Limited Inspection and Audit Services
a. Financial Statement Audit:
The financial statements are audited in accordance with the Egyptian and international audit standards and all legal requirements. We prepare audit programs and procedures in detail in accordance with the business nature. Then, our role is represented in meeting the institution’s needs in carrying out the audit through the following steps:
• Audit process planning.
• Evaluation of accounting and internal control systems.
• Internal control systems tests (control tests).
• Inspecting transactions and balances (check tests).
• Comprehensive examination and approval of the financial statements.
• Identifying weaknesses and exceptions to the system and providing our recommendations to the company’s management.
• Preparing and approving the auditor’s report.
b. Internal Audit:
The audit primarily aims at serving the management in achieving its objectives. Through internal audits, all financial transactions in the project are reviewed in order to assist the senior management in achieving the maximum possible production efficiency, provided that the following shall be ensured:
– Verifying and evaluating the implementation of plans and administrative policies developed by the facility’s senior management, expressing opinions therein, analyzing deviations from these plans, submitting proposals to avoid future deviations and filling the gaps that lead to the loss of the facility’s funds. Hence, internal audit officials shall make periodic reports on their evaluation of the implemented plans.
– Ensuring that the information presented to the management is accurate and sufficient, and is derived from true and valid documents, which requires that all project operations shall be examined, including the receipt of cash and transactions involving cash exchange. The conduct of internal audit of these tasks ultimately leads to the prevention of fraud and forgery, manipulation and errors detection, enhancing the confidence in books and registers, as well as data and information.
– Verifying that the project assets are adequately protected against loss and theft.
– Judging the possibility of relying on accounting and statistical data and taking them as a basis for successful administrative decisions.
– Evaluating the individuals work and their ability to take responsibility.
– Evaluating the efficiency of using resources and assets in economic terms.
– Verifying that expenses are only spent for important purposes and ensuring that revenues are collected.