Call Us: (968) 24484107
Our Address: P.O. Box : 338, PC : 118, Muscat, Sultanate of Oman
Call Us: (968) 24484107 Our Address: P.O. Box : 338, PC : 118, Muscat, Sultanate of OmanStockholders, bankers, financial institutions, creditors and private investors need assurance that the financial statements accurately represent the true financial position of a company. They have different levels of risk tolerance. So we provide three levels of assurance to meet their needs.
An audit provides the highest level of assurance. An audit is a methodical review and objective examination of financial statements, including the verification of specific information as determined by the auditors or as established by general practice.
Our work includes a review of internal controls, testing of selected transactions, and communications with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free from material misstatements.
We also perform physical inspections by observing the inventory counting method and perform test counts.
Clients get the highest level of assurance because we go outside the company to obtain more information. Typically we’ll have written communications with the company’s
Customers to check outstanding receivable balances
Banks to confirm cash / debt balances and terms
Suppliers to verify outstanding payable balances
Legal Advisor for information on pending or threatening legal actions.
We also perform physical inspections by observing the inventory counting method and perform test counts. We document and test each operating cycle, including sales and cash receipts; expenses and cash disbursements, and payroll. Our audit papers a detailed works program to document the examinations and testing performed; as well as clients’ supporting work papers.
All public companies such as S.A.O.G & S.A.C. companies are required to have annual statutory audit; but some non public entities must undergo an annual statutory audit as well. These include governments, government companies, limited liability companies, nonprofit organizations, etc.
Moreover, as per the Central Bank of Oman’s guide lines, banks and financial institutions require audit of non public entities based on the financial amounts and / or bank’s assessment of the company’s risk. Also companies with absentee ownership, such as those owned by investment firms, individuals who no longer run the business, may order audits as checks of their management teams.
Less extensive less than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various enquiries we make of company’s management team. If financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.
A review doesn’t require to study and evaluate the company’s internal control or verify date with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of statement as required by IFRS (International Financial Reporting Standards)
In compiling financial statements, we present information that is “Representation of Management” and expresses no opinion or assurance on the statements. Compilation does not require of management or analytical procedures. Instead, RB AUDIT rely on its knowledge of IAS & IFRS and general understanding of the business.
At times, business enterprises may need a trained outside professionals to evaluate the company’s operations to determine if the appropriate controls are in place to ensure proper handling of resources and to protect business.
We access and do the internal control system to determine the efficiency and effectiveness of the operating procedures. We make recommendations that help the company become stronger and more profitable by correcting any inefficient or ineffective operating procedures we find.
Make sure transactions are authorized by a person designated approval authority when the transactions are consistent with the policy and funds are available.
Make certain that equipment, inventories, cash and other properties are secured physically, counted periodically, and compared with item descriptions shown on control records.
Review operations to ascertain whether results are consistent with established objectives and goals and whether operations are being carried out as planned.
Need Finance to Grow the Business ……
Requesting a business loan without adequate preparation send a clear message to the lender: High Risk. Therefore it pays to be prepared and organized in approaching for finance.
Putting the best foot forward by appointing RB AUDIT to prepare a winning loan proposal. Our proposals have a high likelihood of success because they are prepared from the vendor’s perspectives.
Few things are more important to business owners than the value of their business. The valuation for the business can make or break a proposition.
Whether for negotiating a merger, considering new members / shareholders, attempting to resolve dispute associated with liability, shareholder equity, objective valuation can make difference between loss or gain, failure or success.
Business valuation is not an exact science. It is based on judgment, experiment and relevant information. Our approach is to intimately know the business in order to understand what constitute its value. We work closely to analyze operations and historical financial data. Our in - depth knowledge of the business enables to provide a well reasoned, fully documented and defensible valuation opinion.
A Strategic Business Plan is much more than a tool to obtain financing. If the company still has all plans and ideas locked up, preparing a strategic plan helps to clarify the company’s direction, ensures the key leaders are all “on the same page” and keeps both management and staff focused on the tasks at hand.
The strategic Plan provides a blueprint, describing the company, its products, the competitive environment, management team, financial health and business risks.
Identify and describe the target customer profile, features, advantages and benefits of the new venture, product or service.
Justify that the plans are credible, by fully researching the need being filled with the new venture.
Develop marketing plans including full descriptions of targeted promotional campaigns with implementation timeliness. The company will also get to examine market conditions, the nature of the customers, as well as the competitors, sales potentials, and projected results of the promotional campaigns.
Develop staffing plans including identifying the key players, skills, attitudes and expertise needed to build the venture.
Develop management plans including full descriptions of management systems and timeliness for implementation.
Develop management plans including projected start up costs, operating costs, revenues, profits and break even analysis for the first 3 to 5 years.
Projected financial plans allow effectively predicting upcoming problems or preventing them. In other words, the perspective gained through the Strategic Business Plan can make a significant contribution to the company’s success and helps to get the funding requirements. In fact, most lending institutions and private investors will not even talk without a solid financial plan.
Identify building and equipments needs including vendors and cost estimates.
Formulate company milestones including timeliness for upcoming products and services in the development.
All public companies such as S.A.O.G & S.A.C. companies are required to have annual statutory audit; but some non public entities must undergo an annual statutory audit as well. These include governments, government companies, limited liability companies, nonprofit organizations, etc.
Moreover, as per the Central Bank of Oman’s guide lines, banks and financial institutions require audit of non public entities based on the financial amounts and / or bank’s assessment of the company’s risk. Also companies with absentee ownership, such as those owned by investment firms, individuals who no longer run the business, may order audits as checks of their management teams.
Less extensive less than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various enquiries we make of company’s management team. If financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.
A review doesn’t require to study and evaluate the company’s internal control or verify date with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of statement as required by IFRS (International Financial Reporting Standards)
Preparing the tax returns can be a task that leaves with more questions that answers. According to a study 77% of the business enterprises believe that they benefitted by engaging professional firms for preparing the tax returns.
Whether we like it or not, today’s tax laws are vague that filling a relatively simple return can be confusing. Even a computer software program cannot be a substitute for the assistance of experienced professionals.
Planning is the key to successfully and legally reducing the tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize after tax income. We make it a priority to enhance our mastery of the current tax law and ministerial regulation by attending frequent seminars. Businesses pay the lowest amount of tax allowable by law because we continually look for the ways to minimize the tax.
We’re here to resolve tax problems and put an end to the misery. We pride ourselves on being very efficient, affordable and of course, extremely discrete. The tax problems will not go away by themselves; they just keep getting worse with penalties and interest being added each day. We are there to help to come out from the tax problems by representing with tax department by submitting the valuable objections and appeals.
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