Service 02 - Assurance & Audit
Financial Statement Presentation For Small & Mid Sized Business.
Audit-ready financial statements prepared to IFRS as endorsed in the Kingdom - complete with notes, disclosures, supporting schedules, and the cross-references your auditor will look for first.
What we do
IFRS statements the auditor
won't need to rewrite.
- Annual financial statements Complete IFRS-compliant statements - P&L, balance sheet, equity, cash flow - with the full note structure SOCPA-registered auditors expect.
- Note disclosures Accounting policies, judgments and estimates, segment reporting, related parties, commitments, contingencies - all drafted, cross-referenced, and complete.
- Consolidated statements Group-level consolidations for parent companies with subsidiaries - inter-company eliminations, minority interests, goodwill schedules.
- Interim financial information Quarterly or half-yearly IAS 34 condensed interim statements for companies needing periodic reporting or CMA-regulated entities.
-
Cash flow statements
Direct or indirect method cash flow with correct classification between operating, investing, and financing - a frequent auditor pain point solved.
- First-time IFRS application Transitional statements under IFRS 1 for companies migrating from SOCPA-only to full IFRS — opening balances, adjustments, and reconciliations.
Why it matters
Messy statements cost audit time.
Every auditor has seen it - financial statements arriving for audit that look right at first glance but fall apart under closer reading. Missing notes, inconsistent totals, policies that don't match practice, disclosures that skip what IFRS requires. The audit team spends the first week just making the statements coherent before they can begin actual audit work. That time appears in the fee, and the delay ripples through every downstream deadline.
Well-prepared statements do the opposite. The auditor opens the file and everything they need is where they expect it - policies consistent, notes cross-referenced, totals agreeing, disclosures complete. Audit time drops, audit fees drop, the year-end compression eases. For private companies, the savings pay for the preparation service. For listed or regulated entities, it's not even optional - it's how professional finance functions work.
Our approach
Four phases.
Audit-first, not audit-afterwards.
Scope
We review your trial balance, prior-year statements, and accounting policies. We identify technical areas needing attention - revenue recognition, leases, impairment, tax.
Draft
Primary statements built from your TB. All IFRS-required notes drafted with real numbers. Accounting policies aligned with what the business actually does.
Review
Senior partner review against an IFRS disclosure checklist - no gaps, no inconsistencies, no numbers that don't foot across the statements.
Support audit
Ongoing support through the external audit - responding to queries, providing additional schedules, managing the back-and-forth so your team can run the business.
Deliverables
What you receive.
Complete financial statements
P&L, balance sheet, statement of changes in equity, cash flow - all IFRS-compliant, audit-ready.
Full note disclosures
Every note IFRS requires - accounting policies, judgments, estimates, risks, commitments, related parties, subsequent events.
Supporting schedules
Fixed asset register, depreciation schedule, loan amortisation, lease ROU calculations - tied back to the notes.
Disclosure checklist
A signed-off IFRS disclosure checklist showing every requirement met - a document your auditor will request.
Who this is for
Four profiles we serve best.
Private companies facing audit
Companies with revenues exceeding SAR 50 million whose bankers or shareholders require audited IFRS statements annually.
Group parents & subsidiaries
Entities preparing consolidated statements, or subsidiaries feeding statements up to international parents.
Pre-IPO companies
Businesses working toward Tadawul or Nomu listing needing two-to-three years of audited IFRS statements.
Regulated entities
SAMA, CMA, and other regulated entities where financial statement quality is part of their regulatory license.
Regulatory context
The frameworks we work to.
IFRS as endorsed by SOCPA
Full IFRS as endorsed for use in Saudi Arabia - including Saudi-specific interpretations and local transition guidance where different from international baseline.
IFRS for SMEs
For smaller companies eligible to apply the simpler IFRS for SMEs framework - we confirm eligibility and apply the standard correctly, maintaining optionality.
CMA disclosure rules
For listed companies, additional CMA-specific disclosures around related parties, board remuneration, governance - built into the statements alongside IFRS.
Companies Law provisions
Statutory statements, directors' report, and share-register schedules aligned with Saudi Companies Law - alongside the IFRS statements where both are required.
Related insights
From our desks.
Partner notes on IFRS reporting practice in Saudi Arabia - standard updates, disclosure trends, common auditor findings.
Insights coming soon - a library of technical notes on Saudi IFRS practice is in preparation.
Year-end approaching?
Tell us your year-end, your auditor, and the complexity of your group. A senior partner will respond within one working day with a clear scope and fee.
Request a consultation