Services

Our Service Offerings

We offer a range of assurance and advisory services to a wide spectrum of clients ranging from small owner/family managed businesses to listed companies, partnerships and Government bodies – and we cover a broad variety of industries and sectors. Our global office network, through our membership of Rödl & Partner, allows us to provide local and regional expertise backed up by international resources. We assist clients address key business issues and our audits are focused not merely on certifying the financial statements but also in helping you manage your business better . In the following pages we discuss our services in more details and how we can be of help to you.

Assurance

The overriding objective of the Rödl audit approach is to promote total confidence in the integrity of our client’s financial statements – the vital tool to external perceptions of our client’s strength and performance. Our approach has a top-down risk focus and focuses on our client’s business processes as well as the financial records. This enables a more thorough understanding of the operational aspects of our client’s business and permits proactive identification of performance improvement opportunities. Five key principles underpin our audit approach:

Strategic Management

We leverage our domain and industry expertise to review the strategic objectives of our client. Our review both enhances our understanding of our client’s strategic direction, and where necessary, provides challenge to the underlying rationale.

Core Business Processes

From our understanding of the client‟s strategic direction, we provide constructive comments to refine and improve the core business processes our clients operate to meet their objectives.

Risk and Control assessment

Improving the management of risks includes the ability to identify risks early. As part of our audit, we review, comment and recommend on the systems and processes used by our clients to identify and quantify risks and map our client’s risk management framework of key controls against the key risks. We also carry out an independent assessment of the effectiveness of controls.

Resource Management

A range of resources such as systems and people are utilized by businesses to ensure that core business processes are adequately controlled. Our audit incorporates assessment of these resources, examining whether they are properly controlled and are being applied effectively to minimize risk.

International Accounting and Auditing Standards

Our audits are planned and performed in accordance with International Standards on Auditing, International Financial Reporting Standards and other relevant local standards as applicable.

Rödl assurance services

Statutory audit
Specified procedures reviews
Due diligence reviews
Advising on IFRS implementation
Special audits and certifications
Issue of Management Letters
Peer reviews

Business Advisory

Our Business Advisory services are designed to help you capitalize on the opportunities and challenges that your business encounters and to assist you develop your business and carry it to the next level of growth. Our approach to Business Advisory services goes beyond providing advice and recommendations for improvement. We work closely with clients to achieve the results sought and assist our clients all the way through to successful implementation. Our services are briefly described below.

Business Plans

Rödl Al-Tuwaijry specializes in business plan development and has created business plans for established as well as fledgling businesses. Our services include market and opportunity analysis, idea generation and refinement, financial estimates and projections and preparation of the detailed business plan.

Valuation and Feasibility Studies

We perform valuations of businesses and companies, intangible assets, land and property as well as stock, shares and other investments. Our valuations are used by clients in mergers, acquisitions and dispositions, financial reporting, litigation and dispute resolution and strategic planning.

Policy/Procedures preparation

Our approach for developing policy and procedure manuals is focused towards ensuring that the procedures incorporate adequate internal controls and at the same time facilitate day to day operations of the company. We also ensure that adequate linkages are built between various procedures where one function interacts with another for e.g. Marketing Estimates affecting Procurement activity, etc.

Internal Audit

The role of internal audit is evolving due to economic conditions, increased regulatory requirements and new and emerging risks. Rödl provides a range of internal audit services, from outsourcing and co-sourcing to bench-marking your internal audit function and recommending on best practice internal audit methodologies and procedures.

Internal Control reviews

We critically study the control environment in your business and organization, identify the key risks and the control and monitoring activities and submit our report thereon along with our observations on the control weaknesses and our recommendations for improvement. Regulatory Authorities have made such reports mandatory in certain countries for certain industry sectors.

Cost Reduction and Control

Increasing strain on margins that most businesses face makes it imperative to optimize costs and rationalize expenses. We can help you achieve both objectives by conducting critical reviews of your margins, expenses, contractual commitments for procurements of goods and services, financial health, inventories and receivables etc., in many cases reductions in overall cost of operations to the tune of 20% or more are achieved.

Information Technology Audit

The primary functions of an IT audit are to evaluate the systems that are in place to guard an organization’s information. Specifically, information technology audits are used to evaluate the organization’s ability to protect its information assets and to properly dispense information to authorized parties. The IT audit aims to evaluate the following:

Will the organization’s computer systems be available for the business at all times when required? (known as availability)
Will the information in the systems be disclosed only to authorize users? (known as security and

Confidentiality)

Will the information provided by the system always be accurate, reliable, and timely? (measures the integrity)

Rödl’s IT audits are conducted by certified Information Systems Auditors with expertise in IS reviews and the recommendations are based upon current “best practice” procedures and”best fit” methodologies tailored to the requirements of your business and organization.

Process Studies

Many organizations and businesses are burdened by obsolete, wasteful and inefficient business processes that cause bottlenecks as well increases in costs and time of getting work done. Our business process studies help you to identify problem areas in your operations, clarify roles and responsibilities and effect overall improvement in business processes leading to better efficiency and productivity. The detailed process mapping that our process specialists generate also help in preparation of policy and procedure manuals. Training of employees becomes easier when processes are clearly defined which in turn leads to a more motivated and focused work-force. Overall a business process study helps you achieve greater strategic value and competitive advantage.

Bench-marking

A key issue to succeeding in a competitive market environment is how well a business performs in relation to its competitors. Bench-marking facilitates improved performance in critical functions within an organisation or in key areas of the business environment. Our specialists will:

Understand in detail your existing business processes
Analyse the business processes of others
Compare your business performance with that of others analysed
Recommend the steps necessary to close the performance gap We can also assist in implementation of our

Risk Management

Risk management is a process of thinking systematically about all possible risks, problems or disasters before they happen and setting up procedures that will avoid the risk, or minimise its impact, or cope with its impact. It essentially involves four action steps as displayed in the schematic representation

RÖDL‟s Risk Management Services provides a range of consulting services to help you identify, assess, control and manage your risks.

Independent Risk Assessment and Risk Register

We can carry out an independent risk assessment for you involving the following steps:

Defining the content and framework for risk management in consultation with the select senior management team;
Conducting workshops and brain storming sessions with the select senior management team for identification, categorization and assessment of potential risks faced by the Company; which will involve source analysis as well as problem analysis;
Assessment of the vulnerability of critical assets and activities to specific risks; as to their potential severity of loss and to the probability of occurrence;
Prioritizing the risks and identification of residual risks after testing the effectiveness of the present

Operating controls.

Preparing and issuing a draft Risk Assessment Report/Risk Register to your senior management for their review and

Risk Audit

The Risk Audit provides an independent assessment of the ability of companies to identify, measure and manage risks. Risk Audits provide feedback on the quality of the risk management practices of your company, and verifies that it has appropriate risk management controls and that it adheres to these controls and mitigates risk in compliance with approved risk policies and procedures.

Risk Management Consultancy

We can advise and assist in creating a risk mitigation and implementation plan for your company using available technological, human and organizational resources at your disposal. We can also review and evaluate the above plan from time to time as may be necessary to allow possible different decisions to be made in dealing with the risks being faced.

Internal Audit

Accounting Services

Both start-up companies as well as established organization often find the need for accounting support. Existing staff may be inadequate or lacking necessary skills to meet your accounting responsibilities and targets or your company may still be in the process of inducting staff and require interim assistance. Our professional accounting services will fill the gap effectively and economically. We follow the practice of associating the same professional with a particular client; this helps in maintaining continuity and in developing specific knowledge required for that particular client. Our range of accounting services include

Outsourced Accounting Services

Working with the basic documents and information provided to us we will build up your accounting data from raw data input to the Trial Balance using your preferred accounting software as a platform. This will cover various modules as per your requirement such as Accounts Receivable, Accounts Payable, Inventory, and General Ledger etc. This service may also be integrated with financial statements preparation explained in the next paragraph

Preparation of Financial Statements

Starting with the basic trial balance we will prepare the yearly (and if required quarterly) Balance Sheets along with Income and Cash Flow statements etc in accordance with the legal and regulatory requirements, IFRS guidelines and other accounting standards applicable to your country

Advising on IFRS

Businesses often face complex accounting issues which require significant management judgement and technical expertise on International Financial Reporting Standards. Our professionals with detailed and in-depth knowledge of IFRS implementation issues can provide real time updated advice to specific queries related to IFRS

Financial Reporting Analysis

An effective financial reporting process and structure is a key factor in a successful business. RÖDL professionals excel at the organization and presentation of meaningful financial information for client companies. We first attempt to understand and then utilize the present capabilities of your accounting/finance function, irrespective of size and complexity. We then augment your existing structure with tools and practices to efficiently produce financial information that will support the business decision-making process focusing on at least two key components – profitability and cash flow. In this process we establish a clear linkage between your company’s strategic plan and its financial reporting systems. We also have a financial operations management outsourcing solution whereby we offer professional CFO/Controller services to give your company immediate access to top level financial professionals with the experience and financial acumen necessary to achieve your goals

Internal Reporting

Management accounts are the primary source of information which businesses and organisations use to run their operations and plan for the future. Many small and medium-sized businesses, however, do not have the necessary in-house resources or capabilities to produce this invaluable source of management information. Rödl can help you to prepare management accounts for either internal or external reporting purposes

Tax & Zakat services

Our tax services department is considered the second largest tax department in the State of Kuwait. We have gained a top-level reputation as a result of our high quality services in this field. At present, we provide tax and zakat services for more than thirty international companies operating in Kuwait, from Germany, Italy, France, Switzerland, Sweden, Finland, the United Kingdom, South Korea, India, the USA and Japan .

From start- up companies to multinational corporations, we provide a broad range of corporate tax planning services to minimize income and other taxes on business. We closely monitor and analyze evolving tax laws and regulations, and advise our clients on how to capitalize on changes. Our professionals work closely with clients to identify tax opportunities and implement plans that produce real savings. Our goal is to help our clients retain, manage and grow their hard- earned wealth.

01.

Assurance

The overriding objective of the Rödl audit approach is to promote total confidence in the integrity of our client’s financial statements

02.

Business Advisory

Our Business Advisory services are designed to help you capitalize on the opportunities and challenges that your business encounters

03.

Risk Management

Risk management is a process of thinking systematically about all possible risks, problems or disasters before they happen

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Business & Financial Services

We have dedicated professionals in our pay roles who offer financial, advisory as well as consulting advice.

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Tax Advisory Services

Our expertise in this area is legendary as we have established our presence in this segment as a reliable firm.

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Forensic

The consequences of fraud on an organization can be cataclysmic and crippling. Our forensic team can help you.