"Auditing" refers to expressing an opinion about the accuracy of a company’s financial statements and how far these statements reflect the real financial position and its activities during a given interval of time.

Auditing Standards

Auditing is conducted according to Egyptian Auditing Standards that require a sample inspection of the supporting evidence and documentation that confirms the amounts presented in the financial statements, along with the complementing clarifications. It also requires an assessment of the applied policies and important estimates while validating the accuracy of representation and disclosure in such financial statements.

Auditing Process

While conducting the auditing process with both its aspects; periodical auditing and final auditing, the approach used is integrated and harmonized with the company’s activities. This approach includes all the procedures, counter-procedures, rules, basics, and organizing steps needed to conduct the audit, starting from the engagement with the client, through various stages of planning and implementation, and ending with the final stage of providing the opinion. The approach also includes specifying the mode in which the work team will function to implement and validate the auditing process within the work files.