Audit & Assurance Services

In internal audit, we work as an independent party with the entity’s stakeholders and management to provide an objective, unbiased view on the effectiveness and efficiency of its corporate governance, risk management, internal control and operations.

Through internal audit, public accountants play an important advisory role. Internal audit can help entities in the following areas:

• Improving systems and controls as well as other non-financial elements within the entity
• Strengthening the control environment within the entity. Weak and lack of proper internal controls significantly affects its financial reporting, performance and even continuity, and it is necessary to not only establish control environment that takes into consideration various aspects, but also continue to improve it to deal with changes throughout the life of the business.
• Testing the effectiveness of managing the risks that an entity faces (such as credit risk, foreign currency risk, interest rate risk)
• A recently established entity, or an entity that has witnessed significant changes to its structure (financial and non-financial) and operations since the initial design and implementation of internal controls, will most likely be in need to internal audit to establish new controls or improve the existing ones.
• Initial implementation and adoption of a new customed ERP system will normally not take into consideration all the necessary needs of an entity. Internal audit helps find the gaps and advises on solutions. That is also the case when an entity’s system has been modified due to reasons such as an acquisition or merger.
• Policies in an entity, whether related to HR, accounting, purchases, or other areas, may no longer be tight and solid to serve the purpose. Internal audit role is key in filling the gaps in all of them.
• Technological changes affect the way entities operate and their financial reporting process. An assessment of the effectiveness and efficiency of the current technologies can be obtained through internal audit.
• Internal audit teams and committees may not be able to address all the aspects of large size entities and businesses. Internal auditors work in collaboration with them to meet all the needs, whether in terms of quantity or quality.

If any of the above applies to your entity, then that is the time where you can get from us an independent third-party internal audit to avoid business risks, ensure that your entity’s processes and procedures affecting the financial reporting are designed properly and work effectively, and improve your confidence in other non-financial aspects of your business and in the steps you are taking forward. We provide internal audit service that assure you that your business is operating appropriately and help you avoid significant deficiencies that may cause material accumulative errors that result in misstated financial statements which in turn may put you in trouble with governing bodies, licensing authorities, suppliers, banks and other parties, including the public if business matters to their interest! That is: prevention is better than cure!

Our services include:

• Comprehensive Internal Audit
• Specific-scope Internal Audit (e.g. Financial Reporting Process, Internal Controls on Stock, Efficiency & Effectiveness Procurement & Cost Cutting Processes, Organization Structure Design, Documentation Process, etc.)

An entity may need to review, examine and verify various internal matters, and it may also need to declare or report other matters or do specific jobs related to external parties. This includes –for instance– verifying the cost-effectiveness of certain processes and procedures within the entity, determining the possibility of internal cash leak, obligation to report to suppliers, vendors, lessors, banks, government or even customers, support in periodic stock count, or needs help to determine specific monetary or other information about the entity. Modern entities, especially business entities when they expand, find themselves under numerous commitments and adherence requirements that either they are not eligible/qualified to satisfy or it is generally challenging for them to constantly deal with internally, and we can provide an immense support to overcome all of this.

Our services include:

• Report on Compliance with Bahrain Corporate Governance Code
• Report on Related Party Transactions
• Independent Verification of Figures (such as sales verification as part of contractual requirement such as lease contracts and franchise)
• Periodic Stock Count
• Fixed Assets Count
• Review of Transactions (e.g. recognition of a purchase of a business)
• Review of Recoverable VAT from Minor Purchases (like petty cash expenses)
• Internal Controls review (non-audit)
• Review of Accounting Policies, Practices & Procedures
• Verification of Various Reports (e.g. progress billing reports, suppliers statements, internally-prepared reports)

Would you like to get a less extensive and more flexible assurance than audit to certify the correctness and validity of certain data? We can provide you with the assurance you need on financial areas and aspects of your concerns, improve the quality of the information you need, increase its relevance and value, and increase the transparency and reduce the information risk in order to make more informed, better decisions. Assurance services we provide will be tailored to your needs to maximize the benefit of the service to you.

Our services include:

• Adoption of Newly Issued International Financial Reporting Standards
• Risk Assessment
• Business Performance Review
• Information System Reliability
• Assurance on Valuations
• Tailored Assurance Services