Do we need audited financial statements to bid in Iraq?

Start with the financial evidence being requested

A buyer may ask for financial statements covering particular periods and may require them to be independently audited. The wording matters: a request for accounts and a request for an auditor’s opinion are not the same assignment.

Use the current requirement and any amendments when planning the response. If a required document is unavailable, establish whether the buyer allows clarification or an alternative before assuming another file will be accepted.

A specific example is Basra Oil Company’s Iraqi-company assessment requirements, dated 13 May 2025. They request final accounts for the last three years, certified by a legal authority. Read that wording within the applicable route before deciding which accounting or audit work to commission.

An invoice should be possible to follow

For a parts supplier, the order may be in a salesperson’s messages, the dispatch record at the warehouse and the invoice in an accounts folder. A delivery query then sends several people looking for pieces of the same transaction.

Bringing the supporting records together makes that transaction easier to explain. For a completed project, the file may also include delivery information and customer acceptance records that connect the invoice to the work performed. It also helps identify what is missing before someone else needs to review the accounts. The company should not depend on one person remembering how the job happened.

Keep the three kinds of work distinct

The IAASB’s standard on audit reporting concerns the auditor’s opinion and report. Arranging existing records does not, by itself, deliver that opinion.

Define what Keybridge will review

Keybridge helps organise and review the accounting records your company already holds. The work identifies missing evidence and unexplained differences for follow-up. Your company explains the transactions and confirms any corrections.

An independent audit remains a separate assignment where required. New filings, signatures and communication with an authority also need an agreed responsibility. The bookkeeping and filing service describes this scope.

Give the review a clear purpose

Tell us what has been requested, where the records are held and the deadline. Contact Keybridge by Email, WhatsApp or Telegram.

The initial discussion can then distinguish a buyer’s financial-document request from a request by an authority and identify the support to review. Where the work forms part of a bid, the company remains responsible for reviewing, approving and submitting its response.