Standard Chartered
Middle East
AUDIT & ASSURANCE
Excellence is an Expectation
Who Are We..
STANDARD CHARTERED Middle East, Audit & Assurance (LLC)
is a leading professional company (Professional Investment License Number (109134404176879) issued by Ministry of Investment & CR #1010847014 issued by Ministry of Commerce, Saudi Arabia,
provides Audit and Assurance services.
Our extensive experience in providing Audit and Assurance services and our highly qualified professional team speak for our strong reputation in understanding and fulfilling the needs of businesses. As such, we’re capable of providing Audit and Assurance services by adopting the requirements that are set out by the International Standards on Auditing (ISA) that aim to implement control on the work environment in order to provide sufficient credibility with the fairness of data and information. We comply with the standards issued by the International Federation of Accountants (IFAC) by promoting the role of auditing, assurance, and quality of all accounting transactions for all types of institutions, depending on the nature of their business.
Our Strategy ..
Our Vision..
We aim to reach a distinguished ranking among professional firms through various branches and qualified resources locally and internationally.
Our Mission..
Excellence in providing Audit and Assurance services in accordance with the ISA and the international standards adopted in the Kingdom through a highly qualified professional team in a creative and ethical environment.
Our Values ..
We adopt professional business methods and practices to achieve our values, and add value to the companies, institutions, and communities in which we operate.
Credibility, Excellence, Commitment, Cultural Diversity, Integrity, Collaboration, Training
Credibility, Excellence, Commitment, Cultural Diversity, Integrity, Collaboration, Training
Our Approach ..
We adopt and implement the ISA, approved in the Kingdom, for carrying out auditing and assurance activities with the required quality for all accounting transactions across all types of enterprises regardless of the nature of their work and their contribution to the local or international market.
We rely on the international standards – approved in the Kingdom – for accounting and auditing whereby we utilize the full International Financial Reporting Standards (Full IFRS) and the financial reports for SMEs (IFRS for SMEs). This is in addition to adopting the versions released by the Saudi Organization for Chartered and Professional Accountants (SOCPA)
We rely on the international standards – approved in the Kingdom – for accounting and auditing whereby we utilize the full International Financial Reporting Standards (Full IFRS) and the financial reports for SMEs (IFRS for SMEs). This is in addition to adopting the versions released by the Saudi Organization for Chartered and Professional Accountants (SOCPA)
Our Services ..
Our specialized team works proactively to provide innovative ideas and solutions that maximize the value provided to the enterprises by conducting audit and assurance transactions and developing the most effective solution(s) that enable decision-making on key financial affairs. Our services include:
- Audit and Assurance
- Zakat and Tax
- Consultations:
- Due Diligence
- Internal Audit
- Mergers & Acquisitions, and Disposals
- Policies and Procedures
- Restructuring
- Feasibility Studies
Audit and Assurance:
We carry out the efforts of external audit and assurance in accordance with the ISA. In addition, we adopt the approved standards that have been set forward by the IFAC and SOCPA with respect to conducting reviews, assurance services, agreed-upon procedures and related services. Our process to conducting external audit and assurance is as follows:
Zakat and Tax:
Zakat and tax codes are among the laws that achieve social justice. As such, it is important for enterprises to understand the implications of their transactions from a tax perspective.This is also the case for Zakat. Although the application of the Zakat codes is relatively easier in comparison to that of the tax codes, enterprises ought to be cautious with the enforcement of the relative code.
Therefore, we provide advisory services on the application of the Zakat and Tax codes to enterprises in order to take advantage of the favorable treatments and incentives related to their activities. This is in addition to providing recommendations for resolving complicated issues and disputes. Our services also include providing advisory services on Value Added Tax (VAT), which is an indirect tax imposed on all goods and services that are bought and sold by enterprises, with a few exceptions. It is worth noting that VAT is imposed at each stage of the supply chain, from production and distribution to the final sale of the good or service.
Due Diligence:
We execute the Due Diligence processes with high-quality and professionalism on behalf of the clients who are either interested in acquiring and/or selling of an influential share of a company, or the merger between two companies. We therefore evaluate the following points:
Internal Audit:
We provide an independent and objective assurance, designed to offer assurance and consulting services to add value and improve an enterprise’s operations, and ultimately accomplish its objectives. We have adopted a systematic and disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Our approach is in line with the International Professional Practices Framework (IPPF) for internal audit. Given the internal audit system is not solely focused on examining and evaluating the control systems that have been established to achieve the objectives of the enterprise, it follows that is also includes objectives’ evaluation and recommendations for performance improvements and deviations.
Mergers & Acquisitions:
Mergers, Acquisitions, Disposals and Sales are the most effective ways for promoting business growth and increasing shareholder value to attain the targeted achievement levels given financing by acquisition is a vital strategy of many businesses. Potential acquisition for any activity occurs through the process outlined below:
Disposals:
We support enterprises in granting the best disposal deals in a professional manner through a highly qualified and capable team to ensure our clients get the best deals through the following:
Policies and Procedures:
We take care of companies that take the initiative to develop policies and procedures manuals. We help design an effective system in line with best practices that suit each company, considering the corporate governance requirements issued by the Capital Market Authority in the Kingdom of Saudi Arabia, aligned with Vision 2030. We assist companies in ..
Restructuring:
We adopt multiple methods for objectively evaluating businesses, based on following scientific methods of evaluation, where the professional method is chosen according to the goal to be achieved, to ensure the best results. The following factors are considered during the valuation process:
Our capital structuring services include the study and analysis of data and information with focus on supporting enterprises in attaining the optimal capital structure that best supports the business strategy through financial structuring to meet the needs of the investors and help in achieving favorable and cost-effective terms.
Feasibility Studies:
We conduct economic feasibility studies in various sectors as part of the consulting services provided for investment projects, whereby our qualified consultants and advisers with international expertise prepare feasibility studies for projects that are either during the execution phase or during the pre-initiation phase, as per the clients’ requirement. Additionally, we develop work plans for existing projects.
Meet the Team
Experience
Dr. ElShaer is a Chartered Accountant with a registration number of (1199) issued by the Accounts Auditors Department, Ministry of Economy, Abu Dhabi – United Arab Emirates. He possesses 30+ years of experience in the Kingdom that have been gained through various executive positions in renowned companies, which shaped his technical expertise and excellence skills as evident by the work performed and his transformational leadership. He plays an active role in the development, implementation, and supervision of audit and assurance activities and financial strategy and planning, including the following:
- Audit & Assurance
- Internal Auditing
- Zakat and Tax
- Strategic & Operational Planning
- Control Policies and Procedures
- Risk Management
- Valuation
- Due diligence
- Executive Financial Reporting
- Data and Information Analysis
- Financial Forecasting
- ERP System Management
- IPO Readiness
Professional Qualifications
In addition to the gained professional experience, the professional certifications coupled with the specialized technical training courses play a pivotal role in shaping the specialized and technical expertise of Dr. ElShaer, whereby they have collectively enhanced the skills required for efficiently and effectively accomplishing respective tasks and resulting in high-quality outcomes. Dr. ElShaer has acquired various professional certificates, including:
- B.COM in Accounting
- DBA. in Strategic Management.
- Professional CEO Diploma
- Fellowship in the Saudi Organization for Certified Public Accountants (SOCPA)
- Fellowship in the Emirates Association of Accountant’s & Auditors (AAA4UAE)
- International Certified Valuation Specialist (ICVS – IACVA)
- Fellowship in the Arab Society – Jordan (ASCA)
- Certified Business Manager (CBM – APBM)
- Certified Financial Consultant (CFC)
- The ACCA Certificate in International Financial Reporting- UK (IFRS – ACCA)
- Professional Ethics Certificate (AICPA)
- Member of The Institute of Internal Auditors (IIA)
Experience
A SOCPA fellow and a certified practitioner, Mr. Al-Atshan is a seasoned professional with extensive expertise in the finance discipline. With +21 years of experience, Mr. Al-Atshan has led cross-functional teams in both financial planning and management as well as policies and procedures formulation to support institutions in the implementation of their strategic plans. Mr. Al-Enezi possesses various technical and soft skills, including:
- External Auditing
- Internal Auditing
- Executive Reporting
- Data and Information Analysis
- Financial Forecasting Analysis
- Risk Analysis
- Policies & Procedures
- Valuation
- Due diligence
- Restructuring
- Governance
- Accounting Systems
Professional Qualifications
Besides his professional experience, Mr. Al-Atshan focused on obtaining professional certifications and trainings to expand his own and his team’s skillsets. The impact of such is particularly evident by his track record, achievements, and awards. Mr. Al-Atshan’s professional certificates, trainings, and awards include – but not limited to – the following:
Education and Certifications:
- B.Sc. in Accounting
- Postgraduate diploma in Total Quality Management (TQM)
- Fellow in the Saudi Organization for Certified Public Accountants (SOCPA)
Trainings:
- Methodology for Preparing Operational Budgets
- Operational Planning
- Cost Analysis for Control and Decision-Making
- Leading Financial Operations’ Improvement Teams
- The Fundamentals of Real Estate Activity
Awards:
- Institutions’ performance standards
- Total Quality Management
- Organizing the quality forum
Experience and Professional Qualifications
Mr. Almasri possesses 30+ years experience as a former assurance service line leader with Ernst & Young, Riyadh, Saudi Arabia. Mr. Almasri served large client portfolios in different industries, including financial services, telecommunication, government, construction, consumer product, retail, manufacturing and agriculture. Additionally, he served as a former advisor for the Central Bank of Saudi Arabia (previously known as Saudi Arabian Monetary Agency) between 2013 to 2015.
Mr. Almasri’s areas of expertise include:
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- Corporate governance, risk and compliance
- Corporate strategy and objectives
- Assurance services
- Financial advisory services
Mr. Almasri’s education and certifications include:
- Fellow Member of Association of Chartered Certified Accountants (FCCA) – UK
- Masters of Sciences in Finance – Strathclyde University
- Bachelor in Commerce (Accounting Major) – Cairo University
