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Parker Russell International
Parker Russell International Parker Russell is committed to providing review and auditing services, which aim to provide an opinion on the fairness of the presentation of the financial statements in accordance with international standards on auditing (ISAs), review, assurances, and other related services endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organization for Chartered and Professional Accountants (SOCPA). Our auditing and review methodology is based on a unified global work methodology among the members of the Parker Russell Network.
Our quality
control policies and procedures depend on the membership of Parker Russell International in the International Federation of Accountants, whose main objective is to promote consistent, high-quality standards for financial reporting and auditing practices around the world. . IFAC members are committed to maintaining quality control standards in accordance with the International Standard on Quality Control (ISQC1) issued by the International Auditing and Assurance Standards Board (IAASB). Therefore, Emad Al-Harbi Professional Consulting Company is committed to an accredited program dedicated to quality control, as we are subject to a performance evaluation review by Parker Russell International, as well as from Saudi Organization for Chartered and Professional Accountants (SOCPA).
The most important services that we provide in this field include: -
- Audit of accounts
- Review
- Agreed upon procedures
- Audit according to special purpose frameworks
- Review of interim condensed information
1- Zakat services and income tax
The most important services that we provide in this field include:
- Preparing or assisting in the preparation of zakat and tax returns.
- Filing the Zakat return on foreign investments and issuing the independent auditor’s certificate.
- Assistance in responding to the Authority’s inquiries and submitting objections to zakat and tax assessments.
- Pleading on behalf of clients before the General Secretariat of the Tax Committees and the Settlement Committees at Zakat, Tax and Customs Authority (ZATCA).
2- Zakat and tax planning
3- Other important services, the most important of which are:
- Value Added Tax (VAT) services
- Withholding and excise tax services
- Transfer pricing services
- Auditing compliance with the regulations of the Zakat, Tax and Customs Authority
At Parker Russell, we are very keen to provide consultations in various fields (financial and accounting, business management risks, administrative and others) in a professional and integrated manner to support our clients in making sound decisions. The following is an overview of the most significant services that we provide in this field to contribute to developing our clients’ business and ensuring the achievement of their goals.
1- Financial and accounting consulting
- Economic feasibility studies
Planning for economic projects is one of the most significant steps for their success, as it guarantees the extent of success and effectiveness of these projects, in addition to the expected financial return and the extent of its profitability. Therefore, before starting any project, our clients must conduct an economic feasibility study for it. At Parker Russell, we prepare economic feasibility studies for all projects and in most industrial, commercial, agricultural and technical sectors. We also assist our clients in studying and analyzing the market for the purposes of evaluating their need for current products or their ability to introduce or offer a new product and determine their competitive advantage. We also prepare the required financial analyzes and forecasts for any proposed investment activity or project to mitigate risks and help our clients evaluate the available alternatives and take the appropriate decisions.
- Preparation of estimated budgets
The interest of entities in their various businesses and sizes has increased in preparing budgets, as it has become a form of financial and economic planning. It follows up the implementation step by step, to compare the actual and estimated set results which helps them to make decisions to rationalize the exploitation of the resources available to them. In order to ensure the success of the budget, all departments must participate in preparing it and commit to applying the plans imposed on it. We contribute to this service with the participation of our clients in preparing a budget that suits their aspirations and goals according to the capabilities available to them, and that is under the supervision of professionals who have extensive experience in this field.
- Corporate Finance Solutions
At Parker Russell, we offer the best corporate financing solutions and choose the appropriate financing for our clients, as we carry out the necessary market and accounting studies to reach the appropriate volume of financing for them, which contributes to the development of their business, and we also provide the best recommendations and solutions to companies that have defaulted on payments, rescheduling, organizing their financials and maintaining the going concern of their business.
In addition to other financial and accounting consulting, such as:
- Transition to international financial reporting standards (IFRS)
- Accounting consulting
- Merger and acquisition
- Financial and planning analysis
2.Business risk advisory
The most significant consultations that we provide in this field include the following:
- Internal control and audit systems
The essence of the objective of the internal audit services and evaluation of control systems that we provide to our clients is to add value to the management of their facilities by helping them to carry out their functions to the fullest extent by providing them with appropriate analysis and evaluation of the activities that we are reviewing. We provide our services to Emad Zain Al-Abidin Al-Harbi Company as an external source or a joint source with the internal audit committees in the entity or the Board of Directors (BOD).The access of our clients to the internal audit services and evaluation of the control systems that we offer provides them with many advantages, the most significant of which are the followings:
• Ensure the reliability and integrity of the applied internal control systems.
• Obtaining sufficient assurances to measure the efficiency and effectiveness of using available resources.
• Assisting our clients in ensuring that operations results are in line with planned objectives.
• Obtaining the necessary recommendations and instructions to correct defects and deficiencies in operations and procedures.
• Ensure compliance with applicable policies, plans, procedures, and requirements of laws and regulations to be adopted
• Verify the adequacy of means of protecting assets from theft, embezzlement, misuse, fraud and manipulation.
- Corporate governance
We at Parker Russell are committed to providing the best solutions tailored to the needs of our customers and the nature of their business in terms of governance practices, which aim to create a sound work environment that maximizes the benefit for shareholders in the long term and builds trust to take into account the interests of other parties. It is also one of the processes necessary to improve the work of companies and to confirm the integrity of the administration therein, as well to fulfill obligations and commitments and to ensure that the company achieves its objectives in a legal and economical manner by creating a sound work environment that helps the company to achieve the best performance system application that includes a set of systems, controls, and procedures, with the aim of achieving discipline, transparency, and justice, leading to good governance in the entity.
- Due professional care (Due diligence)
When our clients plan to expand their activities through acquisitions, they need to ensure that their investments are as low risk as possible. Due professional care requires reviewing the areas of financial affairs, conducting the appropriate investigations that must be conducted, reviewing the accounts and financial information necessary to study the financial position of the entity, and identifying the main financial and commercial risks. . Financial due diligence and investigations are performed as an introduction to a significant transaction, such as an acquisition or comprehensive purchase. Due diligence investigations can range from a one-day review to a long-term detailed report. Therefore, it is necessary to appoint a qualified consultant to adapt the level of investigation according to the nature, size and target requirements of all parties involved.
In addition to other financial consulting, such as:
- External quality assessment
- Entities’ risk management
- Compliance audit
- Evaluation of the economics of joint-stock companies, family corporate or troubled or onerous ones
3- Management advisory
Parker Russell has a team specialized in management advisory that will support the improvement of its clients’ projects, in addition to helping them to meet the strategic and operational challenges that require immediate attention, by providing the best recommendations Professional strategies and solutions, and the most significant consultations that we provide in this field include the following:
- Preparing the organizational structure and restructuring
- Develop a manual for policies, procedures and job descriptions
- Developing models for evaluating the appraisal of employees of all job levels.
- Evaluating compliance with the Saudi Labor Law
- Developing management information systems
- Evaluation of the institutional performance of the work of the Authorities and corporate.
- Preparing strategic plans, regulations, systems and policies for emerging, medium and small
- sized projects
- Measuring performance indicators and applying the SWOT analysis model
- Submitting a report measuring the quality indicators of production processes
- Qualifying entities to obtain ISO certificates
4- Other advisory
- Liquidation of companies
Some entities face financial problems that make it difficult for them to fulfill their obligations, as we provide recommendations that reflect their needs and the conditions under which they must operate. Our contributions to helping our clients overcome liquidity problems, starting with small individual projects and ending with mega projects. In this respect, we offer our services on the best methods of borrowing and financing in the event that the company’s liabilities exceed the size of its assets significantly, which results in its default to pay obligations on their due dates. We also help to find solutions to pay off debts such as rescheduling them or communicating with creditors to reduce debts and assist management in structuring the financial organization in the event that the partners wish to continue the activity or to start the procedures for liquidating the activity, after ensuring that it is not possible to continue according to the market data.
- Local content services for entities
The concept of local content is defined as the total spending in the Kingdom through the participation of Saudi elements in the workforce, goods, services, assets and technology, meaning that the proportion of local content increases based on the proportion of the Saudi component in products, services, etc. The objective is for the participation of Saudi elements in achieving development and financial goals according to the national visions, strategies and plans. Emad Al-Harbi Professional Consulting Company has been qualified by the Local Content and Government Procurement Authority, where we provide consultations to verify the compliance of entities with the requirements of local content, the economic balance program, industry localization agreements, and knowledge transfer in the government agency’s business and procurement.
- Accounting supervision of off-plan sales projects “Wafi”
Parker Rusell engagement team has been qualified by the Saudi Real Estate Institute to carry out the accounting supervision of projects on sales or leasing projects on the map, where we are reviewing and evaluating the financial documents necessary for expenditure operations on the project in addition to the financial data related to the values of the contracted real estate units, and making sure that they were deposited in the escrow account. We also submit periodic quarterly reports to the off-plan sale or lease committee on the financial and accounting operations of the escrow account.
1- Preparing judicial reports and financial disputes
2- Bankruptcy trustee services
3- In addition to other forensic accounting services such as:
- Listing and distribution of estates, and
- Judicial guard
The followings are our most significant distinguished services in this field:
• Accounting services for keeping books and records
• Human resource services
• Recruitment procedures management
• Managing employee relations
• Management of the salary and wages system
• Managing employee benefits
• Electronic services management
• IT services
We at Parker Russell pay great attention to professional training, so we provide training programs with professional levels to keep abreast with everything new in all fields of the profession, by a qualified group of professionals with distinguished experience in the field of training and development, in addition to cooperation with training centers licensed by the General Organization for technical and vocational training.
The following are the most significant areas of our distinguished training programs:
- Review and audit
- Zakat and income tax
- Financial and administrative
- accounting
- Value added tax
- IFRS Financial Reporting
- Standards
- Risk Management
- Financial Analysis
- Marketing
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