How We Do
At SBBS, we specialize in delivering comprehensive Anual Audit Reports
Sign engagement agreement outlining audit scope, timeline, and objectives. Collect company registration details, financial records, and VAT/TAX compliance documents. Define audit methodology as per Saudi Arabia’s SOCPA standards & IFRS. Create an annual audit plan with milestones.
Gather financial statements (trial balance, general ledger, P&L, balance sheet, cash flow). Collect supporting documents: invoices, purchase bills, payroll, VAT returns, contracts, and bank statements. Review internal controls and accounting policies.
Identify potential risks in financial reporting. Assess internal controls over cash, inventory, receivables, and payables. Recommend improvements in processes if weaknesses are found.
Perform substantive testing of transactions (sales, purchases, expenses, payroll). Verify accuracy of VAT/TAX records and compliance with ZATCA regulations. Match accounting entries with supporting documents (invoices, receipts, contracts). Conduct bank reconciliation & confirmation with third parties if needed.
Check compliance with SOCPA & IFRS reporting standards. Ensure correct valuation of assets, liabilities, and equity. Validate year-end adjustments, depreciation, and provisions. Confirm accuracy of consolidated reports (if multi-company).
Prepare draft audit findings with identified discrepancies. Share observations with management for clarification. Conduct review meetings to discuss adjustments.
Submit audited financials to: ZATCA (General Authority of Zakat & Tax) for VAT/Zakat filings. MOCI (Ministry of Commerce & Investment) if required. Banks, investors, or regulators as applicable. Ensure timely submission within regulatory deadlines.
Offer assistance in case of government queries or inspections. Provide quarterly/half-yearly financial reviews. Support business growth with advisory on budgeting, forecasting, and cost control.
Why SBBS
Your dependable guide to achieving freedom from manual accounting work and building that perfect workplace you have always aspired to build. Your dependable guide to achieving freedom.
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