JMK specializes in internal and external auditing services for different types of firms and entities, applying and performing audit steps in accordance with International Standards. We assure that our work is done right and with integrity.
1. Internal Audit:
The internal audit function performed by our firm helps ensures:
- Risks are appropriately identified and managed.
- Significant financial, managerial, and operating information is accurate, reliable, and timely.
- Organization resources are used efficiently and adequately safeguarded.
- Organization operations are transacted in accordance with sufficient internal controls, good business judgment, and high ethical standards.
- Quality and continuous improvement are fostered in the organization’s internal control processes.
- Compliance with applicable laws and regulations.
Internal Audit Phases:
2. External Audit:
External audit is a periodic examination of the books of account and records of an entity. The objective of the audit is to express an opinion about whether the audited financial statements are free of material misstatements, fairly represent the actual financial position of the company, and prepared in accordance with IFRS (international financial reporting standards).
In performing an external audit, our firm makes sure to:
- Obtain an understanding of the entity, its environment and its internal control system
- Assess the risk of material misstatement in the financial statements
- Design audit procedures commensurate with the assessed level of risk
- Follow up the bank reconciliations
- Review the Assets schedule including assets count, depreciation, etc.
- Supervise yearly stock physical count in addition to needed stock control any time during the year.
- Follow up on all cash related issues; organize our control to avoid all risks and errors that might be involved.
- Follow up all documentations, contracts, and all statements of the suppliers to reconcile with our own records to avoid any problem that might rise.
- Follow up all provisions and accruals pre-set schedules to be aware of all the pending payments in the future.
- Issue management letters that highlight identified risky areas.
- Agreed upon procedure: Perform the procedures that have been mutually agreed-on in advance, that are specific, subject to measurable criteria, and do not require an analysis or audit opinion. Finally issue a summarized report for the results.
- Compilation of the financial statement: JMK assists in presenting financial information in the form of financial statements. This service does not involve a review or an audit, accordingly, no opinion or assurance would be provided regarding the financial statements.
- Review of the financial statement: We perform a review of financial statements to obtain limited assurance that the financial statements are free of material misstatements.