance sheet accounts. We work closely with the external auditors to ensure that all the relevant information required is prepared as per audit standards. This enables the client to negotiate a competitive price for the audit. We discuss all the numbers within accounts in detail with our client and explain anything that requires clarification

TAXATION

Our taxation services include:

• Filing of income tax  

• Consultancy for tax related matters

• Tax evaluation and planning

• Corporate and individual advisory services

• Representation before taxation authorities

• Tax compliance and assessments

OUR APPROACH:

At CAAS, we are committed to provide clients with highest standard of professional counsel and direction in all of its diverse practice areas. The tax team caters a large portfolio of different clients, which comprise of manufacturing, services and retail sector

We keep our selves updated with the changes in the tax and other corporate laws, along with informing our clients with the implications of the applicable laws and regulation on their business.

We ensure that our staff attends the seminars and conferences held by professional institutes to stay in line with the prevalent practices.

LEGAL SERVICES:

Some of our team members are registered with the Court as Legal Experts. We have a vast experience in providing expert opinion in different types of court cases.

Liquidators in Oman can be appointed by the shareholders, or by the court. The liquidation and company deregister proceedings especially the physical part can be very complicated and lengthy. We can deregister your company smoothly and in short time.

If the company board has agreed for liquidation, we will be able to help you through the process by following all the procedures require by various laws.

We are registered experts by Ministry of Justice, the Council of Administrative Affairs for the Judiciary Courts (Primary, Appeal and Higher Courts), Police Protection and Arbitration . We are specialized in commercial cases, such as

Employer/Employee Disputes

Breach of Contracts

Corporate Disputes

Fraud & Deceptive Practices