Service Area
External Audit
External audit adds several benefits to entities, whether they are commercial or non-commercial. It provides an independent opinion on the fairness and reliability of the financial statements and supports transparency with shareholders, banks, government bodies and other stakeholders.
A proper external audit also helps management understand areas where reporting, controls and documentation can be improved. It is not only a statutory requirement for many businesses, but also an important confidence-building exercise.
Our services include:
- Financial statements audit
- Independent auditor’s report
- Review of supporting records and documentation
- Assessment of accounting treatment and reporting presentation
- Management points and recommendations where applicable
Service Area
Internal Audit
Internal audit helps entities identify risks, improve processes and strengthen internal controls before problems become costly. It is especially useful when an entity grows, changes systems, expands departments, faces acquisition or merger activity, or needs an independent third-party view on operational and financial processes.
Internal audit can assess whether processes are designed properly and operating effectively. This includes areas such as financial reporting, stock controls, procurement, cost cutting, documentation, organizational structure and general governance.
Our services include:
- Comprehensive internal audit
- Specific-scope internal audit
- Financial reporting process review
- Internal controls on stock
- Efficiency and effectiveness review for procurement and cost cutting processes
- Organization structure design review
- Documentation process review
Service Area
Review & Agreed-upon Procedures
An entity may need to review, examine and verify various internal matters, or it may need to declare and report specific information to external parties such as suppliers, vendors, lessors, banks, government bodies or customers.
These procedures can support management in verifying cost effectiveness, identifying possible internal cash leakage, performing periodic counts, reviewing transactions, or validating monetary and non-monetary information that may be required for decision-making or contractual reporting.
Our services include:
- Report on compliance with Bahrain Corporate Governance Code
- Report on related party transactions
- Independent verification of figures such as sales verification for lease or franchise requirements
- Periodic stock count
- Fixed assets count
- Review of transactions, such as recognition of a business purchase
- Review of recoverable VAT from minor purchases such as petty cash expenses
- Internal controls review, non-audit
- Review of accounting policies, practices and procedures
- Verification of progress billing reports, suppliers statements and internally prepared reports
Service Area
Other Assurance Services
Some entities require a less extensive and more flexible form of assurance than a full audit. Other assurance services can certify the correctness and validity of selected financial areas, improve the quality of information and reduce information risk for better decision-making.
These services are tailored to the client’s specific needs so that the assurance engagement focuses on the areas that matter most to management and stakeholders.
Our services include:
- Adoption of newly issued International Financial Reporting Standards
- Risk assessment
- Business performance review
- Information system reliability review
- Assurance on valuations
- Tailored assurance services
Need support in this area?
Share your requirements with Madan Audit and Consulting and the team will guide you on the right service scope.
