The auditing process is a thorough examination of the records, data and procedures undertaken by the auditor to disclose whether the records are in a systematic manner, review if the recordings of accounting bookkeeping are properly documented, evaluate whether the assets were the property of the institution, ensure that the value of the assets has been assessed correctly, and so on.

The audit can be performed by an employee of the company, or by an independent external entity assigned specifically to carry out this task. Therefore, an audit is either an:

• External Audit
• Internal Audit
• Special Purpose Audit

The services provided by Aldeeb for Consulting and Auditing are based on the international standards of auditing and the local enforced laws through a specialized team distinguished with vast experience over the decades.

International Financial Reporting Standards

In order to reach the desired audit results, the auditing activity, whether internal or external, shall be performed by an independent objective entity with integrity and competence. Moreover, the audit must be carried out in accordance to the standards and foundations that serve as a reference and curriculum for the process of auditing the financial statements.

It is for this reason that the international financial reporting standards were developed. The international standards for the preparation of financial reports are a set of criteria established by the International Accounting Standards Board (IASB), which have become the global standard for the preparation of financial statements of companies. These standards serve as a reference to maintain consistency, objectivity and transparency in financial information and data of countries with diverse economies. Therefore, the adoption of international standards for financial reporting became a necessary requirement and economically essential.

The list of the international financial reporting standards is:

1. First Time Adoption of IFRS
2. Share-based Payment
3. Business Combinations
4. Insurance Contracts
5. Non-current Assets Held for Sale and Discontinued
6. Exploration for and Evaluation of Mineral Resources
7. Financial Instruments: Disclosures
8. Operating Segments

Many parts of international financial reporting standards (IFRS) were formerly known as international accounting standards. The International Accounting Standards were issued between 1973 and 2001 by a special committee of the International Accounting Standards Boards. In April 2001, the council adopted the International Accounting Standards, continued its development, and called it the new "International Financial Reporting Standards (IFRS)".

The International Accounting Standards Board (IASB) is an independent body for the establishment of international standards and is based in London. The Council is composed of 14 members from nine countries including the United States of America.