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Financial Information

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In reference to the subject above, and after the end of the fiscal year on 31 December 2020, we are glad to present to you our report for the aforementioned period, which explains the company’s operations and activities that were under audit and points out the main remarks and recommendations. The following is a preview of the report: 

First: Goals, extent and procedures of the audit operations

  1. Revenue audit.
  2. Payment check.
  3. Cash and cash equivalent audit.
  4. Financial statements’ verification.
  5. Administrative affairs’ audit.
  6. Administrative decisions’ follow up.

Second: Audit result

First: Goals, extent and procedures of the audit operations

 1. Revenue audit.

The audit process covered all items of revenue from the company’s activities, examining registers and documents and verifying with the deposits in the company’s bank accounts.

 2. Payment check.

The payments were checked through verifying exchange vouchers and support documents, and making sure that payments were made in exchange of operations for the company.

 3. Cash and cash equivalent audit.

We reviewed monthly reports and matched them with the company’s bank accounts to find out that they were fully matched, and bank accounts were matching with the company’s records (after calculating bank reconciliations).

 4. Financial statements’ verification.

Financial statements were reviewed and compared to monthly audit balances, while account statements were analyzed and compared with bank accounts. Furthermore, registers, exchange and receipt vouchers were examined.

 5. Administrative affairs’ audit

Administrative affairs were reviewed, including examining employees’ files, hiring procedures and commitment to internal regulations.

 6. Administrative decisions’ follow up.

Administrative decisions issued by the Chairman of the Board and Chief Executive Officer during the same period were reviewed, and we found that they were fully implemented by the concerned departments.

Second item related to financial restructuring to reduce costs

Second: Audit result

After carrying out the audit operations, we found that the company’s financial statements do not include any material errors except for what is mentioned under item number 6, and that the company’s internal audit was good and effective. We also found that departments have executed decisions and policies related to this period.

In reference to the subject above, and after the end of the fiscal year on 31 December 2020, we are glad to present to you our report for the aforementioned period, which explains the company’s operations and activities that were under audit and points out the main remarks and recommendations. The following is a preview of the report: 

First: Goals, extent and procedures of the audit operations

  1. Revenue audit.
  2. Payment check.
  3. Cash and cash equivalent audit.
  4. Financial statements’ verification.
  5. Administrative affairs’ audit.
  6. Administrative decisions’ follow up.

Second: Audit result

First: Goals, extent and procedures of the audit operations

 1. Revenue audit.

The audit process covered all items of revenue from the company’s activities, examining registers and documents and verifying with the deposits in the company’s bank accounts.

 2. Payment check.

The payments were checked through verifying exchange vouchers and support documents, and making sure that payments were made in exchange of operations for the company.

 3. Cash and cash equivalent audit.

We reviewed monthly reports and matched them with the company’s bank accounts to find out that they were fully matched, and bank accounts were matching with the company’s records (after calculating bank reconciliations).

 4. Financial statements’ verification.

Financial statements were reviewed and compared to monthly audit balances, while account statements were analyzed and compared with bank accounts. Furthermore, registers, exchange and receipt vouchers were examined.

 5. Administrative affairs’ audit

Administrative affairs were reviewed, including examining employees’ files, hiring procedures and commitment to internal regulations.

 6. Administrative decisions’ follow up.

Administrative decisions issued by the Chairman of the Board and Chief Executive Officer during the same period were reviewed, and we found that they were fully implemented by the concerned departments.

Second item related to financial restructuring to reduce costs

Second: Audit result

After carrying out the audit operations, we found that the company’s financial statements do not include any material errors except for what is mentioned under item number 6, and that the company’s internal audit was good and effective. We also found that departments have executed decisions and policies related to this period.

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