Financial Services:
The annual report is presented in accordance with International Financial Reporting Standards (IFRS), taking into account the International Accounting Standards (IAS) so that we can give the correct opinion on the fairness of the financial statements.
Our main objective is to inform the decision-maker of the evaluation of the projects and business associated with finance through analysis of data, indicators and financial ratios to measure the nature of their performance, suitability, profitability, as well as the success rate of the institution in achieving its objectives and profits.
Our office provides internal audit services by adhering to the International Standards of the Professional Practice of Internal Auditing (IIA) and internationally recognized ethical principles. We are committed to the international professional framework for the internal audit practice of value-added to the establishment through the application of the criteria of independence, objectivity, and professionalism. Besides, we make every possible effort to verify the validity of the data, reports and continuous professional development, which all require direct interaction with the Board of Directors.
Based on our constant efforts to provide integrated and unique services to the clients, our office employs experts and professors specialized in functional evaluation to be of value added to the establishment. Even after the evaluation process is completed, the experts restate the functions to be efficient, effective and even made the functional structure, if required, to achieve the desired objectives of the activity of the establishment.
There is no doubt that one of the most important factors in the success of any economic project is the development of a comprehensive study covering all financial and technical aspects of the project.
Each project has its unique characteristics that differ from any other project even if the activities are similar. To provide the client with a valuable study so that he can implement and succeed in the project, the feasibility study will put the required investments, the expected return from the project, identify the external influences such as competition, technical development, and laws issued by the State.
To achieve the desired results, the study requires the passage of several and interrelated stages, using the relevant specialized experts to provide the market, technical and financial study.
The most important results gained from the revaluation of the assets are:
- It is deemed a profit management tool through the gap between the historical and market value of the asset.
- Greater economic benefits if the results of the revaluation are increased.
- Obtain additional borrowing power at times of low cash flow.
- Enhance the value of the company in exchange for competing companies and thus increasing investors’ confidence.
- Financial leverage of the establishment (ratio of total debt to assets).
- Support the company in providing future financing needs.
- Influence on the actual size of the company.Impact on the actual value of the equity - partners.
Our office performs all legal liquidation procedures for the company in accordance with Law No. 11 of 2015 according to the requirements mentioned in its articles.
The most important benefits gained from the internal audit processes are:
- Quarterly financial reports reviewed and audited.
- Verify the validity of accounting and documentary processes and their conformity with international accounting standards.
- Provide correct, accurate and reliable information.
- Protect the properties of the establishment and provide accurate information.
- Monitor all the internal components of the establishment and ensure that there are no fraudulent excesses.
- Assess the effectiveness of risk management within the establishment.
- Provide the necessary financial information for the development and efficiency of the activity.
Letter’s Management
The management letter will also be issued on completion of the audit process, and will cover the following:
- Notes on the company's financial performance with a detailed explanation for the financial period.
- Notes on our evaluation of the internal control system in the various departments of the company, such as stores and Human Resources, etc. covering the appropriate aspects of time, reliability and use of management information in addition to the effectiveness of the system of internal control in the protection of assets and resources.
- Notes on internal control weaknesses in the company's financial management and audit procedures followed to guide or repair such weaknesses, and we will also recommend benchmarks to improve the internal control for the perceived weaknesses.
- The position of the recommendations made to the management is in effect, which was presented in the management letter issued for the previous financial year (if any).
The importance of the economic feasibility study is indicated in several points, as follows:
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It is one of the best tools used by the concerned persons to make an economic decision at the level of their project.
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Reach the best possible allocation of economic resources of the project.
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Clarify the returns generated from the project compared to the costs invested during the lifetime of the economic project.
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Assist the project manager to identify the best approach to be applied by the management and develop a plan of action to directly implement the project and link the project elements to each other, including operation, finance, and marketing.
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Compare the project with other projects and explore alternative opportunities.
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Help to better selection of the production capacity, technical means, labor quality, and optimal job structure.
The financial analysis does not depend on a single financial statement but depends on several statements, including income statement, the budget and financial periods of not less than five years to reach the best results. The latest methods and theories of financial assessment are used to reach the best results through the use of trend analysis (vertical-horizontal) and ratio analysis (liquidity - efficiency of activity - profitability - or debt leverage - market indicators) for each aspect of the budget.
Internal Audit and Quarterly Financial Reports
Evaluate Job Performance and Defining Job Functions
Economics and Financials’ studies
Revaluation of the Company's Assets
Accounting Programs
OUR SERVICES
Our Services
Your reliable Audit & Tax Specialist
Our office provides financial, economic and tax reports, services and analysis, which are subject to your selection based on your needs, including, for example (but not limited to), as follows: -
This report will cover the financial statements for a period of one year and consist of the following reports:
- List of the financial position at the end of the financial period.
- Consolidated statement of comprehensive income for the financial period.
- Statement of changes in equity during the financial period.
- Statement of cash flows during the financial period.
- Submit the tax return to the Department of Public Revenues and Taxes (Ministry of Finance), if required.
The financial analysis is higher than the balance sheet as the latter is an instantaneous measure of a specific date at the end of the financial period other than the results of the financial analysis that depend on the total changes that occurred during the financial period or earlier using the latest ratios and indicators reached by the international financial institutions for the analysis of the financial structure, activity and results assessment, revenue assessment, cash flow analysis and liquidity ratios.
The most important benefits gained from the results obtained from the financial analysis are:
- Evaluate the policies and efficiency of the financial and operational management followed.
- Contribute to the appropriate decision on the distribution or investment of the financial profits.
- Assess the financial condition of the establishment and its ability to afford borrowing costs.
- Evaluate the feasibility of investment in the establishment.
- Identify the status of the establishment in its sector.
Our main objective of the internal audit process is to ensure the quality of the internal processes, which include the preparation of accounts, writing the financial reports, tracking the movement of purchases and sales, processing invoices and evaluating the effectiveness of the job performance within the establishment.
The Board's approval of the Internal Audit Charter is the general framework for the implementation of the mission. The Charter includes the purpose, scope, powers, responsibilities, access to files, communication with staff and access to the tangible property to enable the audit function to be fully performed.
The most important benefits gained from the job evaluation process are:
- Use of the resulting reports as a control method that allows the manager to monitor the work continuously.
- Judging the extent to which staff are able to carry out their functions.
- Support the employees to strive for their jobs and do more to succeed.
- Examine the possibility of hiring or excluding staff, as needed.
- Contribute to the detection of organizational and administrative problems.
- Measure the employee's ability to add to the facility.
- Assist in the achievement of justice in the distribution or withholding the rewards and benefits.
In light of the technological development that covered all aspects of the business, our office provides several choices of accounting programs known within the State, and commensurate with the volume of the business and the functional requirements necessary for the functioning of the work and to verify the validity thereof.
In the case of selection of the business, our office conducts training courses and periodic follow-up of the work of the program and ensure the validity of the outputs (financial reports).
The proper valuation of the fixed assets is the cornerstone of building sound financial statements and reaching the fair value of the establishment.
Therefore, (IFRS) adopts this trend as a measure of the fair value of the establishment and is considered within (IAS) and (FASB).
Whereas the company under liquidation is subjected to many legal and accounting procedures that preserve the rights of the partners and creditors, our office places a priority on keeping the right of all parties, whether the company has rights with external parties or obligations. The office shall take all possible measures to obtain the greatest possible assurance of data and the development of the final account, in cooperation with experts and consultants and coordination with the Board of Directors of the company.
The most important benefits to be gained from the use of the accounting programs are:
- Accounting programs are not only interested in financial matters, but some programs include the functions of the personnel affairs department, warehouse control and cost control.
- Provide time and employees necessary to complete the accounting processes.
- Integrating some documentary courses to provide the effort and costs of publications.
- Accuracy in recording accounting transactions.
- Easy access to information from anywhere.
- Easy to use and avoid errors that occur as a result of manual recording.
- Ability to keep financial information and data for long periods, and keep thereof from tamper and manipulation.
Annual Report (Balance Sheet)
Financial Analysis (Analysis of the Financial Statements)
