In such context of rapid economic fluctuations, the stakeholders and investors in need for more accurate and transparent information. We at Al Hamli Co. are working to understand our customer’ requirements and adopt a risk-based approach and techniques to provide high quality auditing services.
Audit is the examination of the financial statements of the work, and the work is performed by a independent person for full impartiality. The financial statements include the balance sheet, statement of income, statement of changes in shareholders’ equity, statement of cash flows and that attached notes that may include a summary of significant accounting policies and other explanatory notes
The purpose of the audit is to create an opinion through procedure and proof whether the provided information in the financial report reflects the financial position of the organization at a given date.
- To ensure the honesty and reliability of the financial information to enhance the reputation of the business entity and avoid the related risks.
- Enhancing the confidence in the financial statements or financial information that helps shareholders and stakeholders (investors, regulators, capital market or the Ministry of Commerce and Investment – plus other parties like banks, credit rating agencies, financing companies, clients and others) to take appropriate decisions.
We work at Al-Hamli Co. to provide our clients with accounting reporting services and advicethem on sound accounting practices and procedures and help our clients resolve issues raised by regulators.
Al-Hamli Co. provides reflection services other than the external audit services to help companies discover, identify and report the non-financial indicators, we provide the companies with innovative ways to protect their reputation, build stakeholder confidence and improve their performance.
Internal Audit is an independent assurance and consulting activity expected to add values and improving the operations of the entity
At Al-Hamli Co. we provide our clients with a high level of professionalism and carry out internal audit activities employing the professional and experienced team specialized in several sectors, Improve the effectiveness of risk management, control and elimination processes, and to apply the instructions of the regulatory authorities and international standards concerning internal audit activities.
- providing the companies with solutions to issues arising during the audit process, including, but not limited to, assisting the management to identify, measure and control the internal control systems, and achieving the set objectives, and ensuring the compliance with the legal and regulatory requirements.
- Implement a method based on audit risk, thus reducing costs and maximizing benefits.
- Work closely with our customers to provide them with other valued services identified during the auditing process, such as improving the internal control systems, procedures and processes, and supporting maximization of business capabilities.
- Keep our customers regularly aware with changes in financial reports and other legislation.
Internal Audit is defined as an independent assurance and consulting activity intended to add value and improve the organization’s operations, and to help achieving objectives by providing a systematic and controlled methodology for evaluating and improving the effectiveness of risk management, control and governance processes.
Internal auditing helps the business entity achieve its objectives by providing an organizational and specialized methodology for evaluating and improving the efficiency of risk management, control and governance processes.
Internal auditing plays a essential role in assessing the efficiency and effectiveness of the following:
- Risk assessment – Assisting the business by identifying the most important areas of risk and the needed measures.
- Evaluating and documenting the procedures – by understanding the applied procedures at the entity, document them and the necessary recommendations to improve its efficiency.
- Evaluating the control systems – Identifying the lack of internal control systems and the required remedies.
- Reporting – Provide feedback and recommendations to improve the procedures and internal control systems.
The responsibility of preparing the financial statements in accordance with International Financial Reporting Standards (IFRS) lays on the Company’s management to be audited, that requires a high level of integrity and moral conduct.
We at Al-Hamli Co. help our clients to adequately meet what stated above by providing financial reporting and preparation services to meet the international financial reporting standards, and ensuring that the financial statements reflects useful and accurate financial information, not only to current shareholders but also to other stakeholders, potential investors, debtors and other creditors.
- Keeps clients updated with financial variables and other relates issued by the regulators.
- Financial Statements preparation and transformation in accordance with IFRS.
- Transfer the financial statements to IFRS
- Provide tailored trainings that meets specific clients’ needs in most relevant areas of IFRS.
- Solutions related to IFRS issues arising during preparing the financial statements.