شركة أسامه عبداللـه الخريجى وشركاؤه
Bookkeeping
OSAMA A. ELKHEREIJI & PARTNERS CO. recognizes the significant challenges facing the public sector in implementing vision achievement programs, which are the driving force behind realizing the Kingdom’s Vision 2030. Given our company’s advanced and intelligent solutions, coupled with our extensive experience, we are committed to assisting and collaborating with public sector entities to address the requirements of vision achievement. This ensures the promotion of transparency and accountability, ultimately achieving financial sustainability programs.
Our Services:
1. Transitioning from Cash Basis to Accrual Basis Accounting
2. Bookkeeping for the Public Sector
3. Assisting Public Sector Units in Applying the Requirements of Value-added Tax
4. External Audit for the Public Sector
Detailed Content
OSAMA A. ELKHEREIJI & PARTNERS CO. recognizes the significant challenges facing the public sector in implementing vision achievement programs, which are the driving force behind realizing the Kingdom’s Vision 2030. Given our company’s advanced and intelligent solutions, coupled with our extensive experience, we are committed to assisting and collaborating with public sector entities to address the requirements of vision achievement. This ensures the promotion of transparency and accountability, ultimately achieving financial sustainability programs.
1. Transitioning from Cash Basis to Accrual Basis Accounting.
Assisting public sector entities in transitioning their financial recording methods from cash basis or “cash movement” to accrual basis, regardless of the timing of cash receipts or disbursements. This transition aims to enhance the quality and accuracy of financial information, promote transparency and accountability principles, and ensure compliance with International Public Sector Accounting Standards (IPSAS).
Associated Services:
● Analysis and Planning:
○ Assessing the readiness of entities to adopt accrual accounting standards and policies for the public sector approved by the Ministry of Finance.
○ Analyzing the gaps between the current situation and the requirements for transitioning the entity to accrual basis in line with international public sector accounting standards.
○ Developing the accounting policies and procedures manuals to determine the points of occurrence of a financial event to facilitate the adoption of accounting standards and public sector accounting policies based on the accrual basis.
● Developing opening balances for assets and liabilities, net assets, and preparing the opening financial statements for the entity.
● Assisting in bookkeeping according to accrual-based accounting standards and policies for the public sector and transferring practical knowledge to the entity's staff.
● Preparing transitional financial statements according to accrual-basis accounting.
2. Bookkeeping for the Public Sector.
Ensuring the sustainability of bookkeeping operations for government entities that have transitioned to accrual accounting and International Public Sector Accounting Standards (IPSAS) in alignment with Vision 2030.
Associated Services:
● Preparation and recording of accounting entries on accrual basis, linking them to supporting documents.
● Preparation of adjusting and closing entries on a monthly basis and preparation of the trial balance.
● Updating the fixed asset record for the entity including additions, disposals, and transfers during the financial period.
● Preparation of financial statements according to accrual basis and IPSAS.
● Providing necessary support for auditing accounts during the financial statements audit process based on accrual basis.
● Adjusting the accounting entries according to the auditor.
● Training entity staff and transferring knowledge to them for recording accounting entries on accrual basis.
3. Assisting Public Sector Units in Applying the Requirements of Value-added Tax
Associated Services:
● Assisting the taxpayer in preparing and submitting Value Added Tax (VAT) returns during the specified tax period.
● Assisting the taxpayer in recording imported goods' taxes within the tax returns and disclosing them appropriately.
● Reviewing tax return inputs of purchases, evaluating the included data's accuracy, completeness of associated documents, and categorizing qualifying purchases for deduction to submit them within the specified return.
● Reviewing associated statements for the taxpayer, verifying the accuracy of revenue related to economic activities, and matching them with the submitted returns while separating any revenues outside the economic activity or revenues subject at alternative rates for appropriate disclosure.
● Studying the reassessments issued by the Zakat, Tax, and Customs Authority (ZATCA) and assisting the taxpayer in submitting objections on tax reassessments.
4. External Audit for the Public Sector.
This includes:
● Review of the final account prepared according to the modified cash basis, draft of the balance sheet, and final accounts instructions in accordance with the entity and government system requirements regarding the preparation and presentation of the final account.
● Review of the financial statements prepared on an accrual basis in accordance with the conceptual framework and accounting standards for the public sector, and the accounting policies and guidelines for the public sector (IPSAS) approved by the Ministry of Finance in the Kingdom of Saudi Arabia.