Our firm has the expertise and resources to carry out statutory audits for a large range of clients.
Consistent with AL-ANOUTI philosophy of quality service, our audits are more than just statutory audits. We have a broad practical knowledge of auditing, both on a local and international scale. Our aim is to conduct every audit with maximum efficiency and so provide clients with genuine solutions to problems that may arise.
Our audit staff is trained to identify and discuss with the client, potential problems or areas where the client could derive significant benefits. It is this attention to detail that distinguishes AL-ANOUTI from many other accounting firms.
Whilst it is necessary for auditors to maintain an appropriate level of independence, we encourage our staff to develop a relationship of mutual respect and understanding with senior management within the organization we are auditing. To benefit the client we endeavor to have the same staff particularly at senior level, on an audit from year to year, to improve efficiency.
At AL-ANOUTI we can assist clients in setting up the optimum business structure by establishing workable accounting systems and advising on reporting systems and the preparation of periodic or annual accounting.
Our audit approach can be illustrated as follows:
- Business Review
- Evaluate Risk and Review Internal Controls
- Determine Audit Strategy
- Assess Control Effectiveness
- Develop and Implement Testing Plan
- Evaluate Results and Review Financial Statements
- Audit Report on the Financial Statements
Audit Reports to the Board and Management.
In addition, we strive to establish ourselves as one of the client's key advisers in the decision making process.
To reach this goal, our approach involves:
At the audit team level:
- Possessing specialized experience in all economic, financial and industrial sectors.
- Getting full understanding of the nature of the business activity and its financial and accounting characteristics.
- Working in close collaboration with client staff to maximize the effectiveness of work.
- Establishing strong quality control and close involvement of assigned partners and managers at all stages.
At the audit process level:
- Elaborating careful planning to ensure the scope is responsive to procedures and controls in operations.
- Identifying the techniques, procedures and measures necessary to achieve the objectives of internal control.
- Identifying the procedural weaknesses for management's attention.
- Keeping up regular meetings with client management to consider problems.
In addition to financial audits, we also provide audit consulting services, including:
- Financial investigations in accordance with due diligence procedures for transactions involving mergers, acquisitions, joint ventures or partnerships' understandings.
- Operational audits of internal control structure such as assistance in setting up accounting systems for new or expanding businesses.
- Acquisitions and disposals supports consisting of in-depth reviews of specific businesses, purchase investigation or audit of an intended acquisition.
- Company valuations.
- Implementation of consolidation processes, including the different aspects relating to the definition of reporting group, to the choice of accounting principles and to the implementation of reporting procedures from affiliates to their holding.
- Acting as liquidators of companies appointed by partners in voluntary liquidation or courts in compulsory liquidation and handling of any subsequent related matters.
Assistance in assessing the effectiveness and structure of internal audit departments, and training of internal auditors in relevant techniques including computer auditing.