I. We render the following services to our clients:
1. Preparing and Auditing of Financial statements
2. Income tax
3. Financial and managerial consulting services.
4. Other services:
a. Establishing and registering entities services.
b. Liquidation services.
c. Financial disputes services.
We are licensed to render these services under different names as explained in part one of this profile.
Brief of these services are shown in the following pages.
1.Financial Statements: Preparing and Auditing Services
1.1 Regular audit services are auditing the financial statements of entities in accordance with generally accepted audit standards to form an opinion on its fairness and representing the financial position of the entity as a whole and issuing an independent audit report reflecting the results of the audit.
1.2 The audit in accordance with generally accepted audit standards is performed on test bases and designed to:
a. Discover the major errors and defaults in the financial statement (if exist).
b. Determine whether the accounting standards applied are:
– In compliance with generally accepted accounting standards.
– Appropriate to the nature of the entity.
c. Determine the fairness of estimations made by the management included in the financial statements.
d. Determine whether the financial statements presentations and disclosures are appropriate and in accordance with generally accepted accounting standards and statutory requirements.
Accordingly the audit procedures are not designed to discover frauds, falsifications and burglary or any other violations although it may discover it in part or in full. We bring to our clients’ attention any violation we discover in time.
1.3 Generally accepted auditing standards require planning the audit. Such planning is based on the outcome of studying the accounting, financial and internal controls systems applied by the entity and to what extent, and in which areas it can be relied upon in the audit.
Such study may reveal the weaknesses of these systems. We issue a report to the entity showing these weaknesses with our recommendations. Such report is normally discussed with the related entity’s staff before it is issued.
1.4 Based on the above our audit deliverables to our clients are:
a. Independent audit report showing:
- Scope of our work.
- Audit objective.
- Audit conclusion within the audit objective frame.
- Reasons of any qualifications in the report if any.
b. Management report showing:
- Weaknesses in accounting, financial and internal control systems applied and our recommendations there to.
- Any laws and regulations contraventions noted.
- Some financial analysis and ratios which reflect the entity’s sections / divisions / activities performance to assist management to evaluate the performance of each.
As mentioned above this report is based on the outcome of performing procedures not planned to conclude on the systems applied but to determine the nature, scope and timing of audit procedures. Accordingly this report is not considered as conclusion on the systems.
2- Income tax Services:-
- 2.1 These services include the following:
- a. Update clients with income tax
- b. Assist clients in preparing income tax
- c. Follow up with official tax of clearance certificates.
- d. Assist clients in preparing responses to tax
- e .Assist clients in preparing tax and zakat disputes memos to be submitted to courts and disputes committees.
- f.Represent clients in front of tax and zakat appeals committees / courts.
- 2.2 We provide our clients’ with high standard tax that exceeds materially our fees. Advantages of these services are:
- a. Accurate calculation of tax and accordingly avoid paying excess tax.
- b.Minimize the liability within the regulations.
- c.Minimize the period of finalizing tax and obtaining related certificates.
- The following enable us to achieve these goals:
- a. Our staff’s experience and knowledge of the tax law and its interpretations which they gained through practicing and training seminars. tax regulations are not so clear and specific and accordingly they are subject to interpretations. Awareness of these interpretations and taking it in consideration in preparing the tax returns will minimize the tax liability and avoid paying excess tax .
- b.Our good professional relations with tax department staff and the constructive co-operation with them assist in finalizing our work without delay.
- c.Our continuous contacts with tax authorities give us access to any new matters in time.
3. Financial and Managerial Consulting Services:
- We provide our clients with wide range of financial and managerial consulting services. These include:
- a. Feasibility studies.
- b. Business plans.
- c. Capital restructurings.
- d. Organization and reorganization.
- e. Administrative and financial systems and procedures.
- f. Due diligence review.
- g. Business valuations.
- h. Private placemen memorandums.
- i. Debt memorandums.
- j. Private offering of equity and debentures.
- k. Advices in:
- – Merger’s
- – Acquisitions
- – Divestures
- – Sales
4.1 Establishing and registering entities
a. Assist in selecting the entity’s legal form.
b. Obtaining official licenses required for establishing the entity.
c. Drafting articles of association.
d. Follow up the draft approval with the ministry.
e. Registering the articles with the notary public.
f. Obtaining the commercial registration.
4.2 Liquidation related services
a. Assist in finalizing the pre-liquidation procedures.
b. Assist in determining the assets and liabilities of the entity and preparing the financial statements as of the liquidation date.
c. Liquidate the assets.
d. Settle the liabilities in accordance with related law and regulations.
e. Canceling the entity’s official registration.
4.3 Financial Disputes related services
a. Reviewing and reporting on financial disputes (including those transferred from legal authorities).
b. Advising in financial disputes with other parties.
c. Advising in labor disputes
Regular Audit Timing
Normally our audit is performed in three stages. Timing of each stage is agreed upon with the entity in advance, considering the entity’s circumstances. These stages are:
a. First interim stage
- This includes some analytical review of interim accounts balances or financial statements in addition to reviewing policies, procedures and systems applied to determine the extent of its reliability for audit purposes.
- The outcome of this phase will be considered in planning the audit.
- Timing of this phase is normally the end of the second quarter or the beginning of the third quarter of the year under audit. In certain circumstances it may be performed together with the second stage.
b. Second interim stage
- This stage may be considered as complementary to phase one.
- This includes testing selective transactions in accounts.
- The outcomes of this phase and phase one are used in planning the audit.
- Timing of this stage is normally the end of the third or beginning of the fourth quarter of the financial year / period under audit.
c. Third / Final audit stage
- This includes analytical review of accounts balances and financial statements for the year subject to audit in addition to applying the audit procedures specified in the audit plan based on the outcome of the first two stages.
- After completing the two stages and preparing the final audit plan and prior to the year under audit end we advice the entity of the required schedules for the audit and agree on its delivery date.
- This phase starts after receiving the final trial balances and related detailed schedules and statements required for Auditting
- Deliverables Timing
a. Date of finalizing the audit and delivery of the draft financial statement and our report there on depends on:
– Estimated audit time
– Date of receiving the statements required for the audit agreed upon.
Any delay in receiving the required schedules etc. will delay delivering the draft financial statements and audit report.
b. Delivery date of final financial statement and our report there on will be through a fixed period after receiving the client’s approval of draft financials.
c. Management report is normally prepared after completion of phase one and two, if major points noted otherwise one report including notes from the three audit stages, will be issued after finalizing the audit.
Regular Income Tax Services Timing
Timing of submission of tax returns and responding to tax enquiries is determined based on:
– Due dates per tax laws and regulations.
– Availability of information required to prepare the returns and responses.
Other Services Timing
Timing of performing these services will be agreed upon with the entity and explained in the engagement letter which represents the agreement between the two parties.
1. Our fees are based on the estimated time required to perform the required services. Amount and due dates will be explained in our proposal.
2 . The following rules are considered in fixing our fees:
a. Not to exceed the value of our service.
b. To be competitive considering market prices.
c. To be fair.
3. Our fees are due for settlement in payments. Amount of each payment represent a certain percentage of the fees. Last payment falls due at completing the job.
4. Our proposed fees normally cover only the estimated time for performing the services required, as mentioned above.
Accordingly other expenses incurred by our staff necessary to perform the job (if any) such as traveling and accommodation expenses will be accounted for at actual.
5. Any changes in the scope of services required will affect our fees. The amended fees will be negotiated.
6. Time and effort required for determining some tax services, such as preparing memos for submission to courts concerning disputes, and attending the hearings cannot be fairly estimated in advance. Accordingly our fees for such services will be determined after completion of the work. Basis of calculating such fees may be agreed upon in advance .
Our Work :-
Auditing –Accounting – tax Accounts ,Economic, Financial, managerial
& Accounting Consultancy . Training, IFRSE, Feasibility Studies,
Designing & Executing Information Systems(IT), Business Consulting, Budget Planning
Due Diligence, Mergers and Acquisitions, Taxation Strategies, Trusts and Estates, Employee Benefit Plans, Business Valuation, Corporate Finance, Cross Border Transactions, Investment Advice, Joint Venture Negotiations, Audit – Special and Statutory, Accounting, Corporate Secretarial & Incorporation , Transfer Pricing ,Intellectual Property,
Judicial Council- Expert Witness& Business Lawyers.
Banks , Chemical , Constructions , Manufacturing ,Investment, Hotels
Medical practices, Oil, Tourism, Transport, Education, Non profit organizations.
-Ministries : industry, judgment, health, higher education, Oil
-Universities : ( Baghdad- Alnahrain – Technology – Foundation of Technical Education).
- The specialist centers:-
- Ghantoot Center for Consulting, Training &Conferences Services / Abu Dhabi United Arab Emirates.
- American Business& Technology Academy / Lebanon.
- Al-Kamala Company for consultations / Syria.
- International Training Centre for Human Resources Development / Syria
- Al Ghanem Company for Certified Public Accountants& Consultations / Saudi Arabia .Bahrain
- International Group to Transfer Technology / Egypt.
- Ahmad Mansur & CO –RSM International/Tunisia
- The Technology academy & state management / Tunisia.
- Arabian Professional Group Certified Public Accountants /Jordan
- AL-Maiden For Training & Development/ Jordan
- Bassam Eses &CO For Consultations & Intellectual Property
Audit system management assistance company (ASMA) / Tunisia
2. Organizations: –
-International Federation of Accountants (IFAC).
-International Accounting Standards Board (IASB)UK
-International Financial Reporting Standards Foundation (IFRSF)UK
– Institute Chartered Accountant England & Wales(ICAEW)UK
.- American Institute of CPAs.(AICPA)
-Association of Chartered Certified Accountants (ACCA)UK
-Asian-Oceania Standard-Setters Group (AOSSG)
– Consigliore National die Dotter Commercialistic e deli Esparto Cantabile (CNDCEC)
-INTEGRA INTERATIONAL -Global Association of Independent Management Advisory Service.
-The American Anti-Corruption Institute (AACI)
-Arab Administrative Development Organization. (ARADO)
– Arab institute Certified Public Accountants.(ARICPA)
-Arab Organization for Certified Public Accountants.(AOCPA)
-Arab Federation of Accountants & Auditors.(AFAA)
– Accounting & Auditing Commission for Gulf Council.
-Iraqi Union of Accountants and Auditors (IUAA)/ Consultancy Office