Audit & Assurance
Audited financial statements are the language your business uses with its bank, its regulator, and its partners. We audit them under the auditing standards endorsed in the Kingdom and give you a report others can rely on — and beyond that, what matters more to management: knowing where the risk in the numbers sits before they are shared with other parties. A good audit does not end with a signature on a report; it ends with a management letter telling you what to fix this year.
- Regulator
- Ministry of Commerce · SOCPA
- Typical duration
- Three to six weeks for a mid-sized company from complete documents, less for smaller businesses with tidy books. What lengthens an audit is rarely company size but the state of the books: unreconciled accounts and missing documents are what consume the time.
- We don't publish price lists
- A quote built on your case, with a written scope and a validity date
Hello. I can give you a quote for auditing your financial statements right now — six questions, no waiting for a call. Shall we?
Get your quote now and start right here
6 questions are enough for a number built on your case — not a range, and not a promise to call. And if your case needs a closer look, we say so plainly rather than guess.
Once you accept, your account opens on your mobile number and we continue from here: the statutory step, then documents, then the work begins.
Is this service for you?
- Companies required by the Companies Law, its regulations, or their own articles to have their statements audited and filed.
- Businesses seeking financing, banking facilities or guarantees — a bank does not read unaudited statements.
- Bidders in government tenders requiring audited statements for the last one or two years in the qualification file.
- Businesses about to admit a partner or investor, or to exit, where the numbers get unusually close attention.
- Branches of foreign companies that must produce audited statements for both head office and local authorities.
- Businesses that need audited statements as the basis for a local content measurement or a zakat return.
When you need it
- After the fiscal year ends and before the filing deadline for the statements and the zakat or tax return.
- When a bank asks for audited statements to renew facilities or extend new financing.
- When a new partner or investor comes in, or on the sale of a stake or an exit.
- When a procuring entity requires audited statements in the bid documents.
- Before a local content measurement — the measurement is built on audited, filed statements, so it cannot come first.
- When unaudited years have accumulated and need clearing before a major step ahead.
The tracks inside this service
Five separate obligations on five different clocks. Read the one you came for.
Annual financial statement audit
- Who it binds
- Businesses required by law or contract to have audited statements — by far the most common case.
- Statutory timing
- After year-end close, before the filing deadline and the zakat return.
- An independent opinion on the statements as a whole under the auditing standards endorsed in the Kingdom.
- Sampling balances and transactions, with confirmations to banks, customers, suppliers and related parties.
- A management letter with internal control findings, ranked by priority.
Review of interim statements
- Who it binds
- Businesses whose bank, partner or investor asks for half-year or quarterly statements.
- Statutory timing
- Right after the interim period closes, usually on a tighter schedule than the annual audit.
- Limited review procedures that fall short of a full audit, at lower cost and in less time.
- A negative-assurance conclusion rather than an opinion — and we make clear to you and to the reader what that difference means in practice.
- Early warning of what could become an annual audit finding, while there is still time to fix it.
Agreed-upon procedures
- Who it binds
- Anyone needing a report on a specific matter rather than the whole statements: a financier, a grantor, a partner, or a particular regulatory requirement.
- Statutory timing
- Set by the requesting party; this is also the track the local content certificate is built on.
- Agreeing the exact procedures in advance with the party who will read the report — what prevents disputes later.
- Performing them and reporting factual findings without an opinion, which is what distinguishes this from an audit.
- The report in the form the requesting party requires.
Special-purpose reports
- Who it binds
- Companies in liquidation, reducing capital, valuing a partner's stake, or responding to a judicial request.
- Statutory timing
- Tied to the transaction or proceeding, not to the fiscal year.
- Reports on a special-purpose basis serving one defined use, with its limits stated plainly.
- Financial statements for a non-annual period where a transaction or a statutory step requires them.
Deliverables
- A signed and stamped independent auditor's report in a form authorities and banks accept.
- Financial statements with their notes under the IFRS framework endorsed in the Kingdom.
- A management letter setting out internal control observations, the weaknesses found, and what each one exposes you to.
- Support in filing the statements with the required authorities and in answering their queries.
The checklist
This is the same checklist we send when you accept the quote — you can start assembling it now.
- Commercial registration, articles of association with amendments, and partners' resolutions.
- Trial balance and general ledger for the year under audit, plus the adjusting entries.
- Bank statements for the full year and their reconciliations.
- Lease, financing and other material contracts, and bank guarantees.
- Fixed asset register, depreciation schedules, and invoices for additions and disposals.
- Payroll records, the GOSI file, and the end-of-service provision.
- Receivable and payable ageing, and the inventory count where applicable.
- Zakat and tax returns and any assessments or correspondence with the Authority.
How the engagement runs
- 01
Acceptance and independence
We confirm our independence and complete customer due diligence before any work begins — a short step, and not one a licensed firm can skip.
- 02
Planning and understanding the business
We learn your business model and operating cycles and identify the risk areas that deserve more time, instead of spreading effort evenly over everything.
- 03
Evaluating internal control
We test the controls actually operating over the main cycles — sales, purchases, cash, payroll, inventory.
- 04
Substantive procedures
Sampling balances and transactions, third-party confirmations, attending inventory counts where required, and reviewing events after the reporting date.
- 05
Sign-off and reporting
Partners' review of the complete file, then discussing findings with management before issuance rather than after, then the report and the management letter.
Common questions
Is my company required to be audited?
It depends on your legal form, what the Companies Law, its regulations and your articles require, and what the parties you deal with demand. In practice: even where the law does not require it, a bank, a buyer or a partner may — which makes it required in effect. Send us your entity type and scale and we will answer before any engagement.
Do you audit earlier years that were never done?
Yes, and it is common before financing, qualification, or admitting a partner. We start by assessing the state of the books for those years, then set a realistic path — and some years may not be usefully auditable if the records are gone. We say so plainly rather than issue a qualified report that serves you no purpose.
Can you both audit and keep the books?
No. Auditor independence rules prevent combining both for the same entity in the same period — and that protects you: an audit report signed by whoever prepared the numbers carries no weight with a bank or a regulator. If you need both, we perform one and suggest suitable firms for the other.
What does a qualified report mean?
It means we found something material we could not verify or disagree with the treatment of, so we exclude it from our opinion. A qualified report is not fatal, but it draws every reader's eye immediately — bank, regulator, investor. That is why we raise any likely qualification with you early, while its cause can still be addressed.
When should we start?
Before year-end, not after. An audit that starts in November or December allows us to attend the inventory count and clear differences while there is time; one that starts in March becomes a race that often ends in an avoidable qualification.
Do you also provide internal audit?
Internal audit is a different service serving management and its board rather than external parties, and it cannot be combined with the external audit of the same entity. Tell us what you need and we will show you which of the two actually serves your purpose.
Tell us you need Audit & Assurance and we will build the quote around your case.
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