HLB Kuwaiti Accountant Auditing

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1 HLB Kuwaiti Accountant Auditing P.O. Box Safat.Ahmed Al Jaber Street,17A Warba Insurance Co complex Safat Kuwait,Kuwait. Telephone: Fax:

2 The HLB Kuwaiti Accountant auditing approach ensures that clients receive a personal, high quality, proactive and seamless service. It embraces the following aspect in working with clients: C o n t e n t s Nature and Scope of work Audit Methodology Risk Management HLB International Back Ground About HLB Kuwaiti Accountant Auditing HLB Service Team Our Fee

3 Nature and Scope of work The HLB Kuwaiti Accountant Auditing approach ensures that clients receive a personal, high quality, proactive and seamless service. It embraces four key aspects in working with clients: 1-Auditing Work: Extending our opinion on the representation of the company's financial position while the auditing process is conducted in accordance with international auditing accounting principle. 2-Accounting System and Internal system study and evaluations A systematic and comprehensive inspection and audit is carried out on the accounting system and on Internal Audit applied in the company, establishing our responsibilities to issue a report on these systems and to identify weakness and shortcoming while the company will assume the responsibility of taking the decision. 3- Auditing of the financial Statement (Quarterly basis) Our policy in this field is based on continuous revisions of the interim statements for the purpose of obtaining a reasonable confirmation that these interim financial statements are clean and free from financial contravene and that our services are provided on a continuous basis throughout the financial year and cover all your company's activities. 1

4 4- Focusing on deep understanding of company's activities and challenges: In performance of out duties, we observe and follow the most update and creative methods, based on the study of the commercial activities details, challenges and risks met by these activities, an originative solutions, advises and professional consultation against these shortcoming in the system of auditing and the method dealing and promotion of the efficiency of computer systems and information systems through our realization of auditing. Audit Methodology HLB Kuwaiti Accountant Auditing extensive audit experience is backed by an international quality assurance program, which requires all firms to pass the HLB peer review and other monitoring procedures. In addition, the HLB International Audit Manual, IFRS, IASD, and IFSB provide a common methodology to ensure a consistent, high quality service across the network within the limitation of commercial law of Kuwait. Our prospective and comprehensive concept of work: It is understood and agreed that the duty of an Auditing office is principally to give an opinion at the sound and fair presentation of the company's financial statement, but due diligence and hard efforts are extended by Kuwaiti accounting Auditing office to upgrade and modernize the styles and methods in risks evaluation is based on analysis of the activities details to apply the procedure of auditing of high efficiency and analysis of problems and challenges though the of our qualified and promoted experiences of our staff for the purpose of completion of these duties. 2

5 Our aim is to provide our customer with additional service though sound, constructive and positive advice. Comprehensive knowledge and accuracy of your activity will be offered throughout continuity of the auditing process, while we will be given the opportunity to identify the proper and the required upgrading and modernization in all systems you followed our general and private knowledge with the details of your activities will gave us comprehensiveness and the insight to the accounting system, internal audit, financial plan and also the organization chart. This comprehensibility is the source of our perception and understanding to the sensitivity of your activity, which in turn will lead to create ideas on the adequate solutions to the practical problems met by our customers through reliance on our available specialized skills. Our method of Auditing is based on: (i) - The preference between priorities: The aim and purpose behind the process of auditing constitute an integral part of our constant search and the process of auditing itself is not sought for without study and without efforts while the main activity, risks and the challenges met by the competitive circumstance is our challenge. 3

6 (ii) - Minimization of faults: The Kuwaiti Account Auditing is strives to minimize faults through study: A- The conditions and circumstances of finance and investment B- The financial and accounting systems C- Analysis of process and the method of its registration in accounting form. D- The company's internal auditing systems : E- The methods of operating the project. 4

7 Consulting Service: Through our office we provide our customers with consulting services to help them to minimize the problems which they face and to set proper solutions for their work related problems. Through our associates who have acquired skills in our office: We provide the following services: (a) Financial & Administrative Consultation (b) Administrative System The Organization Chart: Personnel affairs systems and the related policy manual Internal executive bylaw ( Purchase Stock Finance ) Staffing systems and organization Charts. (c) Financial Systems: Financial and Accounting systems Cost Accounting systems Internal Auditing systems Debts control System. 5

8 (d) Study of the efficiency of operating: We have the qualification and experience in helping companies to realize high operating levels including providing these recommendations: Studying the method of production, marketing and storage. Studying the operating plans. Studying the organizational charts and proposing reorganizing. Studying the financial plan monitoring its implementation. Operational activities. Corporation and incorporation evaluation process: We have the experience and necessary skills to evaluate the company for the object of: Amalgamation / Consolidation. Sales. Purchases. Changing the legal form of the company. Entry in the Kuwait stock markets 6

9 In this field we provide consulting service related to amalgamations. Consolidation or the purchase with another company and such operation requires deep study of the following points: 1. Analysis of the market and company's clientele which is the subject of the investigation. 2. Investigation of the clientele element of the company's product 3. Investigation of the strategic aspect of the company which is the subject of the operation elements. 4. Studying the process of marketing, planning and management. 5. Studying the cash flow, the capital and profit. 6. Studying forces and competitive products in the market. 7. Studying the accounting polices related to depreciation, debts allocation evaluation of the inventory and other operational activities by the company. Evaluation of the information systems: We have acquired consultancy experience in the evaluation of information system and conducting studies in computers and information systems related to the following: Inspection method of upgrading and improving their technical performance for the objectives and purpose and profitability or set up proper systems which can meet the requirement of the company and studying the effectiveness of the applied system, in addition to the planning process and management of the information systems, besides to providing consultation related to the requirement of the customers from software and hardware and systems and to ensure operating the system with the required efficiency and development of the software to meet the requirement of the accounting systems. 7

10 Risk Management Fraud Prevention Kuwaiti Accountant Auditing can run a fraud health check on a business. This increases awareness of potential fraud and identifies areas most at risk. These are reviewed in depth. The design of a formal corporate policy covering the reporting and handling of fraud cases is part of the service. Due Diligence, Forensic Accounting and Litigation Support Many disputes have a financial dimension that leads to litigation. For example, loss of profits, business interruption, partnership and shareholder disputes, disposals, personal injury, fraud. HLB Kuwaiti Accountant Auditing specialists help bring prompt settlements, ensuring savings in professional fees and management time. Internal Audit, including IT Internal audits not only uncover weaknesses in accounting procedures, they can be an independent assessment of all management systems from strategic and business planning, personnel selection and monitoring, organizational structures, computer system reviews to marketing functions. HLB International also assesses company performances against relevant indicators. Overall, performance assessment and correct management reporting ensure maximum efficiency. 8

11 Large organization, listed companies and Kuwait investment firms must apply the Corporate Governance Code. Other companies also choose to apply it. A crucial element of corporate governance is the internal audit function. Our firm has the expertise and know-how to assist any company to set up and organize its internal audit department. We can undertake to set up its structure and design its procedure and reports. Additionally, HLB Kuwaiti Accountant Auditing is licensed to act as internal auditors for Kuwait Investment Firms. We provide our clients in the field with professional services in compliance with the Stock Exchange Regulations These ensure that the business is making best use of resources. A VFM audit may result in substantial savings. Environmental Audits Complying with environmental legislation is an arduous task, but it can prove critical when buying or selling a business, affecting a sale price dramatically. HLB Kuwaiti Accountant Auditing can help organizations save money. 9

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13 HLB International Back Ground HLB International is a global organization of professional accounting firms and business advisers providing a wide range of services to clients. Formed in 1969, HLB International can assist clients to do business in more than 100 countries, represented by more than 1,500 partners and 10,800 staff in 430 offices worldwide. Further information can be found in the corporate brochure, available from any of the member firms, from the HLB International Executive Office at the address below or visit the website, Today s business climate and the growth of e-business send more and more companies around the globe to deliver their products and services. Companies with international plans and operations need tax professionals who can provide a combination of local attention and global capabilities. HLB International, through its global network of professional member firms, can provide you with the necessary proactive advice and support. International tax service teams provide a wide range of opportunities for both inbound and outbound businesses and corporations. They also offer services to executives whose careers take them around the world. Approach Understand the organization Establish relationships Involve senior personnel Employ qualified and experienced specialists Apply the latest technology Work with specialist alliance partners Provide a complete service, or work in Partnership with client personnel Transfer skills Provide value for money. Peter Frost 11

14 HLB Client Service Team Our team enjoys: The aptitude, the necessary skills and experiences to carry out auditing work with a high degree of efficiency and in less time. Ready and willing to offer advice in less time and whenever the customers require. The Main office staff consisted from: A- Associate and Principal Auditing Managers : Principal partner: Mr.Adel Mohammad Abdul Muhsein Al- Sanea Chartered Accountant No. 86A (KAAA) committee in Kuwait. Adel Mohammad Sanea Mr. Adel Mohammad Abdul Muhsein Al- Sanea is a certified public Accountant, register in the registry of the Auditor under the number 86A. He started his career as an independent Public Accountant in Kuwait from Master Degree in Business Administration Majoring in Accounting United State of America San Francisco Armstrong University. Experiences in different Sectors: Oil Sector: Worked as an Senior Accountant in KOC from1 st Apr 2001 till Nov 2004 Working areas in oil sector are as follows: * Income Statement on monthly basis end closing. * Supervising Monthly based on Oracle 11 software & same as year end closing. * Auditing Saudi Arabian Texaco (Chevron-Arabia Saudi) for all activities which belong to Joint Operation Agreement on yearly basis. * purchase committee in Joint Operation.(Receivable cash collection accounts) Trading Sector: Worked as Assistant General Manager in United Kuwait Fish Company from Jan, 1999 till Jun,

15 Hotel Service Sector: Worked as Financial Manager in Azzad Trading Group Company Mar, 1997 till Apr, 1998 Customer Service Sector: Worked as Financial Manager & Consultant to chairman in MTC from Feb 1990 till Dec The experience includes offering financial and administrative consultation to the Chairman and Managing Director and other assigned offering propositions and recommendation. In Addition to financial and administrative consultation Mr. Adil Sanea supervises and supports the IT Department. Investment Sector: Worked as Senior Accountant in Securities Group Co. Jan 1987 till Feb Conducting training courses at Kuwait Gen.Trad.Cont. & foreign investment Co. on Currency market and International Market. Auditing Sector: Worked as an Auditor in Talal Abu Ghazala and Partners Kuwait From Mar 1983 till Mar Manager Partner: A. Mohammad Ahmed Manager Partner: Hanafi Hassan Awad. Hanifi Hassan Awad 13

16 About HLB Kuwaiti Accountant Auditing HLB Kuwaiti Accountant Auditing has been helping clients since HLB Kuwaiti Accountant Auditing commitment to its Special approach ensures a close working relationship with clients delivering value for money and quality. Our customers in Kuwait are engaged in diversity of business which called extend special care and attention to the technical level of the auditors who are principal in realization the high professional quality. Kuwait Kuwaiti Accountant Auditing Co. is a member of HLB International, a world-wide organization of professional accounting firms and business advisers, each of which is a separate and independent legal entity and as such has no liability for the acts and omissions of any other member. HLB International Limited is an English company limited by guarantee which co-ordinates the international activities of the HLB International organization but provides no professional services to clients. Accordingly, HLB International Limited has no liability for the acts and omissions of any member of the HLB International organization, and vice versa. 14

17 We are having good reputation in Kuwait Market and our auditing procedure is the same for any company regardless of their status in Kuwaiti Market, e.g. Kuwait Stock Exchange Listed companies / limited liabilities companies and Establishment. We audit more then 400 Kuwaiti companies on quarterly and yearly basis depending on the company s requirement. 15

18 Our Fees: Our professional fees is based on the extended effort, the extent of experience, skills and the required time to complete the work, therefore we observe when our fees is charged to reduce to the minimum according to our policy to maintain a long term customers Our fees include auditing charges of at the account of the company, also it include the revision of the internal control system. We extend our gratitude and appreciation for your confidence in Kuwait Accountant auditing, to offer us this precious opportunity to offer you this presentation s in the field of auditing and other professional fields. 16

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