We conduct our audits in accordance with International Standards on Auditing, Egyptian Standards on Auditing and the applicable Egyptian laws and regulations, to obtain reasonable assurance that the financial statements are free from material error or misstatement. Our audit work covers:
Scope of the audit
Test examination of the entity's accounting records and supporting documents, following audit procedures planned around the entity's circumstances.
Review and evaluation of the accounting principles and policies the entity applies, and of the provisions management determines by estimate.
An overall evaluation of how the financial statements are presented, including their disclosures and notes.
Interim audit during the year
A periodic review during the year, examining and evaluating the entity's accounting systems and internal controls. We perform the tests needed to confirm those systems are applied soundly and efficiently, and exercise due professional care to detect significant errors and irregularities that could affect the financial statements.
Where the interim audit raises significant findings, we discuss them with management and then issue a management letter setting out the findings and our recommendations.
Year-end audit
Examining the final accounts and reconciling them with the accounting records.
Verifying the existence and value of the assets on the balance sheet, and the amounts of liabilities and provisions, so that the balance sheet fairly presents the financial position.
Examining the income statement to confirm it fairly presents the results of operations.
Confirming that disclosures and notes to the financial statements follow generally accepted accounting principles and applicable laws and regulations.
Issuing the auditor's report on the financial statements at the end of the financial year.
On completing the year-end audit, if there are findings on the financial statements, or other matters beyond those reported at the interim stage, we discuss them with management and issue a report on the year-end audit work.