Assurance
A business should always receive credible information to make reliable decisions to avoid risks and errors. Assurance services enhance business decision-making by providing quality financial and non-financial information. Reve Consult assists businesses and stakeholders with financial reports, risk assessments, and internal processes that adhere to established standards, regulations, and best practices.
Our Assurance Service includes services such as Statutory Audit Support, Transfer Pricing Audit Support, Due Diligence, Internal Audit, and Stock Audit. We improve company operations by identifying gaps in internal controls, financial reporting, and risk management. We have a proven track record of ensuring transparency, compliance, and operational efficiency of businesses with assurance services.
Statutory Audit Support
Statutory Audits are law-mandated audits that verify the authenticity and accountability of a book of accounts presented to the public and regulators. Unlike normal audits, which conduct performance evaluation and risk assessments, statutory audits focus on compliance with laws and regulations.
In Saudi Arabia, a failure to submit the audited financial statement at the Qawaem Platform of the Ministry of Commerce (MoC) within 6 months after the fiscal year ends results in
Penalties for Non-Compliance:
For Companies (excluding unlisted joint-stock companies):
Reve Consult provides an honest and unbiased financial situation assessment by conducting statutory audits. We analyze and monitor the financial records and accounting procedures to ensure compliance with legal requirements. Our statutory audits consider the finance, transactions, bank balances, accounting, and bookkeeping. We offer an impartial assessment to validate the financial records of the company.
Review of Financial Statements
During the financial statement review in KSA, we examine the balance sheet, income statement, cash flow statement, and equity reports of the company. This is to ensure accuracy in financial health, performance and to verify compliance with International Financial Reporting Standards and Saudi regulations.. It allows investors, creditors, and other stakeholders to be well-versed in decisions about investing, lending, and engaging in business with a company.
Preparation of Audit File
To prepare an audit, we need to compile and organize all financial files required for audit verification. These files include financial records, transaction details, supporting documents, confirmation letters, management representation letters, and internal reports. All these files are submitted to auditors in electronic format (PDF or XML). The experts at Reve Consult streamline the audit process by preparing a structured and transparent financial statement. This facilitates achieving efficient audits without errors. An authentic audit file that complies with regulatory standards indirectly nullifies the risk of regulatory penalties by eradicating the chances of inaccuracy.
Liaising with SOCPA-Licensed Auditors
Companies in KSA should comply with the accounting standards of the Saudi Organization for Chartered and Professional Accountants – (SOCPA) that adhere to IFRS. Liaising with SOCPA – Licensed Auditors means the company is collaborating with certified SOCPA auditors. They conduct the statutory audit and issue an independent audit opinion that complies with Company Law, IFRS, and ISA. Companies have to submit necessary documents for reviews and reporting. The Ministry of Commerce will review, verify, develop, and approve these documents. Liaising with SOCPA establishes a quality assurance review system as it adheres to professional standards and ethical practices.
Zakat and Income Return Filing
Companies operating in KSA that have Saudi and GCC resident shares should calculate Zakat based on their net worth within the country, whereas non-Saudi shares and nonresident GCC shares should calculate income taxes. Zakat is calculated at 2.5% of the company’s net worth. Income tax is calculated at 20% of the net profit after considering the adjustments. These are calculated based on ZATCA law, regulations, and updated guidelines. Zakat and Income Return Filing is the preparation and submission of mandatory Zakat and corporate tax returns to ZATCA. It is done based on the audited financial statements.
Reve Consult assists you with Zakat and Income Return Filing by accurately calculating taxes and ensuring compliance with Saudi tax laws. Our prompt actions prevent penalties and legal issues. We strengthen the company’s reputation and financial stability by maintaining a trustworthy status with the regulatory authorities.
