Fama Accounting Services, Office 2294, Building 574 Road 31 Block 611 Al Hamriya, Bahrain
Fama Accounting Services, Office 2294, Building 574 Road 31 Block 611 Al Hamriya, Bahrain
Our professional Audit Readiness Services help you identify weaknesses, strengthen your internal systems, and align your financial reporting with Bahrain’s regulatory requirements. Whether you are gearing up for a statutory audit, VAT inspection, or a special review — we ensure you are audit-ready, confident, and compliant.
✅ Proactive Risk Identification
✅ Customized Audit Preparation Plans
✅ Dedicated Bahrain-Based Experts
Maintain updated General Ledger with no missing entries.
Prepare Trial Balance matching accounting periods.
Ensure Bank Reconciliations are completed monthly and available.
Collect all supplier invoices and ensure they are VAT-compliant.
Retain customer invoices properly numbered and VAT recorded.
Prepare a fixed asset register with depreciation schedules.
Submit all VAT returns (quarterly/monthly) on time to NBR.
Reconcile VAT Payable vs Receivable accurately.
Retain supporting evidence for zero-rated and exempt supplies.
Maintain import/export documentation (Customs Declarations, Bills of Lading).
Ensure proper VAT adjustments for bad debts where applicable.
Finalize Board Meeting Minutes for key decisions.
Keep an updated copy of the Commercial Registration Certificate (CR).
Ensure compliance with Bahrain Corporate Governance Code (for applicable sectors).
Document shareholder agreements, if changes occurred during the year.
Verify GOSI contribution submissions and payment evidence.
Maintain payroll registers with accurate salary breakdowns.
Keep employment contracts updated and signed.
Document leave policies and track employee leave accurately.
Implement segregation of duties across finance functions.
Maintain documented approval workflows for procurement, payments, hiring.
Have fraud risk policies in place and updated.
Establish a Whistleblower Policy (optional but recommended for credibility).
Contracts and agreements properly filed for suppliers and customers.
Inventory counts conducted and documented periodically.
Petty cash records fully reconciled with vouchers.
Ensure all licenses (e.g., MOICT, NHRA, CBB) are current and valid.
Complete necessary AML/KYC compliance if operating in financial services.
Register and file Economic Substance Regulations (ESR) returns if applicable.
Nominate a primary audit contact person internally.
Arrange a secured room or virtual data room for auditor access.
Confirm that auditors will have access to ERP systems or manual records easily.
Pre-emptively answer likely auditor questions (on revenue recognition, VAT treatments, internal controls).
Backup all financial data securely and offsite.
Ensure accounting software access for auditors (read-only if needed).
Validate data security protocols — particularly for personal identifiable information (PII).
Prepare to address and implement auditor recommendations quickly.
Schedule an internal review meeting after the audit.
Update audit readiness documentation annually based on outcomes.
Save copies of all documents for at least 5 years as per Bahrain’s Commercial Law and VAT regulations.
Digital copies are acceptable if accessible and retrievable during audits.
Minimize risks and maximize growth with our comprehensive accounting solutions in Bahrain.
Below is an overview of our general pricing packages for our suite of services in Bahrain. Costs vary depending on factors such as the services we offer.
Read some reviews and success stories from our loyal customers who achieved their goals and how our expert solutions have made a lasting impact on their growth, compliance, and financial clarity. Your success is our greatest achievement!
Client
I am so happy to have chosen this company! Right from the start it was a very easy decision, I knew I am in the right hands. They contacted me with every update they had and always kept me up to date with all the information and steps that we will proceed next.
Client
Highly recommend for anyone looking to establish a company in Bahrain! Waqas Akram and his team made the entire process smooth and stress-free. They were incredibly knowledgeable, responsive, and handled every detail with professionalism.
Client
The team was highly professional, efficient, and knowledgeable. They ensured that all paperwork and procedures were handled smoothly, saving us both time and effort. I highly recommend their services to anyone looking out there.
Client
Abdullah and the team have been great in assisting me with related tasks. In challenging timeframes they've supported me to ensure our company operations can start in Bahrain without any issues. Thank you. I will recommed their services.
Client
I was extremely impressed with their services. Their expertise made everything smooth and hassle-free. I highly recommend Setup in Bahrain for anyone looking for their business here. Their professionalism and commitment to customer satisfaction are top-notch.
With years of experience and a highly qualified team, we bring unmatched expertise and in-depth knowledge of Bahrain’s financial landscape to every service we provide.
Do you maintain monthly updated financial statements (P&L, Balance Sheet)?
Yes
No
Are your bank reconciliations up to date?
Yes
No
Is your fixed asset register updated with proper depreciation?
Yes
No
Do you maintain documented accounting policies and procedures?
Yes
No
Are VAT returns submitted on time for all periods?
Yes
No
Do your VAT records reconcile with your financial statements?
Yes
No
Are invoices VAT-compliant with mandatory details (TRN, VAT % etc.)?
Yes
No
Do you retain VAT documents for at least 5 years?
Yes
No
Is there clear segregation of duties between authorization, custody, and record-keeping?
Yes
No
Do you have written internal approval workflows for payments and purchases?
Yes
No
Are physical assets and inventories periodically verified?
Yes
No
Are GOSI contributions paid on time and accurately reported?
Yes
No
Is there documentation for all employment contracts and payroll changes?
Yes
No
Do you track and reconcile employee leave balances?
Yes
No
Are all commercial licenses and regulatory filings current?
Yes
No
Are you compliant with Bahrain Economic Substance Regulations (if applicable)?
Yes
No
Not Applicable
Do you conduct periodic compliance checks internally?
Yes
No
Are accounting records backed up securely and regularly?
Yes
No
Is there restricted access to financial systems and data?
Yes
No
Do you have cybersecurity measures against data loss or breaches?
Yes
No
| Range | Readiness Status |
|---|---|
| 18–20 “Yes” | ✅ Excellent – Minimal audit adjustments needed |
| 14–17 “Yes” | ⚠️ Good – Minor gaps, quick fixes recommended |
| 10–13 “Yes” | ❗ Needs Work – Consider detailed audit readiness support |
| <10 “Yes” | 🚨 High Risk – Immediate assistance recommended |
Minimize risks and maximize growth with our comprehensive accounting solutions in Bahrain.
With a reputation for precision, and excellence, we are here to support your business growth while ensuring compliance with Bahrain’s financial and regulatory standards.
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Accounting, VAT, & Audit Services by famabh