Ensure precise and reliable employee benefits valuation with Prima Consulting's Auditor's Expert Review.
Our Audit Expertise and Auditor Advisory services provide comprehensive review solutions to meet the highest quality standards.
Our approach ensures adherence to
industry standards, offering you peace of mind and confidence in your financial
statements.
We review and validate the actuarial assumptions used in your employee benefits valuations.
This ensures they align with industry standards and are appropriate for the financial and regulatory environment in Saudi Arabia, UAE, Pakistan, and other regions.
We ensure your employee benefits liabilities are accurately reflected in financial statements.
Our review focuses on compliance with IFRS and local GAAP, verifying the completeness and accuracy of disclosures related to employee benefits.
Our team evaluates the methodologies employed in calculating employee benefits liabilities.
We ensure these methodologies are consistent with international accounting standards like IAS 19 and local regulations, maintaining accuracy and reliability in your valuations.
Conducting a thorough risk assessment related to employee benefits liabilities is crucial.
We perform sensitivity analysis to understand how changes in critical actuarial assumptions impact your financial statements, helping you manage potential risks effectively.
Our service includes assuring that your employee benefits valuations comply with local regulatory requirements in Saudi Arabia, UAE, Pakistan, and other target markets.
We ensure adherence to region-specific accounting standards or actuarial guidelines.
We act as a liaison between your internal audit team and external auditors.
Our experts provide insights and support the audit process by explaining complex actuarial calculations and their implications on financial statements.
After the audit review process, we offer recommendations to enhance the accuracy and reliability of future employee benefits valuations.
This includes refining assumptions, methodologies, and reporting practices to improve overall outcomes.
We assess your employee benefit plans' design and funding status, ensuring they are sustainable and aligned with your long-term financial strategy.
This includes reviewing defined benefit and defined contribution plans, end-of-service benefits, and other employee-related liabilities.
Our actuaries in KSA, UAE, Pakistan, and elsewhere provide detailed analysis and insights to ensure your employee benefits valuations are accurate and compliant with local and international standards.
We support your audit process with expert knowledge, helping to explain actuarial calculations and address any audit queries effectively, ensuring compliance with IAS 19 IFRS standards and offering insight drawn from our experience as a consulting actuary.
Based on our review, we offer strategic recommendations to refine your employee benefits plans and enhance the accuracy of future valuations.
In Saudi Arabia, only Certified Public Accountants (CPAs) licensed by the Ministry of Commerce are authorized to conduct official audits. The Saudi Organization for Chartered and Professional Accountants (SOCPA) oversees CPAs and ensures they adhere to professional standards, which also applies to insurance companies in UAE and the KSA insurance sector where regulatory audits are critical.
The "Five C's" of audit provide a comprehensive framework for assessing internal controls' effectiveness and identifying areas for improvement:
However, when selecting an auditor, Prima Consulting, a top actuary firm, prioritizes these key factors:
An audit reviewer is a Certified Public Accountant who assesses the standards and practices of accounting activities to ensure they conform to generally accepted accounting principles, including guidelines such as IAS 19 IFRS in relation to employee benefits.
In determining the appropriateness of an external auditor, the audit committee should consider factors such as the auditor's competence, the quality and efficiency of the audit, and the appropriateness of the audit fee. This applies across sectors like the KSA insurance industry and insurance companies in UAE.
An auditor's expert is a qualified individual or organization with expertise in a specific field beyond accounting or auditing whose work is used by the auditor to obtain sufficient appropriate audit evidence, often consulted for compliance in industries like insurance companies in UAE and KSA insurance.
The objective of an independent auditor's financial "review" is to examine the nonprofit's financial statements and determine whether they are consistent with generally accepted accounting principles. This includes applying regulations like IAS 19 IFRS for employee benefits, especially in sectors such as the KSA insurance market.
The four main types of audit opinions are:
A process audit is a structured review of an organization's processes to identify areas for improvement. Process audits can help organizations improve the efficiency and effectiveness of their operations, including firms operating in the KSA insurance space and insurance companies in UAE.
Your Trusted Partner for Financial & Risk Management Solutions in the MENA Region
© 2024 Prima Consulting. All Rights Reserved.