Top Audit Firms in Saudi Arabia (2021)
Audit firms operating in Saudi Arabia play a vital role in understanding the financial aspect of the business. They help in elaborating and highlighting the key strengths and opportunities for the company so that the corporate leaders can make wise decisions in accordance with market trends and company position. Business entities require an objective and independent audit to evaluate and assess their processes and functions with the aim to improve corporate governance and working standards.
To identify and select the right audit firm for the company could be a difficult task since a number of renowned and experienced audit firms offers a variety of services. Here is the list of top 10 audit firms in Saudi Arabia:
It is an established and most reliable accounting and audit firm equipped with a team of professional chartered accountants. Aviaan ensures compliance with KSA government rules and regulations by conducting audits and preparing reports defining the course of future actions.
Al Fozan & Al Sadhan
It is a member firm of KPMG focused on providing quality service to its prestigious clients in Saudi Arabia. With a workforce of around 1,300 certified accountants across the country including Riyadh, Jeddah, and Al Khobar, the firm has gained significant market share in a few years.
Deloitte & Touche Bakr Abulkhair & Co
Operating in Saudi Arabia offering audit and assurance service to business entities while keeping strong control on ethics, independence, objectivity, and quality controls. Ensuring adherence to international standards and laws is the main objective of Deloitte and Touche Bakr.
Established in accordance with the Saudi Organization for Certified Public Accountants (SOCPA) to provide professional services with a team of accountants, auditors, and tax consultants in Riyadh. Expertise in delivering legal services in an innovative manner in order to achieve a competitive edge.
Ernst & Young Al Khobar
It facilitates clients to capitalize on transformative opportunities while strengthening the company market position for a better future. Adept at providing Assurance, Consulting, Strategy and Transactions, and Tax services across Saudi Arabia.
Grant Thornton – Aldar Audit Bureau – Riyadh
Supports organizations to navigate the market in Saudi Arabia and globally with a keen focus on maintaining quality and delivering insight. Provide personalized service to companies through a customer-centric approach and professional attitude.
Committed to building a productive working world through team development, sustainable relationships, and cross-functional collaboration. Acknowledged as an expert firm of Chartered Accountants, Auditors, and Management Consultants demonstrating integrity in delivering services.
Al Bassam Chartered Accountants & Consultants
Offer creative and intelligent solutions to national, regional, and multinational clients with the objective to achieve and surpass customer satisfaction. Al Bassam believes in providing customized services by keeping coordination among accountants and company senior management.
Al Ghazawi Co.
Combining the rich heritage of high standards and a modern approach, the firm understands the needs and priorities of its clients. It has extensive experience of serving and advising major Saudi businesses along with a substantial number of significant international companies among its clients.
Importance of Audit Firms in the Kingdom of Saudi Arabia:
Audit Firms support organizations in maintaining accurate and updated financial records for a better understanding of shareholders, stakeholders, and investors. Auditing and assurance are the processes to verify, assess, and evaluate all the company financial information and ensure compliance with international and accounting standards and practices.
Independence and Objectivity:
The audit Firm’s independent and objective nature gives companies a great advantage in gauging the precise effectiveness of the company’s internal control. Additionally, the firms enable the business entities to attain their corporate objective through measuring ongoing performance, maintaining adequate business records, and promoting operational productivity.
Assess the Risk of Misstatement:
Audit Firms identify and evaluate the risk of misstatements in the company’s financial and business records. It is essential to develop accurate financial statements which are then used by senior management and investor to make informed decisions.
Fraud Prevention and Detection:
Having an audit firm facilitates organizations in maintaining a rigorous system of internal control to prevent any fraudulent activity and misrepresentation of accounts. Audit professionals design a system as per company needs to detect and avoid any criminal activity affecting business reputation and integrity in the marketplace.
Cost of Capital:
More the risk associated with the company, the more the return will be demanded by the investors hence it is important to mitigate the cost of capital regardless of the size of the organizations. Strong audit systems can reduce various forms of risk in an enterprise, including information risk, the risk of misappropriation of assets, as well as the risk of suboptimal management due to insufficient information on its operations.