Service: Legal Auditing and Review
Client Sector: Commercial
Challenge
A major commercial company faced challenges related to gaps in its internal control system, along with significant delays in preparing financial reports. This was reflected in recurring material observations in previous audit reports, raising the level of operational and systemic risks.
Our Role
At Thamer Al-Faleh Certified Public Accountants and Professional Consultants, our role extended beyond simply performing standard audit procedures. It included:
A comprehensive assessment of the internal control system
An analysis of the causes of recurring errors and sources of profit leakage
Identification of accounting deficiencies affecting the accuracy of financial reports
Methodology
We focused on linking audit findings to the company’s actual operating environment, aligning accounting procedures with established professional standards. This approach ensured system improvement, not just the detection of errors.
Result
Accurate financial statements reflecting the company’s true financial position were issued, along with a Management Letter that contributed to restructuring the finance department and enhancing control mechanisms. As a result, accounting errors decreased significantly during the following year, and the company’s readiness for subsequent financial periods increased.
