Auditing is extremely important to companies with activities in Qatar and it shows that all the assets in the firm are correctly obtained, respecting the applicable laws. Our audit firms in Qatar can be hired by any company operating in Qatar that needs to align with the regulations and rules imposed. You can discuss with our Qatar company formation agents and find out more about the services we can provide. Plus, our immigration lawyers in Qatar are at your service if interested in visas and relocation.
| Quick Facts | |
|---|---|
| Audit requirements in Qatar |
Companies with an income over QAR500,000 require audits |
|
Types of audits |
– taxation audit; – compliance audit; – income audit; – company statutory audit; -internal audit; – external audit; – cost-efficient audit |
|
Legislation for audits in Qatar |
– IFRS, – Qatar Financial Centre Legislation |
| Internal audit process |
– audit planning, – verification of financial documents, – preliminary review, – internal control review, – assesment of risk, – evaluation report |
| External audit process |
– verification of financial statements, – data analysis, – audit procedures implementation, – spotting existing risks, – preparation of final audit report |
| Audit reports available (YES/NO) |
Yes |
| Financial advisory provided (YES/NO) |
Yes |
| Risk management services (YES/NO) |
Yes |
| Due diligence audit (YES/NO) |
Yes |
| Data quality and controls |
On request |
| Business evaluation |
On request |
| Documentation filling (YES/NO) |
Yes |
| Organizational structure audits (YES/NO) | Yes |
| Free case evaluation for small and medium companies (YES/NO) |
Yes |
| We provide tailored services to company owners (YES/NO) | Yes |
Table of Contents
What types of services can be offered by our audit firm in Qatar?
Many activities can be performed by an audit firm in Qatar, depending on the business, necessities, and requirements. Here are a few of the operations, mentioning that you can rely on the support of our specialized accountants in Qatar for your firm:
- Taxation audits.
- Company statutory audits.
- Internal and external audits.
- Financial statement audits.
The audit regulations are important and stand at the base of a correct audit report, issued by the specialist hired for this kind of task. We invite you to discuss this with one of our accounting experts in Qatar and find all the information you need, as you can benefit from the services of our qualified auditors. Plus, if you would like to open a company in Qatar, feel free to send your inquiries to our team. We can also manage the immigration to Qatar and implicated formalities. We have an experienced team of immigration lawyers in Qatar ready to help. The following video presentation might be helpful:
What is an internal audit in Qatar?
An internal audit is necessary for verifying the structure of the company in terms of management and risks. This type of audit proves that the internal and governance control processes in the firm are operating effectively and correctly. An internal audit is quite beneficial for a company in Qatar because such a procedure can reveal the weak points or sectors in the firm. In this case, the auditor in Qatar will create an accurate report, also presenting specific solutions that can be applied in the company for better potential and future developments. There are a series of reports issued right after an internal audit for a company in Qatar, and more details in this sense can be offered by our specialists.
Immigration to Qatar can be a simple and fast process if you benefit from the services offered by our specialists. Relocation begins with obtaining the necessary visa, depending on the plans, for work, business, family, or tourism. Foreign citizens must then apply for a residence permit, where information is needed about the new residence and personal income if an employment contract cannot be presented. We invite you to contact us and find out all the information regarding relocation to this country.
The following infographic comprises information about audits in Qatar:
What is an external audit in Qatar?
An independent accountant is in charge of an external audit for companies in Qatar. The main scope of an external audit is to verify and clarify the financial statements of a company, in order to determine the completeness and accuracy of company documents, management, and more. With the help of an external audit, the financial position of a company is consolidated, considering different solutions for possible financial problems detected and mentioned by the final report. All you need to know about external audits can be explained by our specialists. Feel free to hire the services of our audit firm in Qatar.
If you would like to obtain a residence permit in Qatar, the recommendation is to get in touch with our immigration lawyers in this country. They can help you with the formalities and paperwork involved in the process and explain the procedures imposed by the authorities. We remind you that you should register with the local authorities, as soon as the relocation process ends. Contact us to request a personalized offer and all the information.
Hiring a professional financial auditor in Qatar
It is important to have the support of an experienced financial auditor for your company in Qatar and be sure that the IFRS (International Financial Reporting Standards) are accurately respected and implemented. A fair audit report will make the difference right from the start if you hire a professional auditor with wide experience in the field. You can rely on the support, professionalism, and experience of our accounting specialists and hire the services of our audit firm in Qatar for your company. All the details you need about audits in Qatar can be explained by our specialists.
When are audits needed for your company in Qatar?
Audits in Qatar are of major importance in the smooth running of a business. Starting from this point of view, you should know that there are clear situations when the company requires audits in Qatar:
- When the company needs improvement at an organizational level.
- When it is necessary to enhance the performance and efficiency of a company, with the help of the verification of financial documents.
- When business owners must have a clear idea about the financial direction of the company.
- When it is necessary to apply special measures to improve financial performance and more.
- When better decisions are needed to maintain or change the business direction of the company.
It is important to emphasize that large companies need audits in Qatar periodically, and it is recommended in this case that such procedures take place every month. As for small businesses, they can be the subject of an audit in Qatar only once a year. The goal is the same, to report correctly from a financial point of view to business owners and the relevant authorities.
Stages of audits in Qatar
To get a clear idea about the audit procedures in Qatar, you can go through the following information, in the form of a guide:
- Audit planning – the goals of the financial examination of the company are established, and this can be done in a formal meeting with the administrative management of the firm.
- Field work of an audit – in this step the financial information is analyzed and evaluated. Assessment of risk, measuring performance, and transactional tests can be performed.
- Preparing the audit report – the auditing process ends with the preparation of a financial report in this regard. It includes information about any problems or risks that may arise at the business level. Such a report must be objective and impartial.
- Audit follow-up – this last step of the audit procedure can include a follow-up review and report, as well as important information directed to the board of managers and business owners.
Considering this guide, you can better understand what the audit procedures in Qatar entail and how they take place. We recommend those interested get in touch with our specialists and learn more about audits in Qatar and the method by which they can be carried out in the owned company.
Business diagnosis after an audit in Dubai
Once the audit report has been evaluated, the managers and shareholders of the company can decide on measures and strategies that can improve the direction of the business. Among the proposals we list:
- Checking the factors that can influence the profit and losses of a firm.
- Helping clients achieve implementation plans and improve enterprise capabilities with customized consulting services.
- Development, review, and implementation of cost reductions, if they are recommended for the respective business.
- Estimated income improvement prospects.
Working with our specialists in Qatar
As mentioned earlier in the article, audit procedures are extremely important for a company, regardless of its size. When you get in touch with us, you will discover an experienced team, ready to offer complete services for your company. Communication, transparency, and efficiency are part of our business book, so you can request our services whenever you need them.
Making investments in Qatar
Qatar is quite appreciated from a business point of view and already hosts a large number of companies established with foreign capital that benefits from a proper and stable business climate. The oil & gas sector is quite productive in Qatar and many companies activate in this field, protected by the relaxed investment legislation, plus a wide range of incentives offered by the government. The skilled workforce, excellent transportation, and logistics are solid points for international investors in Qatar who want to thrive in this country. Here are some interesting facts and figures that highlight the economy and business direction of Qatar:
- The 2020 Doing Business report ranked Qatar 77th out of 190 economies in the world.
- Nearly USD 31 billion represented the total FDI stock for Qatar in 2019.
- Oil & gas, financial services, construction, real estate, and public works are the main sectors that attract most of the foreign investments in Qatar.
- About USD 1.6 billion was the total value of greenfield investments in Qatar in 2019.
Interested in the services of our audit firm in Qatar? Would you like to know more about immigration to Qatar? You can contact us right away, whether by phone or email, and send us your inquiries.