UHY Egypt | Auditing, Tax, Advisory & Financial Services

We conduct the audits in accordance with Egyptian Standards on Auditing. Those standards require that we are independent and that we fulfill our other ethical responsibilities that are relevant to our audit.

The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatements (whether due to fraud or error). Additionally, the aim is to express an opinion on whether the financial statements give a true and fair view of or present fairly, in all material respects, the financial position, financial performance and cash flows of the Company, in accordance with Generally Accepted Accounting Standards.

Reasonable assurance is a high level of assurance, but it is not a guarantee that an audit conducted in accordance with International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if- individually or combined - they could reasonably be expected to influence the economic decisions taken by the users based on these financial statements.

As part of an audit in accordance with International Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error; design and perform audit procedures responsive to those risks; and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

There are inherent limitations in the audit process, including, for example, the use of judgment and selective testing of data, and the possibility that collusion or forgery may preclude the detection of material error, fraud, or non-compliance with laws or regulations. Accordingly, there is some risk that a material misstatement of the financial statements may remain undetected. In addition, an audit is not designed to detect fraud or error that is immaterial to the financial statements.

We help our clients towards informed decisions by advising them accurately on the price or value of businesses, shares or commercial assets.

Services include advisory valuation, business modeling build/review and decision support, sell side transaction valuation, expert valuation.

The purpose of these services is to assist the Board of Directors in evaluating the performance of the Internal Audit Department (Internal Audit) and the gap analysis in relation to the Institute of Internal Audit (IIA) standards. Based on this, it is possible to make the necessary recommendations to improve the performance of the Internal Audit Department, which is a necessary step in the achievement of the International Standards for the Professional Practice of Auditing (Standard 1312). This requires an external review of quality assessment at least once every 5 years to assess the quality and performance of the internal audit department, as well as, to test for compliance with the requirements of the Central Bank of Egypt in this regard.

• Drafting and revising various types of contracts on behalf of the clients.
• Providing clients with advisory services related to complying with Companies Law and Investment Law and Free Zones compliance services, Immigration Law, Social Insurance and Labor Law.
• Assisting in complying with the Contractors’ Social Insurance rules and regulations.
• Assisting in renewing the commercial registers and tax cards, in addition to certifying the companies’ legal books at the concerned governmental authorities and JVs/Consortiums registration.
• Drafting the minutes of the OGMs & EGMs & BODs and undertaking all the necessary procedures to notarize and authenticate them from the concerned Governmental Authorities.
• Acting as a liaison between the clients/companies and various Governmental Authorities.
• Substitute the clients/companies for ensuring full compliance to the disclosure regulations and requirements by presenting all the necessary deliverables (i.e. financial statements, OGMs & EGMs minutes, etc.) to the Egyptian Stock Exchange and Egyptian Financial Supervisory Authority on time.
• Assisting clients/companies to perform the periodic updates requested by the Egyptian Stock Exchange.
• Conducting due diligence and internal audits for the clients in order to advise them on risk areas, contributing in loss prevention, and to achieve the most comprehensive business model complying with the OCEDs of corporate governance.
• Assisting in preparing different kinds of studies such as swapping shares studies.
• Reviewing shareholder agreements, MOUs, loan agreements and term sheets.
• Establishing all types of companies on client’s behalf and performing any required changes or Articles of Association’s amendments.
• Advising and assisting the clients in enrolling expatriates and undertaking all the required procedures at the concerned governmental authorities.
• Handling all hiring issues such as employment contract, social insurance applications and the hiring documents with all new employees and maintain it in the employee files.
• Handling all resignation/termination procedures and documentation.
• Working with the Labor Office to ensure that everything is compliant with the Egyptian labor law (No. 12 for year 2003).