Audit

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’ judgements must be rooted in an in-depth understanding of each client’s industry value drivers, competitive positioning and marketplace practice.

Farahat & Co. brings to each assignment time-tested, rigorous, and cost-effective methods and procedures. We evaluate the organization's internal controls and develop a tailored audit program for the client that also enhances financial reporting efficiency. Some of the auditing services available at Farahat & Co. are:

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.

Stages of the Audit includes:

Planning

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.

Interim Field Work

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:

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:

Audit Committee Communications

To ensure that our standards are being met, we make certain that regular communications with the audit committee is taking place. This is critical to the independence and objectivity of the audit.

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.

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.

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, favourable and unfavourable trends or ratios, such as methods to protect the organization against the future interest rates, legislation and other similar events.