The audit, as defined by the American Accounting Association, is defined as “an organized and systematic process of objectively gathering and evaluating evidence and evidence relating to the results of economic activities and events, in order to determine the compatibility and conformity between these results and the established standards and to inform the parties concerned of the results of the audit.”

The audit process is carried out in accordance with the International Auditing Standards and the Egyptian Auditing Standards and in accordance with the Egyptian laws and regulations in this regard to reach reasonable assurance that the financial statements do not involve errors or misrepresentations. The audit work includes the following:

Conduct a test review of the entity’s accounting records and documents in accordance with the planned audit procedures in light of the facility’s conditions.

Examining and evaluating the accounting principles and policies followed in the establishment and the provisions determined by the establishment’s management by way of estimation.

A general evaluation of the financial statement’s presentation and the disclosures and clarifications they contain.

Carrying out a periodic review during the year that includes examining and evaluating the accounting systems and the internal control systems applied in the facility and carrying out all the necessary tests to verify the soundness and efficiency of the application of these systems, and exerting the necessary professional effort to discover important errors and violations that may have an impact on the financial statements of the establishment

In the event that there are important observations resulting from the periodic review – they are sent in a report to the facility management that includes these observations and their recommendations for treatment, after discussion with the facility management.

Make a final review at the end of the year that includes the following:

  • Examining and matching the final accounts on the accounting records.
  • Verifying the existence of the assets that appear in the budget and their value and the amounts of liabilities and allocations to verify that the budget clearly reflects the true financial position.
  • Examining the income statement to ensure that it shows the correct result and operation of the facility.
  • Ensure that the disclosure and presentation of the explanations supplementing the financial statements are done in accordance with generally accepted accounting principles and in light of the applicable laws and regulations.
  • Preparing an auditor’s report on the financial statements at the end of the fiscal year. Upon completion of the final review work, if it appears that there are observations related to the audit of the financial statements or any other observations other than what was stated in the report on the result of the periodic review, a report will be sent that includes our observations on the final audit work, after discussion with the facility management.