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Corporate Financial Auditing
We give your numbers clarity... and turn your data into solid financial trust.
In a world where financial decisions are accelerating, financial auditing becomes the true guarantee of the accuracy of figures and the credibility of results.
We provide highly professional financial auditing services in accordance with International Financial Reporting Standards (IFRS), to ensure that the financial statements reflect the actual reality of the company’s activities, free from errors or deviations.
Our goal is to give your management a clear financial view that helps in making accurate decisions and enhances the confidence of investors, shareholders and regulators in your business.
What is an audit of financial statements?
Financial statement auditing is an independent and systematic examination, conducted by a certified public accountant (CPA), of an entity’s financial statements and supporting records and documents. The purpose of the audit is to provide an impartial professional opinion on the fairness and accuracy of these financial statements and their compliance with generally accepted accounting principles (GAAP).
In other words, it is a process of examining and evaluating a company’s accounts to ensure they accurately and fairly reflect its financial position.
The primary objective of an audit is to enhance the credibility of financial statements for external users, thereby giving them confidence in using this information for economic decision-making.
Financial auditing services
- Collecting financial evidence in accordance with international accounting standards to verify the accuracy of records and transactions.
- Examining and analyzing financial data to ensure its accuracy, completeness, and freedom from material errors.
- Identifying and correcting potential errors or risks to ensure the soundness of the company's financial position.
- Preparing the final audit report in a way that enhances credibility and transparency towards stakeholders.
- Auditing revenues and expenses to ensure the integrity of financial operations and their compliance with approved policies.
- Reviewing fixed assets and investments, verifying their valuation, and accurately recording them.
- Checking accounts receivable and payable to ensure their accuracy and conformity with supporting documents.
- Auditing commitments and financing, and reviewing contracts and agreements with financial implications.
- Reviewing inventory and stocktaking procedures to ensure accurate recording and valuation.
- Preparing financial analyses and advisory reports to enhance performance and financial compliance.
Stages of the financial statement audit process
The auditing process is carried out in several stages:
1. Planning and risk assessment
• Understanding the nature of the client's business and its internal and external environment.
• Identifying risks that could lead to material misstatements in the financial statements.
• Developing a comprehensive audit plan.
2. Testing and evaluating the internal control system
• Assessing the effectiveness of internal controls within the company.
• If controls are strong, the auditor may rely on them and reduce the scope of detailed testing.
3. Conducting detailed audit procedures (substantive tests)
• Gathering audit evidence through document examination, monitoring, external verification, and recalculation.
• Detailed testing: Examining individual transactions and account balances (e.g., verifying customer balances by contacting them directly).
• Analytical testing: Comparing figures with each other or with previous periods to detect any unusual deviations.
4. Issuance of the audit report
• After completing all procedures and evaluating the results, the auditor drafts his report, which contains his final opinion on the financial statements.
The importance of financial auditing for companies
Ensuring the accuracy of financial data
Financial auditing helps to ensure the accuracy of financial records and information, providing a clear and reliable picture of the company's true financial position.
Enhancing trust and transparency
Auditing gives a company credibility with shareholders, investors, and regulators by providing audited and impartial financial reports.
Improving financial performance and reducing risks
It contributes to the early detection of errors and deviations, and the development of appropriate recommendations for improving financial and regulatory systems and enhancing operational efficiency.
Compliance with international regulations and standards
The audit ensures the company's compliance with international accounting standards and local regulations, protecting it from legal violations and maintaining the sustainability of its business.
Why are we your best choice for financial auditing?
- We have a team of certified financial auditors with experience spanning various industries and sectors, ensuring a comprehensive understanding of the nature of your business and its financial challenges.
- We apply International Standards on Auditing (ISA) and Financial Reporting Standards (IFRS) to ensure the accuracy and reliability of financial statements and to achieve the highest levels of professional compliance.
- We don't just examine the numbers; we provide comprehensive analytical reports that include practical recommendations to help improve financial performance and enhance operational efficiency.
- We are committed to neutrality and objectivity at all stages of the audit, to provide you with impartial reports that support confidence with shareholders, investors and official bodies.
- We use advanced digital tools to analyze data and detect financial risks and deviations accurately and quickly.
- We believe that our success in the quality of results is measured by the sustainability of their impact, therefore we continue to support you after the audit process with financial advice and periodic follow-up.
The main users of audited financial statements are:
- investorsTo make investment or selling decisions.
- Lenders (banks)To assess the company's ability to repay loans.
- SuppliersTo assess the company's creditworthiness.
- Government agenciesSuch as the Capital Market Authority, to ensure the company's compliance with regulations.
- AdministrationManagement can use the auditor's observations to improve internal control and operational efficiency.
Frequently Asked Questions
What is the difference between internal auditing and external auditing?
Internal auditing is conducted within the company with the aim of improving performance and internal control, while external auditing is conducted by an independent party to ensure the accuracy of financial statements and their compliance with international accounting standards.
What is the true purpose of financial auditing?
The goal is to verify the accuracy of financial records, detect errors or risks, and provide an impartial report that reflects the true financial position of the company and enhances the confidence of investors and regulatory authorities.
How often should a company undergo a financial audit?
Financial audits are usually conducted annually at the end of the fiscal year, but periodic semi-annual or quarterly reviews can be carried out to monitor compliance and financial efficiency.
Does the financial audit include a review of taxes and zakat?
Yes, within the scope of the audit we review tax and zakat obligations to ensure the accuracy of the declarations and compliance with local regulations, and to avoid any financial violations.
Can financial auditing help improve company performance?
Certainly, the audit results reveal weaknesses in financial management and internal control, and provide practical recommendations that contribute to raising operational efficiency and reducing risks.
Is auditing services suitable for small and medium-sized enterprises?
Yes, auditing isn't just for large corporations. It's an important tool for small and medium-sized enterprises (SMEs) to organize their finances and build trust with investors and banks.
What is the expected timeframe for completing the financial audit process?
The duration varies depending on the size of the company, the number of branches, and the financial operations, but it usually ranges from 3 to 8 weeks to complete a thorough and comprehensive review.
