Audit & Financial Statements

What the management letter the auditor delivers with the report is and its basis in ISA 265, how it differs from the auditor's report and the management representation letter, the ten findings that recur most in small and medium-sized businesses, and how to read it by effect rather than count and respond with an owner and a date so it does not return next year. ... Read more

Who appoints the auditor and what the resolution must set, the maximum term (10 years for an individual and the supervising partner, up to 20 for a firm), the removal procedure and five-day notification, resignation and the replacement, and the 10% partners' right to demand an auditor despite the exemption — from the Companies Law and its Implementing Regulation. ... Read more

Two adopted frameworks in the Kingdom: full IFRS for publicly accountable entities, and the IFRS for SMEs Standard for everyone else regardless of size. The practical differences (leases, borrowing costs, goodwill, disclosures), what changed in the third edition adopted in the Kingdom and effective from 1 January 2027, and when a business must move to full IFRS. ... Read more

Why the first year of an audit takes longer and costs more, the reverse timeline from the zakat return deadline (120 days) and the filing of financial statements (6 months), the document list the auditor asks for area by area, the auditor's rights under the Companies Law, and ten causes that prolong an audit and expose the opinion to qualification. ... Read more