BPC
AUDIT
All our professional staff including juniors are university graduates. All the partners and managers as well as most of the senior staff are professionally qualified accountants, auditors and many possess international qualifications or equivalent Egyptian qualifications. Most of our professional staff have gained wide experience, with working for largest international accountancy and management consultancy firms, in auditing multinational and local companies and institutions in different activities such as:
- Commercial activities Contracting , construction and real state development
- Hotels and tourism
- Oil Exploration and Oil field services
- Foreign companies branches and representative offices
- Social societies and non- profitable organization
- Service activities
Our Audit Approach
We conduct our audit in accordance with Egyptian Standards on Auditing and in light of applicable Egyptian laws and regulations. Our audit is performed according to the following steps:
1. Audit Planning :
We make an appropriate plan for auditing to ensure optimal timely implementation of auditing. In this stage, meetings are held with the client management in order to obtain sound understanding of the business and the accounting system, internal control systems as well as reporting system applied by the client.
At the end of this phase, we will be able to determine significant audit areas and nature, timing, and defining the most efficient and effective approach in addition to selection of the audit team that is qualified for carrying out auditing duties required
2. Interim Audit :
During this phase, we will obtain more details about the client operation and financial systems. We will examine, documents and evaluate the accounting system, the internal control systems and the points that should be taken into consideration which have been highlighted during planning stage. We will also carry out testing to determine whether the systems are functioning as described.
Based on the assessment of the internal control systems and the results of the transactions testing we will determine the extent and nature of our audit throughout year - end financial statements of the client.
3. Final Audit :
In this stage, financial statements prepared by the client are audited. We will make inquiries, observations and limited review in order to identify any changes occurred in the accounting and internal control systems during the remaining period after the interim audit.
Then, we will perform the selected substantive audit procedures designed to provide reasonable assurance as to the validity of the financial statements and to form opinion on such statements .
4. Our report on the financial statements :
In light of information and audit results during various auditing stages, we issue our auditor report on such financial statements.
5. Management letters :
We may prepare a letter for the top management at the end of Interim audit as well as at the end of the audit giving our recommendations on weaknesses in the accounting and internal control systems and other matters. This will provide our client with constructive advice for improving the accounting system and internal control systems to help management achieve efficiently the objectives of the company.
6. Ongoing contact with client :
We will be in continuous communication with the client management to be acquainted with any developments and to update them regularly with any changes in the industry, laws, accounting standards and on any other areas related to the client.