Management Accounting & Financial Assurance
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. Al Kamel Associates has the knowledge and experience necessary to help you with complex financial accounting issues related to matters such as valuations, pensions and share plans, listings, IFRS conversions, and corporate treasury and company secretarial functions.
Our audit approach, at the leading edge of best practice, is tailored to suit the size and nature of your organisation and draws upon our extensive industry knowledge. Our deep understanding of regulation and legislation means we can also help with complex reporting issues involving Sarbanes-Oxley and International Financial Reporting Standards (IFRS).
We, at Al Kamel Associates, execute each assignment in a 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 provided by us under External Independent Audit domain are:
• Financial statement audit
• IFRS reporting
• Independent controls & systems process assurance
Financial statement audit
The financial statement audit has never been more important. In today's business environment there is more scrutiny and scepticism of a company's financial statements than ever before. Investors have lost faith in corporate governance and reporting and they expect more: greater reliability, more oversight and clear evidence of internal controls. Corporate management, boards and audit committees, internal and external auditors, analysts and other investment professionals all have important roles to play in rebuilding investor trust by executing their respective responsibilities, keeping in mind both legal obligations and the heightened expectations of investors. Meeting investor expectations begins with the completeness and accuracy of information contained in a company’s financial statements.
In 2005, the vast majority of EU listed companies—and in many other countries—made the switch to IFRS. The good news: investors are now able to understand and compare financial statements from companies around the world. Result: lower cost capital more efficiently allocated. The not-so-good news: it's been a challenge getting through the IFRS conversion process and initial reporting period. Conversion to IFRS is much more than a technical accounting issue. IFRS may significantly affect any number of a company’s day-to-day operations or even impact the reported profitability of the business itself.
How Al Kamel Associates can help you?
Al Kamel Associates has a proven track record in helping companies successfully complete the transition to new accounting standards. Reflecting the complexity of the task at hand, we have a range of specialists to assist your company's conversion to IFRS, including: technical accounting, treasury, tax, human resource, M&A valuations and project management specialists. (For audit clients subject to the provisions of the US Sarbanes-Oxley Act, non-audit services, including tax services can be provided by the auditor as long as the services have been pre-approved by the audit committee.)
• Objective evaluation of project processes, controls, and deliverables
• Training and coaching support
• Advice on adapting processes, data, and systems for IFRS
• Technical accounting advice and support tools
• IAS 39 and financial instruments
• Employee benefits and share compensation programs
• Purchase price allocation related to business combinations
Independent Controls Assurance Practice
In today’s business world, IT and financial reporting environments are becoming increasingly complex while even greater reliance is being placed on the information produced by these systems and processes. In addition, new regulations in many countries have put a greater emphasis on internal controls and often require independent assurance of the effectiveness of internal controls.
Attention to the design, documentation and operation of controls is critical to ensuring the accuracy and timeliness of information used for financial reporting and management decision-making.
• To enable the customers’ confidence in the quality of the information produced by their IT systems.
• Provide assistance in documenting or testing internal controls over financial reporting.
• Carry out an independent review of the control structure, including identification of weaknesses and possible design enhancements.
• Furnish objective third party financial information.
• If the customer is implementing—or have just implemented—a new IT system and want a review of the controls.
• Companies entering into a joint venture or other transaction and need due diligence on systems and controls.
Our Controls Assurance practice provides services related to controls around the financial reporting process, including financial business process and IT management controls. Serving both audit and non-audit clients, Al Kamel Associates provide:
• Financial and operation applications/business process controls reviews
• Database security controls reviews
• IT general controls reviews
• Infrastructure security reviews
• Third party assurance and opinion services
• Sarbanes-Oxley readiness, process improvement and sustainability services
• Compliance with other regulatory requirements (e.g., Turnbull, Basel II, King)
• Due diligence on systems and controls
• Pre- and post-implementation systems reviews
• Network Security Reviews
• Data services (e.g., CAATs, data quality reviews)