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Top Audit Firms in Oman (2021)

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Auditing is performed to verify the company’s financial statements, examine internal business processes, and ensure that all regulatory requirements are fulfilled. The auditing process can be applied to an entire business or a specific function, production step or procedure, in order to identify and remove any bottlenecks and improve efficiency. Audit Firms not only help businesses in reducing operational costs but also boost profitability and ensure the smooth running of operations. 

Choosing a suitable audit and assurance company is a troublesome task especially when there is a number of experienced audit firms, offering all kinds of auditing services. Given below is the list of Top Ten audit firms operating in Oman: 

Aviaan Accounting:

Know for using state-of-the-art auditing tools and proven audit methodologies to provide customized service to clients related to a financial audit, risk management audit, company liquidations audit, and internal/external audit services. 

MGI Worldwide:

One of the Top Auditors in Sultanate of Oman listed as a Capital Market Authority- Oman approved auditors which gives it the benefit of providing auditing services to listed companies, financial services companies, and insurance companies.

Mazars:

It is the most professional and reliable international audit, tax, and advisory firm. Skilled at delivering exceptional financial, auditing, consulting, and legal service by combining technical expertise with a global perspective and local knowledge. 

Crowe:

Knack for understanding the strategic needs of clients and offering personalized services to cater to company-specific needs. Crowe believes that auditing is essential to build reputation and credibility and is an important asset in the global economy. 

Al Arqam Financial Services and Consultancy:

Influenced by the code of conduct and ethics towards the profession, Al Arqam firm has expertise in the field of management consultancy, audit and accounts, taxation and finance, company law, and secretarial practice. 

Arkan:

Specialized in providing the fair and true nature of the company’s financial position by evaluating business and accounting records. It offers accounting due diligence focused on an in-depth review of the target company’s historical financial statements. 

BDO:

Established as providing services in audit & assurance, internal audit & risk advisory, business advisory, tax transactions, and corporate legal with the help of a team of professionals combining personalized and local advice with national resources and experience. 

RSM:

One of the world’s largest networks of audit, tax, and consulting firms operating across 116 countries and one of the largest global providers of audit and tax services. Aimed at facilitating companies to achieve business goals and objectives through a team of certified chartered accountants. 

Morison Muscat:

Fastest growing international network with 156-member firms including the team of professional advisers, Chartered Accountants, Tax Advisors, and Business Development Consultants. It has its presence in 84 countries with 351 offices, over 12,070 professional staff.

Ibn Hyan:

They are licensed and certified to practice and perform the profession of Audit and Accounting as well as Management, Financial and Economic Consultancy by the licensing department of the Ministry of Commerce, Industry, and Investment Promotion in the Sultanate of Oman.

External Audit Services - Top Audit Firms in Oman (2021)

The benefit of hiring an Audit Firm in Oman 

Audit firms are equipped with specialized professionals and accountants’ teams that are trained to critically examine the company accounts with integrity to provide investors and stakeholders an accurate picture of business financial position.  

Compliance:

Audit Firms are essential in ensuring that business processes and company accounts are following statutory regulations and standards of the industry. Moreover, non-compliance with accounting practices and government obligations can lead to heavy fines and legal penalties, thus companies rely on audit firms to keep adherence with SOPs. 

Business/System Enhancement:

The audit process suggests ways to improve internal controls, business systems, reporting structure, production efficiencies, governance, and working culture by studying impartially company routine business activities. 

Planning and Budgeting:

Auditing is the detailed analysis of company financial statements and transactions which also lead to the scrutinization of certain types of assets, liabilities, income, and expenditure. This gives the company an opportunity to perform better financial planning, budgeting, and decision-making for the future based on an audit firm’s expertise and auditing outcome.  

Prevent Legal and Tax Issues:

Incorrectly maintaining accounting information can increase a company’s tax liability. Overstating income, inventory value, or other items can significantly increase the amount of taxes owed by the company which can lead to personal or business tax return audit. Audit firms enable organizations to show accurate accounting information to lenders, investors, and the general public to avoid any legal issues.

Facilitate in Securing Financing:

Audit firms identify any loopholes in the accounting process of the company and recommend ways to minimize expenditure and ensure optimal utilization of resources. With improved business functions and accurate accounts, companies are able to attract investors and obtain external financing through mutual productive relationships. 

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