Associated Accountants was established in 1989, is a leading service provider for assurance, Zakat & Tax and advisory services.
Audit and Assurance
Statutory Audit ‘External Audit’
This is one of the main services we offer. In the new changing economic environment with countless rules and regulations changing every year, the compliance exposure becomes a greater factor affecting the client's business operation and reporting requirements. We believe that the audit is your first level of support line when it comes to compliance with local and international standards; thus we apply a rigorous quality control framework ensuring that your business is compliant with local and/or International reporting standards local regulations.
Our services are based on effective planning. We work closely with client personnel to develop a mutually acceptable audit plan as follows:
Effective planning starts with selecting the appropriate team that suits the type of engagement & then entrusted with developing the whole audit plan which starts with gathering information, assessment of risk & finally developing a detailed audit plan for each financial statement area.
We perform a critical review of client’s accounting records and related documentation. Moreover, we review the financial statements to express our opinion on whether they fairly present the client’s financial position for the period under review.
Preparing Audit Program
We prepare, in conjunction with client’s key personnel, our audit program that takes into an account the nature of clients' operations, its reporting requirements and its internal audit controls.
Issuing Audit Report
At the end of the audit, we issue our audit report together with the audited financial statement. Subsequently, we issue, for management’s perusal a memorandum of suggestions for improvement of internal controls an accounting procedures.
Internal audits are developing into an independent, objective management tool. With a particular focus on internal control systems and risk management, internal audits inspect organizational structures and business procedures. They help businesses recognize, manage and reduce risks. This creates certainty for management and makes it possible for strategic goals to be achieved. The Institute of Internal Auditors ("IIA") offers the following description:
"Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes."
The scope of internal audit is comprised of the following:
- Review the adequacy and effectiveness of internal controls
- Verifying transactions on test basis to ensure their reasonableness and compliance with the firm’s policies and procedures
- Review the firm’s compliance with local regulations governing the way conducting the business.
- Evaluates information security and associated risk exposures
- Making recommendations for improving internal controls where necessary
Special audit is designed to be performed based on a case-by-case basis depending on the client’s needs in accordance with international or/and local standards. The special audit includes, but not limited to:
- Financial statements area audit
- Fraud audit
- Tax and Zakat audit
- Court’s cases audit