Our professional services cover a wide range of needs for businesses in Saudi Arabia and Bahrain. From audits to tax help, we ensure everything is done right. We also help with setting up companies, following local laws, and making sure finances are in order. Whether it’s consulting or investigating fraud, we’re here to support businesses every step of the way.
External Audit
Internal Audit
Zakat, Tax and VAT
IFRS conversion
Agreed Upon Procedures
An agreed-upon procedure is a standard when company hires an external party to perform an audit on a specific test or business process. The procedures, which are called audit standards, are designed and agreed upon by the entity conducting the audit, as well as any appropriate third parties.
The auditor’s report on the findings is usually restricted to those parties who developed the agreed-upon procedures because of the specificity of the desired results.
The main services under AUP reports are Police reports, fraud
reports, Expert reports to legal courts, local content “LC”, and offplan sales or rent ”WAFI”.
Due diligence
Feasibility studies
Limited review
Training
Accounting Services
We do Bookkeeping services for wide different types of businesses
- Assist in the recording of the accounting entries.
- Reconcile the sub-ledgers with the general ledger.
- Prepare and record all adjusting entries, which include, accruals, prepayments and other adjustments if necessary.
- Prepare bank reconciliation.
- Prepare monthly reporting package which include profit and loss statement, balance sheet and cash flows.
- Coordinate with the auditors of issuing the Audited financial statements.
Tax & Zakat Services
We do the following services :
- Calculation of Zakat and Tax.
- Preparation and filing of Zakat and tax returns.
- Review and reply for Tax and Zakat assessment.
- Prepare the appeals “objection”.
- Review Transfer pricing.
- Preparation and filing of VAT returns.
- Preparation and filing of withholding Tax returns.
- Zakat and tax advisory and all the related services.
VAT Implementation
• Tax implications on the existing business processes
• Review contractual arrangements
• VAT optimization & credit tax allocation
• Testing samples of VAT transactions
• Review and preparation Monthly/Quarterly VAT return
• Submitting the return.
IFRS Implementation
In 2013, SOCPA approved an IFRS transition plan by which
entities other than banks and insurance companies would
be required
to report under SOCPA standards that will be IFRSs with
some modifications:
• Listed entities are required to adopt in 2017
• Unlisted entities are required to adopt in 2018
External Audit Services
An external auditor evaluates and agrees that the financials are fairly presented under the international standers. Credibility is important to businesses, because external auditors are independent and are less biased. An external auditor’s approval of your financial statements is important for using
the financials for partners, government, creditors…etc.
- Perform the profession in accordance with the requirements of Saudi and international
auditing standards. - Perform audit work to ensure that the financial statements have been prepared in
accordance with SOCPA. - Provide a management letter with observations during the audit and the impact of these
observations and the recommendations for the dissolution of notes in accordance with
auditing and accounting standards.
Compilation Services
A compilation is a presentation of information provided by management without expressing any assurance on the financial statements. A compilation is appropriate when a business or individual needs financial statements but
does not need the assurance provided by an audit or review.
We can make recommendations based on your compilations that can lead to better financial information being available
to management on a more frequent basis, thus allowing for better decision-making.
Company Setup in KSA
Help you setup company in Bahrain to invest in KSA:
- Reserve the trade name of the company.
- Obtaining the approval and license of the Ministry of Investment.
- Preparation and Publishing of the memorandum article of association. (AOA).
- Issue of the commercial register (CR).
- Registration at the Labor Office.
- Registration in social insurance. (GOSI).
- Registration in Zakat and Tax. (ZATCA).
- Registration in Qiwa platform.
- Registration in Muqeem platform.
Internal Audit Services
Evaluate organization’s operations, internal controls, and risk management processes with the aim of improving the organization’s effectiveness and efficiency
– Perform accordance the audit standards and guidelines.
– Perform accordance the business manual and internal procedures of the company.
– Perform accordance with the rules, regulations and procedures of the company.
– Perform to serve the objectives of the company financially, organizationally and economically
Selection
Audit activities are selected using a risk-based approach. After development of the annual audit plan to discusses risks and potential impediments to meeting objectives. This plan is approved by the Executive and Audit Committee of the Board of Trustees. Audits can also be conducted based on
concerns reported on the fraud and ethics hotline.
Planning
Each audit requires planning, starting from defining the scope and objective to developing audit
steps to meet the objective.
Fieldwork
During the fieldwork phase, auditors conduct the steps identified in the planning process. Steps often
include conducting interviews, reviewing laws, policies and best practice, verifying sample
transactions, analyzing data sets, and conducting surveys.
Reporting
Auditors conduct an exit meeting with management at the conclusion of the fieldwork to discuss the
results of the audit, specific findings and recommendations and other observations. Auditors communicate these to management through an audit observation memo and ask management to
provide a response with a corrective action plan and timeline to implement.
Local Content and Government (LCGPA)
Local content is a national agenda that contributes to the development of the
national economy through the participation of all economic segments, which are represented in the government sector, the private sector and individuals.
1. Price preference:
A mechanism to grant national products a price preference by adding 10% to foreign products in government tenders
2. Local Content Score in Commercial Evaluation:
This mechanism allocates a weight of 40% for the local content and for companies listed in the financial market during the evaluation phase of the offers, in addition to a price weight equivalent to 60%. The mechanism applies to high-value contracts except sourcing contracts.
3. Local Content Measurement:
-Local Procurement of Goods and Services:
Total Procurement of Goods and Services
–Local Depreciation of Capital and Assets:
Total Depreciation of Capital and Assets
-Local Spend on Capacity Building: Total Spend on Capacity Building.
–Local Spend on Labor Compensation: Total Spend on Labor Compensation.