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An audit simply means to evaluate and comment on the items that have been confirmed. Financial auditing entails going over the books of accounts and other pertinent information. This will provide the auditor with the information he needs to determine whether the accounts have been properly maintained and whether the appropriate statutory, accounting for financial reporting and auditing requirements have been met.
A financial statement audit is an independent examination of the organization’s financial statements. The primary goal of a financial statement audit is to provide independent or third-party assurance that management has presented a “true and fair” assessment of a company’s financial performance in its financial statements. The auditor’s report attesting to the fairness of the financial statements and related disclosures is the result of this examination. When the financial statements are distributed to the intended receivers or stakeholders, the auditor’s report must be included.
According to Bahrain’s commercial firms law, decree law no. 21 of 2001 and revised decree law 50 of 2014, commercial companies are required to produce audited yearly reports for inspection and analysis.
Companies that are obliged by law to produce audited annual reports, as well as the submission deadline
Audits are nearly necessary and Authorities insist on audit reports being filed as a mandatory prerequisite for renewing a company’s licence, for bank financing, etc. On occasion, suppliers, customers, or other stakeholders request a financial audit report. The auditor must be present in Bahrain and be licenced to practise his or her profession. The books of the company must be held locally.
MOICT submittal deadline is Within 6 months of the end of the company’s financial year.
Companies required by law to produce audited annual reports, as well as the date for submission, are:
- Shareholding Company (BSC) – Chairman AND another board member must sign the annual report.
- With Limited Liability (WLL) – One director OR more depending on the situation must sign the annual report.
- Foreign company branch – One director OR more depending on the situation & to be appointed by the Mother Company must sign the annual report.
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