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Audit & Assurance - Audit

The financial statement audit is the cornerstone of our Assurance services. Our audit teams examine and attest to your company's financial statements following the appropriate professional standards that adhere to the Accounting and Audit standards as approved by the Saudi Organization for Certified Public Accountants (SOCPA)

We implement the most recent audit programs in accordance to the accounts and audit standards approved by the Saudi Organization for Chartered Public Accountants (SOCPA).
This is done through a highly qualified team of professionals who have an accumulated expertise in the different economic, financial and industrial sectors.

Our style of professionally programmed audit is characterized by realizing the risk elements and the methods for their treatment, thus resulting in important practical results for the benefit of our clients as knowing the shortcomings and the methods for their improvement. Also our style shall maintain a future insight and a number of proposals and ideas that improve profits diminish costs and expenses.

 
Audit Methodology
Our methodology in auditing financial statements depends on the following factors:
Close cooperation with the client's employees.  
Full understanding to the client's activity and to the economic variables, government resolutions and regulations pertinent to the activity, policies and accounting procedures study , initial analysis of performance level and financial status based on available data.
 
Study and evaluation of internal audit system and any other control procedures adopted.
 
Survey and evaluation of risks and determining the level of relative importance.
 
Detailed planning and design of necessary audit programs for the sake of audit implementation according to the most recent styles and methods of auditing in light of permanent developments in the profession field.
 
Implementation of audit procedures in light of audit programs indicated above through documentary investigation, actual inventory along with obtaining approvals, inquiries, analytical and critical studies and linking between information and related comparisons.
 
Reviewing important operations as well as the operations concerning related parties along with the important or exceptional problems, pertinent to audit and accounting.
 
Determining points of weakness in the internal control system and their discussion with the department as well as presenting our suggestions for treatment.
 
Reviewing the events following the date of financial statements and which may have some impact on the financial statements, despite their occurrence after the date of the financial statements, but before issuance of the auditor report, and which are mentioned in the financial statements.
 
Holding periodic meetings with the department for treatment of unresolved points related to the services we provide along with discussion of weak points in the internal control system and presenting our views for the methodology of their treatment in a manner compatible to the client's situation.
 
     
Professional Methodology
Confidentiality
  According to the office policy, the information and data we receive through our work, should be treated with confidentiality and we shall insist not to circulate them beyond the scope of the client's team and shall not be disclosed to any third party, according to the requirements regarding the rules of conduct of the profession, issued by the Saudi Organization for Chartered Public Accountants (SOCPA).
Misappropriation
  Our procedure adopted in treatment of misappropriation risks, is the survey to the size and source of these risks and suggestion of necessary control means for their prevention and discovery of their impact as well as increasing the detailed verification tests pertinent to these risks.
Continuity
  We perceive the importance of continuation of the audit team members in presenting our professional services, so we consider the continuation of the audit team responsible for auditing the client's accounts, as one of our most important policies, all through the period we are presenting our services to the client.
Independence
  One of our strict polices is to maintain independence of the work team according to the requirements of the Saudi Organization for Chartered Public Accountants (SOCPA), thus ensuring objectivity and neutrality in performance of the work
Computerized Auditing
  Our procedure in auditing using the computer and the related programs shall make us able to perform our works urgently and with the minimum cost, assuring that we shall obtain accurate and best results.
Visits Program
  The continuous periodic follow-up all over the year represents the distinguishing characteristic to our method of audit, through a visit program composed of the following:
 

First stage:

This stage shall be implemented through a number of periodic and regular visits all over the year and we shall perform the following therein:

  • Study and understanding of the client's activity.
  • Study and authentication of pertinent policies and procedures of the client’s main operations.
  • Designing and implementing the commitment tests related to the internal control procedures.
  • Designing and implementing the detailed verification tests, so as to verify the correctness and completion of the operations.

We normally spend much time in this stage so as to make use of, now and in future, together with preparation of a special report to be submitted to the department mentioning any weak point in this system or any other matters that affect the activity and operations of the company as well as submission of our suggestions for treatment.

Second Stage:
This is normally before the end of the year so as to complete the preliminary audit procedures along with supervision related to preparation and dispatch of approvals concerning the banks, payables and receivables etc ….in addition to the cash and stock inventory programs by the end of the year .

Third Stage:
This stage represents the cash and stock inventory control as well as other assets for which inventory is made by the end of the year.

Fourth Stage:
In this stage, the final audit procedures are implemented besides the preparation of the financial statements and issuance of our related report, in addition to completion of the department letter and its discussion with the company and its issuance in its final form.

Russell Bedford accounting group welcomes its first correspondent in Saudi Arabia.
Post - Friday, July 08, 2011
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