Accounting Supervision Services

If you suspect any sort of fraud or error in your bookkeeping or financial reporting, hiring our experienced team at Al Hisab Consultancy could benefit you in lots of ways. There are several means of committing and hiding a strategically planned fraud in an organization. Taking precautions is the best you can do to avoid incurring huge losses or even bankruptcy in the future. May be one of your most trusted members could be cheating you through malpractices and doing illegal activities in your books for his personal gains. This type of problems can avoid through a proper supervision by Al Hisab.

In order to avoid losing your life’s hard work and all the efforts you and your team have put into the business, Al Hisab Consultancy would do a regular check up of your entity. Since we are a third-party firm, no self-interest or self-review threats could cloud our judgment. You can fully trust our experienced team who has been in the field for years. Our qualified accountants would ensure that the entries of your daily transactions, bookkeeping and financial reporting are being performed honestly and truthfully.

Our services include

• We will regularly visit your premises on a weekly or monthly basis depending on the frequency of your transactions.
• The value of sales recorded in the sales ledger will be verified by checking against the cash received or receivable recorded, customer’s identity, invoice etc.
• Review of whether the generally acceptable accounting principles have been followed or not. Ensuring whether revenue and expenses have been recorded as per prudence concept and accrual basis of accounting has been followed.
• Valuation of inventory will be verified by inventory count, inspection of inventory for damages and verifying that the cost has been measured at lower of cost or net realizable value (NRV).
• Analysis of sales will be made to check which department has contributed the most. Often times, bonus or commission as incentives on sales value might result in management over valuing the sales to receive a higher commission. Such incentives will be analyzed specifically.
• Ensure whether any huge damages to assets have been reported or not and whether the depreciation is computed correctly.
• Generating MIS reports
• Any purchase or sale of assets’ transactions will be verified with relevant documents and whether it is authorized by the manager or owner.
• We will also ensure that bank reconciliation, debtor’s account, customer’s account and any other receivable or payable account has been created accurately and on time.
• Ensuring that all the utility bills and other expenses have been cleared and were authorized by the manager/owner.
• Originality of documents like bank accounts will be verified to avoid any sort of frauds
• Observation of premises and ensuring whether the management promotes culture of honesty and integrity.
• Whether the applicable financial framework is being used accurately while preparation of financial statements.
• All sorts of income receivables will be verified by tallying with documents such as contracts and other records.

We will leave no leaf unturned in order to ensure bookkeeping and financial reporting is being done honestly.

Why did every business need to keep books of accounts?

It is mandatory for every organization registered under the company’s laws of Qatar and Qatar Tax Authority to keep records of their financial transactions.

Importance of keeping Proper Books of Accounts:

Maintaining proper books of accounts with all the supporting documents are very essential to get proper control on the business activities. This will reduce the chances of errors and fraud. The following are the important points of keeping proper books of accounts.

• Provides basic information to the management for decision making
• It provides useful information for a comparison of business revenues and costs with competitors.
• Gives information for controlling the cost of the company products by decreasing overhead costs.
• Provides information about the current position of business to the shareholders
• It helps in the smooth running of business according to the laws and regulations.