First: Preparation of Accounting System:
The preparation of the accounting system appropriate to the company’s field of activity, to achieve outstanding performance and protect the company’s benefits from fraud, errors or deviation in any procedures, or applications of the policies in addition to the completion of accounting registry in accordance with applicable accounting rules – and covering the accounting system to all aspects of the company’s work with regard to operations that have an impact on the financial aspects for use in various operations necessary to manage the business.
The accounting system includes the following main components:
· Book keeping and accounting directory.
· Documentations and a copy of the different forms for use in various operations.
· Operations circulation of the major activities in the establishment.
· Internal Control – The most important procedure to be followed.
· Supervising the application of the accounting system in order to be able to extract accounting and financial data which is accurate and reliable.
Second: In The field of Auditing:
A – Auditing Financial Statements:
Financial statements are audited in accordance with Auditing and Accounting Egyptian and International standards and all Legal requirements. SMC prepare all detailed programs for audit procedures in accordance with the nature of the activity and the flow of facility operations of the establishment. SMC meets the customers’ needs for the implementation of periodic and final reviews through the following processes:
· Planning for the audit operation.
· Assessing the accounting and internal controls systems.
· Testing internal control systems (control testing).
· Checking the transactions and balances (verification tests).
· Comprehensive reviewing of the financial lists and approving them.
· Identifying weaknesses of the system, supplying our recommendations thereon to the company’s management.
· Preparation and approving of Accounts Audit report.
B – Internal Audit:
Internal audit of companies and enterprises are accomplished as follows:
· Ensure that the company follows the rules, policies and plans set up by the senior management.
· Identifying the shortages and how to overcome obstacles, meanwhile giving our recommendations thereon in order that the company may achieve
its goals as efficiently as possible.
· Discovering problems that senior management may not be able to follow-up and proposing the necessary recommendations to solve them.
· Ensuring that the reports issued by the Department could be depended on by various divisional managers in order to decide the sound administrative policy for the present and future.
· Ensure the safety and correctness of documents circulated in the company, whether internal or external.
· Providing periodic reports to senior management whereas they have to synchronize with the work and can reveal any deviations as soon as they occur, analyze the causes and make necessary recommendations.
· Assisting the control and coordination between various departments, detecting problems that might discovered through traditional methods of review, working on improving the control procedures.
· Providing our recommendations on the rationalization of performance in order to lead to increase in effectiveness and efficiency of work, along with the internal audit for staff with the idea that this is a tool to help providing full confidence to all staff and that the audit department is an additional department aiming to produce error free works.
· The internal audit must be comprehensive to all transactions and activities at all company levels.
Third: Accounting Supervision:
The scope of our work comprises the accounting supervision on financial activities and periodic follow-ups to achieve the validity and accuracy of the results derived from the accounting records, also it contains the following points:
· Review the internal control system to ensure its implementation and correctness of its procedures.
· Supervise the correctness of accounting classification.
· Ensure that the establishment follows the -basic system- and management decisions.
· Supervise book keeping, accounting records and financial reports.
· Apply the necessary procedures to achieve our mission, and verify the results.
· Submit a report that includes weaknesses points that arise to us during the auditing and provide our recommendations in this regard.