Audit, Assurance and Zakat
Audit, Assurance and Zakat
Audit & Assurance is an independent service, which means independence from the client in substance and appearance is key for success under the Generally Accepted Auditing Standards. We seek to exceed client satisfaction and expectation in the following services:
ABK-CPA has the knowledge and experience necessary to help our clients with complex financial accounting issues related to verity of matters such as impairment of assets tests, pensions and share plans, fitness of listing, IFRS conversions, and corporate treasury and company secretarial functions.
ABK-CPA, so far, audit many of the best-known local companies and organizations of different sizes. Our audit methodology is always tailored to suit the size and nature of our clients and capitalizes on our knowledge and expertise in the relevant industry. Our good understanding of the local regulation and legislation means that ABK-CPA can also help with complex reporting issues such as International Financial Reporting Standards (IFRS).
Furthermore, ABK-CPA can aid its clients in improving financial reporting transparency and enhancing corporate governance.
- Statutory Audit
- Financial Accounting
- Internal Controls & Systems Process Assurance
- Internal Audit
- Regulatory Compliance & Reporting
- Corporate Governance Services
- Zakat & Tax Services
Statutory Audit
Continuing globalization will increase the complexity of principles, regulations, and the cultures in which organizations operate. The opening of Saudi Arabia to Direct Foreign Investment increases this complexity. This complexity and ever changing environment will carry important compliance implications. Further, growing competition will increase the pressure on organizations to enhance the underlying performance.The principal objectives of the Statutory Audit is to ensure that the financial statements i.e. the Balance Sheet, Profit & Loss, and Cash Flow Statement give a true & fair view and are free from any material misstatements.Our methodology to Statutory Audit of the financial statements is to provide reasonable assurance that the accounts have been prepared in accordance with the Generally Accepted Accounting Principles (GAAP) and is free of any misstatements, errors, and discrepancies. Risk consideration is a key factor in our methodology, which highlights, evaluates, ranks, and quantifies relevant risks. With more risk focused methodology, ABK-CPA can be more efficient and effective in adding value from the Statutory Audit. In addition, to the traditional statutory audit, ABK-CPA also help the clients by monitoring organizational ethics, conducting effective reviews of operational and financial performance, assessing the quality, economy, and efficiency of their operations, and suggesting continuous improvement strategies.
Financial Accounting
At ABK-CPA, we provide our non-audit clients with extensive processing service. This service is provided by the Accounting & Financial Services Division, which is responsible for collecting, analyzing, recording, auditing, and reporting all financial transactions of our client,s in accordance with all applicable accounting requirements and/or guidelines, including local governmental instructions. Thus, for those clients particularly in favor of being small in size, the function is totally outsourced to ABK-CPA This division well responsible for all aspects of the Financial Management function such as billing and collecting miscellaneous clients, revenues, receivables, and payables management. Such service will be preformed after developing the relevant service level protocols, which call for automation and prompt client approval(s) for the transactions to be handled.
• INTEGRITY – “Integrity in our actions and work.”
We make sure that everything we provide is understood clearly. We put forth integrity in all that we do.
• INNOVATION – “Think creatively and encourage innovation.”
Innovation, to us, means using the latest and greatest in solutions. We won’t apply the same know-how to every given challenge.
• COLLABORATION – “Promote knowledge sharing and participation by all.”
Whether it is with a client or with other project team members, we value collaboration as a means to achieve a common goal.
• COMMITTED TO CLIENT SUCCESS – “Keep clients and their success first.”
Success can be defined in many ways, but for us making sure that our clients achieve success is our highest priority.
• OPEN AND HONEST COMMUNICATION – “From beginning to end.”
Clear, concise language from beginning to end is how we communicate. Honest and open communication helps set clearer goals and smoother paths to success.
Internal Controls & Systems Process Assurance
Regulatory compliance and reporting needs to be viewed as a natural extension of the governance duties shouldered by top management and corporate boards. Moreover, only good governance can ensure that compliance is aligned with the company’s business objectives and risk management strategies — and is thereby adding real value (and not just additional cost) to the organization. Ultimately, the goal is to ensure that the spirit of compliance — as well as the letter of the law — is embraced in every corner of the enterprise. ABK-CPA can help in this via the relevant assessments and tests to gauge the level of governance, risks, and potential loss, as a first step. Later, ABK-CPA can provide suitable recommendations to resolve any serious findings that could affect the client negatively.
Internal Audit
Internal Audit is a key function for large enough organizations. It aids both management and the board of directors to adhere to the general guidelines of the US Sarbanes-Oxley Act and related local guidelines, e.g. Capital Market Authority guidelines. Internal Auditors now days face serious responsibilities and key questions to their role in any organization. ABK-CPA helps its clients in creating, sourcing, and performing the Internal Audit function. In this service, we will provide the Internal Audit function in accordance to the best locally applicable standards such as COSO, which focuses on Enterprise Risk Management and Controls.
Regulatory Compliance & Reporting
Since Saudi Arabia signed off to be one member of the World Trade Organization, regulation and legislation in the Kingdom started to come out in more complex and comprehensive fashion to cope with more multifaceted business environment. The situation becomes more cumbersome for Authorized Persons intending to operate in Saudi Arabia under the Capital Market Law. Our clients are faced with regulatory reporting challenges, especially for startups. Such regulatory reporting requires the rights input and layout and have no room for error. ABK-CPA can help in making a difference by performing the client,s needs and, if necessary, localizing the knowledge within the client to carry on his regulatory duties on continuous basis and with the right sophistication to fulfill problematical tasks such as Anti-Money Laundry and in accordance to the guideline of the Association of Anti-Money Laundry Specialists, for example.
Corporate Governance Services
Corporate Governance is a concept that has been addressed strongly in recent years both internationally and locally to bring balance to any conflicts of interest between stakeholders in agency, management, or fiduciary duties. Balancing the interests of the shareholders and other stakeholders is a complicated task, at least. ABK-CPA has several years of experience and expertise in governance and management practices. At ABK-CPA we can develop mandates for relevant structures, committees, CEO/Executive Level performance evaluations, Strategic Business Planning Processes, and Board/Executive Mediation and Dispute Resolutions, to name a few. ABK-CPA dedicates its best capabilities to ensure that its clients interests are preserved and its legal/ethical obligations are met.
Zakat & Tax Services
Tax codes around the business world are complicated to say the least. Having sufficient acknowledge about such subject matter does not only reflect business prudence, but also social responsibility. Thus, our clients need to be informed for any transaction implications. The same goes for Zakat, which is Islamic Tax applicable here in Saudi Arabia, but it is more straight forward and simpler in substance and form, yet there is the need to be cautious with the enforcement of the relative code. Our clients seek value added advice for Zakat & Tax practices in Saudi Arabia to take advantage of favorable treatments and incentives develop by the regulator to stimulate particular business sector. We help our clients in such situation, especially, in the Zakat & Tax disputes were we have strong track record in resolving complicated issues since our specialists used to work for Department of Zakat & Income Tax. ABK-CPA services include, but not limited to:
- Zakat & Tax Planning
- Zakat & Tax Reporting
- Zakat & Tax Dispute Resolution Services