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Auditing and Accounting Services

  • External Audit

External audit is an independent audit function that provides reasonable assurance that published audited financial reports are free from material mis-statement and are in accordance with legislation and relevant accounting standards.

External Auditors of Ahmed Tawfik & Co. conform to the auditing and accounting standards to ensure that your business activities are in compliance with accounting laws and regulations.

  • Internal Audit

Internal Audit is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.
  • Special Audit

Ahmed Tawfik & Co. offer customized solutions to issues on the structure of an internal audit and assume corporate audit activities. Our concern is to identify risks within the business processes. Once risks and inefficiencies have been identified, improvement proposals are worked out and prioritized according to importance and urgency.
  • Accounting and Financial Advice

Accounting is not just a yardstick to figure out how much money you made last year or what your tax liability is. Used properly, accounting also helps you identify trends in sales and expenditures. The ability to track and identify trends allows you to make decisions that can quickly boost your profitability or enable you to avoid cash shortages. Ahmed Tawfik & Co. can help you on this matter.
  • Book-Keeping

Bookkeeping is the recording of all financial transactions undertaken by an individual or organization. The organization may be a business, a charitable organization or even a local sports club. Bookkeeping is "keeping records of what is bought, sold, owed, and owned; what money comes in, what goes out, and what is left."

Two common bookkeeping methods used by businesses and other organizations are the single-entry bookkeeping system and the double-entry bookkeeping system. Single-entry bookkeeping uses only income and expense accounts, recorded primarily in a "Revenue and Expense Journal". Single-entry bookkeeping is adequate for many small businesses. Double-entry bookkeeping requires posting (recording) each transaction twice, using debits and credits.

  • Inventory Valuation

Determination of the cost assigned to raw materials inventory, work-in-process, finished goods, and any other inventory item. Various methods are allowed in valuing inventory including Last-In, First-Out (LIFO), First-In, First-Out (Fifo) and Weighted Average. Inventory is valued at the lower of cost or market value applied on either an item-by-item basis, a category basis, or a total basis.
  • Budgeting, Forecasting and Planning

The corporate budgeting, forecasting, and reporting process presents a formidable challenge to most companies, regardless of size or industry. Budgeting is often seen as burdensome and time consuming. Yet budgeting is also a crucial element of financial management, which in turn is a huge contributor to a company’s overall success or failure. As a result, companies that are able to address budgeting obstacles and improve their process will not only be rewarded with more accurate budgets, more timely re-forecasts, and improved decision-making, but will also foster a disciplined financial management culture that will deliver a true competitive advantage.

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