Auditing & Assurance
Our goal at Farahat & Co. is to provide you with a fast and efficient service at all times.
Our audit team offers a dedicated commercial approach to help you control and improve your business. Independent assurance from us should enhance your business and its reputation.
An independent audit is the foundation for decision-making in the capital markets. Our ethos and working practices are modern and progressive. We are a motivated, cohesive and dynamic firm who work with and for our clients in ways that seek to advance traditional notions of auditing, with a focus on client relationships. A professional knowledge of principles and business, as well as of the appropriate systems, processes and controls are also critical requirements. Moreover, auditors’ judgments must be rooted in an in-depth understanding of each client’s industry value drivers, competitive positioning and marketplace practice.
As a part of our commitment to excellence, Farahat & Co. is proud to be a part of the international community. This commitment to excellence is the driving force that allows us to maintain our memberships and affiliates.
Our emphasis is on ensuring strong internal control systems to minimize the risk of accidental or deliberate errors and omissions. Our objective is to ensure that resources of the organization are optimized to deliver maximum possible value. Our goal at Farahat & Co. is to provide you with a fast and efficient service at all times. We bring to each assignment a time-tested, rigorous, and cost-effective method and procedures. We evaluate the organization's internal controls and develop a tailored audit program for the client that also enhances financial reporting efficiency.
Audit Process
This forum is designed to shed some light on the complexity of the audit process and to demonstrate the consistency of the Farahat & Co. procedures when dealing with the audit process. This consistency ensures that our clients are provided with a quality audit process. By outlining the phases of the audit process at Farahat & Co., we hope to provide a clear and comprehensive understanding of the importance of this complex process.
We plan and perform our audit so as to obtain all the information and explanations which we consider necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements and the part of the remuneration report to be audited are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluate the overall adequacy of the presentation of information in the accounts and the part of the remuneration report to be audited.
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Audit Planning
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Internal Controls Assessment
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Conduct Substantive Test
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Completion of Audit Report
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Farahat & Co. reduces the time by performing interim procedures at a convenient date prior to the end of the client’s fiscal year, potentially less time will be necessary at the year-end allowing us to finish the audited financial statements. Farahat & Co. design audit procedures to:
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Develop permanent files of pertinent information, which will be useful on a continuing basis
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Confirm loans and deposit balances with customers using techniques that sample the population, based on a probability proportionate to the size of the account
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Test our understanding of the organization’s internal controls
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Year End Field Work
Farahat & Co. issues a report based on audit work in a timely and efficient manner. After discussing the audit observations & qualifications in the audit report with the management, our audit team will begin the year-end phase of the examination, which includes:
Revision and implementation of the audit plan, using professional accounting techniques and analytical skills
Discuss the appropriateness of the organization’s disclosure and a detailed analysis is conducted with reference to the rules and regulations of the relevant government departments Meeting with the audit committee to discuss the results of our review of the organization and discuss the changes that were made during our audit of the Financial Statements and the adjustments that were proposed but were not recorded |
Audit Committee Communications
By considering Laws and Regulations in an Audit of Financial Statements, Farahat & Co. ensure that our audit solutions are compatible with your business and offer a cost effective approach.
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Supplemental Information
Farahat & Co. issues full financial statements and we have also made it a policy to issue supplementary information to help our clients further. Supplementary information varies in accordance with the management goals that is why our team of experts work closely with the clients management to evaluate the company objectives and design supplementary information that is relevant to their needs.
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Beyond the Audit
When engaged for audit, Farahat & Co. searches for new methods to improve the efficiency and profitability of the business. Recommendations are outlined, possible risks and opportunities of profitability are discussed, along with, favorable and unfavorable trends or ratios, such as methods to protect the organization against the future interest rates, legislation and other similar events.
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