TaxSavvyBH

Why MOIC rejected our financial statements

We uploaded our accounts but MOIC rejected them. What usually goes wrong?

The situation

MOIC requires a final certified report from a licensed firm, following international standards, with the auditor's opinion, stamp or signature, company name, CR number, issue date and fiscal year, covering all branches.

The law

  • Commercial Companies Law and MOIC requirements: audited financial statements: WLLs, BSCs, partnerships limited by shares and foreign branches file audited statements through Sijilat within six months of year end, signed by two directors, audited by an MOIC licensed firm

What it means for you

Common reasons are uploading a draft, missing the auditor's stamp, leaving out a branch, or missing the CR number. Check each item on MOIC's list before upload. A rejection close to the deadline can still lead to a violation.

What to do

  1. Compare the report to MOIC's checklist.
  2. Get the auditor to fix gaps.
  3. Re-upload the final version.
  4. Track acceptance.

We can do this for youYear end accounts, statutory audit coordination and MOIC filing on Sijilat: BHD 600

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