Audit and Financial Report Preparation:
This is one of the most important core services offered by IDRAK Auditing Company. As certified public accountants, we conduct audits on all financial statements of the company or institution and verify the accuracy and correctness of the recorded figures by reviewing the accounting records and related financial documents. This enables us to prepare financial reports in their correct and precise form and to assess their compliance with the applicable accounting standards.
The preparation of financial statements involves gathering and organizing the financial information of the company or institution in a manner that can be understood and utilized by management and all users of financial data. Doing so helps to build trust between the company and stakeholders such as shareholders, investors, and government entities.
Financial reports are the official documents of the company that outline all financial activities and business performance over a specific period.
Tax Consulting
( Income and Sales Tax ):
This is one of the essential services provided by IDRAK Company, which facilitates the management of the tax file for businesses and entrepreneurs in compliance with tax regulations and laws through highly experienced and competent tax advisors.
Among the key tax services offered by our company are:
1- Providing tax consulting related to the Company Sector.
2- Auditing and submitting income and sales tax returns within the legal timeframe.
3- Reviewing the company’s tax records at the end of the financial year and reconciling them with the tax returns previously submitted during the year.
4- Managing and monitoring employee and service provider deductions in accordance with the law.
5- National invoicing system.
6- Converted pricing system.
7- Representing the company in the Income and Sales Tax Department.
8- Keeping abreast of any updates to tax laws and regulations and informing our clients accordingly.
Accounting for Companies:
Accounting books are the beating heart of any established or newly created business, as they serve as the primary document recording all financial and accounting transactions of the company or institution. Therefore, it becomes essential to understand the importance of proper bookkeeping and organization to ensure transparency and accuracy in financial reports.
At IDRAK , we offer a high-quality financial and accounting system and foundations for bookkeeping.
This system allows for the precise documentation and tracking of all financial transactions, including purchases, sales, salaries, and other expenses. This is crucial for understanding the financial position of any company or institution, providing an accurate picture of the company’s performance and its ability to generate profits.
Payroll and Social Security Management:
Accounting entries are the most crucial element of documentation in accounting.
Consequently, the accounting cycle recognizes that employee and worker salaries and wages are significant items that fundamentally influence the determination of net profit. Therefore, at IDRAK, we provide this service professionally, aiming to process and calculate related financial transactions with high accuracy, allowing for the approval of precise financial statements and reports to make sound financial decisions.
Among the most important related services are social security services for employees and their management, which includes the enrollment of new employees, preparation of social security payrolls, legal amendments, and accompanying instructions related to social security laws to maintain the legal course of companies and institutions.
Internal Audit for Companies:
Internal auditing is an objective assurance and consulting activity designed to add value and improve a company’s operations. It helps the organization achieve its goals and objectives by providing a systematic and disciplined approach to evaluating and enhancing the effectiveness of risk management and control. Internal auditing is a process aimed at improving the operations of companies and institutions. It is conducted by our team of professionals and internal auditors with in-depth knowledge of business, systems, and processes, assisting the organization in achieving its pre-defined goals and objectives.
Economic Feasibility Study and Company Valuation:
The economic feasibility study of any project is the process of gathering information about a proposed project and then analyzing it to determine its viability, mitigate risks, and assess the project’s profitability. Therefore, it is essential to understand the potential success or failure of this project in comparison to the local market and its needs, and subsequently forecast the ability of companies to sustain themselves as profitable business entities over a specified period.
At IDRAK, we prioritize thorough preparation of the economic feasibility study, which is one of the most critical steps in the success of projects. The success and effectiveness of projects primarily depend on sound planning, and precise planning serves as the foundation for the expected financial return from the project.
As we consistently strive to maintain the absolute trust of our clients, IDRAK has become the first destination for evaluating any project or company. This is because project valuation is the science that provides companies with a fair market value that reflects the present value of the expected economic benefits from their tangible and intangible assets. The evaluation process, according to global standards, is conducted through three main axes: (income, assets, and target market). This approach facilitates a systematic valuation based on the assets of each entity.
Financial and Administrative Consulting:
Financial and administrative systems are considered the foundational framework upon which a company operates, aiming to facilitate the flow of processes and documents in an orderly manner to the appropriate individuals. This highlights the importance of our role in providing financial and administrative consulting to institutions and companies in establishing a risk management system designed to identify and assess potential risks and implement measures to avoid or mitigate the impacts of these risks according to the specific needs of each company. Ultimately, these are the tools for project success and achieving maximum profitability while accurately estimating the market size for the future.
The financial and administrative consultant serves as the pathway for any company or institution towards progress and securing a stable income, often steering clear of future risks.
Company Liquidation:
This is a service we provide for liquidating a business activity and includes several steps in the liquidation process, such as making the decision to close, appointing a liquidator on our behalf, notifying relevant parties, settling debts and obligations, selling assets, distributing remaining profits to shareholders, and many other steps, culminating in the final closure of the company.
