Welcome to Grantson Consulting, your trusted partner for comprehensive financial solutions. As a leading regional firm, we take pride in delivering exceptional tax, audit, advisory, and accounting services to our esteemed clients. In addition to our wide range of offerings, we are pleased to introduce our specialized Statutory Audit Services.

At Grantson Consulting, we understand the critical importance of statutory audits in ensuring the accuracy and reliability of financial information. Our dedicated team of highly skilled professionals possesses deep industry knowledge and expertise in conducting thorough and compliant statutory audits. We are committed to helping you meet your legal obligations while providing valuable insights to enhance your business operations.

At Grantson Consulting, we understand the critical importance of statutory audits in ensuring the accuracy and reliability of financial information. Our dedicated team of highly skilled professionals possesses deep industry knowledge and expertise in conducting thorough and compliant statutory audits. We are committed to helping you meet your legal obligations while providing valuable insights to enhance your business operations.

Our Statutory Audit Services cover a broad spectrum of activities, including the examination of financial statements, verification of accounting records, and compliance with applicable laws and regulations. We work closely with your organization to gain a comprehensive understanding of your unique business environment, industry-specific challenges, and statutory requirements. By applying rigorous audit methodologies and employing cutting-edge technology, we deliver independent and objective assessments of your financial statements and internal control systems.

We pride ourselves on our attention to detail and our ability to identify potential risks, errors, or irregularities. Our team of auditors meticulously examines your financial records, transactions, and processes to ensure compliance with accounting standards and legislative frameworks. We provide you with comprehensive reports that highlight any areas of concern and offer practical recommendations to enhance your financial reporting and internal control mechanisms.

Partnering with Grantson Consulting for your statutory audit needs brings numerous benefits to your organization. Our services go beyond mere compliance with legal requirements. We strive to add value to your business by identifying opportunities for process improvements, cost savings, and risk mitigation. Moreover, our expertise extends to providing sector-specific insights and guidance to help you navigate industry challenges and achieve your strategic objectives.

We understand that each organization is unique, and we tailor our approach to meet your specific needs and expectations. Our team maintains the highest standards of professionalism, confidentiality, and independence throughout the audit process. You can have confidence that your statutory audit will be conducted with the utmost integrity and with a focus on delivering accurate and reliable financial information.

The reliable supply of orders is a significant element in the efficient and smooth functioning of the business. The objective of reliable supply is to achieve sustainable improvement and one of the best ways to achieve this is to carry out an audit of the supply chain. The audit should cover the supply chain holistically, from management to the shop floor and across the full breadth of supply services. The following five key areas can be used as a guide to ensure appropriate coverage:
Areas to be Covered by Grantson Consulting
Strategy
– Grantson Consulting chalked out a clear and consistent plan about the delivery of the services.
Organization Structure
– Grantson Consulting has a suitable organizational structure, with clear accountabilities and sufficient resources to complete the required work.
People, Culture and Skills
We have trained people who have excellent skills.
Organizational Culture – Grantson Consulting has the highly motivated team.
Supply Processes
– Grantson Consulting takes an in-depth look at the following:
• Demand Management
• Sourcing
• Cataloguing
• Purchasing
• Inventory Management
• Disposals
• Vendor Management
Technology
We have appropriate tools, particularly software, that support personnel in the execution of the supply processes, along with appropriate training and support.
The Outcomes
An effective supply chain audit by Grantson Consulting will result in the following benefits:
• Assessment of the performance as compared to the different areas of your business and, potentially, against benchmarks with other organizations of a similar size and nature
• An agreed and prioritized action plan for improvement of supply chain, with timings, costs, and resource requirements
• Reductions in procurement costs and MRO parts inventories along with improvements in stores productivity and service levels
• Better contract management leading to better supplier performance

Grantson Consulting is performing VAT health checks / Tax audits to make sure VAT has been implemented properly and the entity is tax compliant. Our VAT audit includes the following:
• Understanding VAT impact and key processes
Review the VAT impact assessment carried out by the client
Review the process of identifying the type of supply (standard rated, zero-rated, exempt, or out of the scope)
Review the process of identification of partial exemption component and its accounting treatment
Review the processes of identification of deemed supply
• Master data verification
Review the master data of suppliers and customers with VAT registration
Review of accuracy of tax registration number with FTA verification
• Output tax verification
Review the process of identifying entries that are out of the scope, zero-rated, exempt and standard-rated
Review the process of posting in the VAT ledger from the source documents
Review of process of classification of sales and output tax Emirates wise
• Input tax verification
Review the process to reconcile the count and the total value of transactions with input tax
Review the process to identify the blocked input tax expenses and their posting in the ledgers
Review the process of allocating input tax into taxable and exempt supplies
• Reverse charge mechanism validation
All import codes have been updated in the FTA portal which is linked with the custom portal
Reviewing the process to make sure RCM is being applied to concerned goods and services
Review of goods and services on which RCM is being applied
Review of accounting entries posted in the system for RCM
Review of RCM liability booked in the system
• Invoice and credit note check
Review of sales invoices issued to the customers and purchase invoices received by the vendors and checking its compliance as per Article 59 of the UAE VAT Regulations
Review of credit notes and checking its compliance as per Article 60 of the UAE VAT Regulations
• Compliance
Review of internal reports extracted from the system to prepare VAT Returns submitted for the last periods
Review of VAT Calculations and VAT return
Review of compliance with FTA Laws