Asel Al Maayer provides a wide range of assurance services, including:
- Statutory Audit
- Management Audit
- Internal Audit and System Control Review (SCR)
- Review and Compilation Assignments
A. Statutory Audit
Asel Al Maayer professionals recognize that, to deliver a truly quality financial audit report, it is important to look beyond the accounting entries and to focus more on the underlying activities and operations that give rise to them.
For public companies, we conduct an integrated audit, which combines the financial statement audit with an evaluation of:
The effectiveness of internal controls over financial reporting
- Management’s assessment of the effectiveness of internal controls over financial reporting
- Internal controls include policies and procedures that are designed to ensure that a company’s financial statements are both reliable and prepared in accordance with generally accepted accounting principles.
For privately owned companies, we view the audit as the first step in developing a long-term relationship built on trust and business insight. We leverage the knowledge we gain through the audit process to advise our clients on how they can grow and improve their business. We bring valuable ideas based on years of business experience
B. Management Audit
Management audit is conducted to improve the profit earning capacity, work of management, objectives of program, social objectives and human resource development so that organizational goal can be easily attained.
The objectives of a management audit are to:
- To formulate the goal of an organization.
- To ensure the fulfillment of goals.
- To help management to improve the activities and procedures.
- To help all the members of management to make effective discharge of their duties.
- To help in the improvement of profits.
Functions of management audit include:
- Management audit identifies the objectives of an organization if such objectives are not set up.
- Management audit allocates the overall objectives of an organization in small parts.
- Management audit reviews the structure of organization and asset of the organization and decides whether goals can be obtained or not.
- Management audit examines all the scope of work and liability centers.
- Management audit provides valuable suggestions to the management after the evaluation of all above facts.
C. Internal Audit and Systems Control Review (SCR)
The scope and extent of internal audit and SCR is usually client-specific and is, therefore, rightly viewed by clients essentially as a value-added assignment.
The underlying focus is on identification of the specific needs and risks of an enterprise and accordingly examining internal control framework not only to mitigate but also to manage a whole range of risks.
In the process, the reports responding to the scope set by the client seek to highlight a broad spectrum of business issues and control features such as:
- Supervision of Books of Accounts and overall book keeping system
- Advise towards management information requirements
- Implementation of recommendations, as advised in the Audit Reports
- Identification of performance and profit improvement opportunities
- Enabling management to carry out properly and promptly their fiduciary and regulatory obligations.
- Obtaining the understanding of existing accounting and internal control system, approved and implemented by the management.
- Checking the compliance of existing accounting & internal control system.
- Continuous periodical reporting to management about non compliance of existing system, weaknesses found and suggesting improvements in the accounting & internal control system.
- Reporting on non compliance of regulatory and statutory requirements.
- Performance of detailed review of internal control system in order to find weaknesses in the system and to perform GAP analysis.
- Assisting system analyst and developers in system analysis, design and development process.
- Implementation of new systems developed and post implementation review.
- Training of personnel in order to understand and use new systems got developed.
D. Review and Complication Assignments
- Reporting on limited scope review of financial statements based on inquiry from client & analytical review.
- Preparation of financial statements in different presentation style for management so that they can take proper decision based on that information.