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Company Requirements for Auditing Firms in Qatar

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When setting up a company in Qatar, there are many legal and financial considerations that one has to keep in mind. One of the main ones is looking for the right auditor to keep the finance, accounting and bookkeeping of the company efficient. Whether it is setting up a small business or a big enterprise, having the aid of auditing firms in Qatar is a necessity as it is part of the law requirement.

Why does a Business need Auditing?

Auditing allows for the systematic checking of accounts, financial statements, records and books. Auditors make financial reports which assist the stakeholders, investors & business owners by providing them an insight into the company finances so that they can make informed decisions and enhance the efficiency and effectiveness of the organisation. Moreover auditing is the legal requirement according to the regulations defined by state of Qatar. Audits have to be conducted monthly by large enterprises and annually by small businesses.

When certain companies provide the government authorities with proper, accurate and timely financial reporting they sometimes also receive incentives. Having precise information of the company’s finances through auditing will also encourage more investors and business partners as it is a sign of a company’s financial transparency.

Finding the Right Auditing Firms in Qatar

When choosing an auditing firm in Qatar for their business, some essentials to keep on mind are that firstly the firm must be registered under the State of Qatar. Moreover, they must provide certain basic services, mentioned below.

• Tax Card Application: Once a company is established and is commercially registered, it will also be provided with a preliminary tax card that assigns a number for Commercial Registration to the tax department. The company auditor’s job is to apply for the tax card as it has the Tax Identification number (TIN) that is required for official transactions.
• Submission of Paperwork: Businesses with foreign ownership (excluding those owned by the GCC countries) need to submit audited financial statements and tax declarations. Companies are supposed to maintain records and documentation regarding the activities in Qatar for 10 years, following the end of the taxable year to which the records and documentation relate. This action can be done by the company auditors in accordance with the International Financial Reporting Standards, keeping the necessary deadlines in mind.

Some background research to find relevant auditing firms in Qatar will ensure that the company makes use of local knowledge that is invaluable to its success. It is imperative that all decisions are taken after the advice of a qualified tax professional regarding all tax matters in Qatar. A good auditing firm can guide a business through all the local business setup requirements, and help it get started with the set up process in Qatar as audit specialists are aligned to a broad range of industries to give a better view of how businesses can achieve their business goals and succeed. Auditing  services ensure credibility and reputation, two critically important aspect of any business’s market value  and are thus an invaluable part of a company’s operations.