1. Financial statements audit:
A. Per professional regulations the auditor is supposed to obtains a representation letter from the entity answering some inquires regarding the accounts / financial statements. Because of the importance of this letter professional associations issued guidance in this regard. The representation letter we obtain from our clients is based on this guidance.
B. We agree in advance with our clients the service they request within the limits of the related official laws and regulations. An engagement letter (which represents our agreement with the client) is prepared and signed by both parties specifying the responsibilities of each party.
C. Our normal audit assignments deliverables are:
i. An independent audit report.
ii. A report to management disclosing our comments on financial and internal controls systems applied and our recommendations there to. (More information about these two reports are shown under our services section in this profile)
D. Our regular audit responsibilities normally do not include any accounting and book keeping work such as preparation of journal vouchers and related supporting documents, registering it in the books, preparing trial balances and analysis and schedules required for the audit. Such services, if required, will be specified in the engagement letter.
E. Assistance from client's staff is required. Trial balances and other schedules and information required for the audit are to be prepared by them and delivered to us at agreed upon delivery dates.
2. Accounts Review
Our accounts review responsibility is normally issuance a report explaining the agreed upon procedures applied and our findings there from.
3.Tax and zakat services:
A. The engagement letter referred to above specifies also our tax and zakat responsibilities.
The normal responsibilities are:
a. Assist in preparing and reviewing tax and zakat returns. This assistance includes advising the entity's staff of the schedules / statements required and direct them in preparing it.
b. Submitting the returns to the related official tax and zakat department.
c. Follow up issuance clearance tax and zakat certificate.
d. Advice in responding to tax and zakat enquiries raised.
B. In our tax and zakat service we rely on the detailed information provided by the client's staff. Such information assumed to be:
a. Extracted from the entity's records and in agreement with it.
b. Comprehensive and clear enough to be used in rendering the required service.
We advice client's staff of the statements required and how to be prepared.
C. Tax and zakat services other than those mentioned above if required will be specified in the engagement letter with our fees for it .
4. Other Services:
Other services responsibilities will be specified and agreed upon with the client together with our fees through an engagement letter signed by both.