Regular Audit Timing
Normally our audit is performed in three stages. Timing of each stage is agreed upon with the entity in advance, considering the entity's circumstances. These stages are:
1. First interim stage
a. This includes some analytical review of interim accounts balances or financial statements in addition to reviewing policies, procedures and systems applied to determine the extent of its reliability for audit purposes.
b. The outcome of this phase will be considered in planning the audit.
c. Timing of this phase is normally the end of the second quarter or the beginning of the third quarter of the year under audit. In certain circumstances it may be performed together with the second stage.
2. Second interim stage
a. This stage may be considered as complementary to phase one.
b. This includes testing selective transactions in accounts.
c. The outcomes of this phase and phase one are used in planning the audit.
d. Timing of this stage is normally the end of the third or beginning of the fourth quarter of the financial year / period under audit.
3. Third / Final audit stage
a. This includes analytical review of accounts balances and financial statements for the year subject to audit in addition to applying the audit procedures specified in the audit plan based on the outcome of the first two stages.
b. After completing the two stages and preparing the final audit plan and prior to the year under audit end we advice the entity of the required schedules for the audit and agree on its delivery date.
c. This phase starts after receiving the final trial balances and related detailed schedules and statements required for audit.
1. Date of finalizing the audit and delivery of the draft financial statement and our report there on depends on:
a. Estimated audit time
b. Date of receiving the statements required for the audit agreed upon. Any delay in receiving the required schedules etc. will delay delivering the draft financial statements and audit report.
2. Delivery date of final financial statement and our report there on will be through a fixed period after receiving the client's approval of draft financials.
3. Management report is normally prepared after completion of phase one and two, if major points noted otherwise one report including notes from the three audit stages, will be issued after finalizing the audit.
Regular Income Tax and Zakat Services Timing
Timing of submission of tax and zakat returns and responding to tax and zakat enquiries is determined based on:
- Due dates per tax and zakat laws and regulations.
- Availability of information required to prepare the returns and responses.
Other Services Timing
Timing of performing these services will be agreed upon with the entity and explained in the engagement letter which represents the agreement between the two parties.