Certified Accountants and Auditors
Prime CPA Company For Accounting and Auditing is a professional limited liability company licensed by the Saudi Organization for Chartered and Professional Accountants under licence No. 1122, based in Riyadh. Scope of work: audit and assurance, bookkeeping, Zakat and tax, IFRS accounting advisory, and certified accountant services for off-plan projects.
About the practice
Prime CPA is a professional limited liability company with its head office in Riyadh, practising under SOCPA licence No. 1122. Every engagement is performed under a scope set out in a signed engagement letter, with documented working papers.
Clients include mid-sized companies, family groups and entities subject to regulatory or lender requirements for audited financial statements. Engagements follow IFRS and the International Standards on Auditing as endorsed by SOCPA.
Licence and statutory scope
Licence to practise accounting and auditing No. 1122, issued under the Law of the Profession of Accounting and Auditing (Royal Decree M/59). Unified national number 7054878496. Registered objects: accounting activities, bookkeeping, auditing and tax advisory.
Mission, vision and values
Mission
To deliver audit, accounting, Zakat and tax compliance services to companies operating in the Kingdom, under the International Standards on Auditing and IFRS as endorsed by SOCPA.
Every engagement is performed under a written scope, with a team matched to the size and risk of the work. We decline any engagement for which we lack the competence or the time.
Vision
For Prime CPA to be a professional firm known in the Kingdom for the quality of its files and its adherence to the standards, and among the first options considered by mid-sized companies and family groups choosing an external auditor.
We measure progress by the quality of the file and the clarity of the output, not by the number of engagements.
Values
Verifying a figure before it is recorded, and basing an opinion on sufficient appropriate evidence.
Applying the endorsed standard to every accounting treatment and audit procedure.
Exercising professional judgement free of interest or pressure, and documenting its basis.
Keeping client information within the engagement team, during and after the engagement.
Standing behind what the firm issues and correcting an error when it appears.
Continuous updating on the standards and regulations in force.
Accounting and auditing services
Scope is limited to the work a licensed accounting and auditing practice performs in Saudi Arabia. No advisory services are provided to clients whose financial statements the practice audits.
Financial statement audit and assurance
An independent external audit concluding in an auditor's report carrying an opinion under the International Standards on Auditing as endorsed in the Kingdom.
- Annual statutory audit
- Review of interim financial statements
- Agreed-upon procedures
- Compliance review against regulations, contracts and internal policies
- Special-purpose reports
Bookkeeping
Running the day-to-day accounting cycle for entities the practice does not audit, with periodic reporting on account activity.
- Daily transaction posting and coding
- Bank reconciliations
- Receivables and payables tracking
- Fixed asset and inventory registers
- Monthly and quarterly reporting
Zakat and tax
Computation, filing and follow-up of assessments and objections before the Zakat, Tax and Customs Authority.
- Zakat and income tax returns
- Value added tax
- Withholding tax
- Objections and appeals
Accounting advisory — IFRS
A written technical opinion on the accounting treatment of transactions under IFRS as endorsed in the Kingdom, for entities the practice does not audit.
- First-time adoption of IFRS
- Accounting treatment of non-routine transactions
- Effect of a new standard on the financial statements
- Restatement of comparatives and correction of errors
Off-plan sales — project accountant (WAFI)
The duties of the approved certified accountant for off-plan sale and lease projects under the implementing regulation issued by the Real Estate General Authority.
- Auditing contracted unit values and confirming deposit into the escrow account
- Reviewing and certifying disbursement documents before approval
- Reporting on the adequacy of withdrawals against the estimated cost to complete
- Periodic reports to the off-plan committee and the project statement of financial position
- Final report and closure of the escrow account after the completion certificate
Internal audit and enterprise risk management
Establishing and running the internal audit function under the international standards, and building an enterprise risk management framework on the COSO methodology.
- Function charter, procedures manual and a risk-based plan
- Internal audit engagements, fully outsourced or co-sourced
- Internal control assessment under the COSO framework
- Risk register, risk appetite and key risk indicators under COSO ERM
- Quality assessment of an existing internal audit function
How we work
Five fixed stages on every engagement, whatever its size. Fieldwork does not begin before the stage preceding it is complete.
Acceptance and independence check
We test for conflicts and prior involvement that would compromise our independence, and decline the engagement where one exists — before any discussion of fees.
Scope and engagement letter
Scope, deliverables, responsibilities and timetable are documented in an engagement letter signed by both parties.
Risk assessment and planning
We build an understanding of the entity and its control environment, identify risks of material misstatement, and design procedures that respond to those specific risks.
Fieldwork and documentation
We gather sufficient appropriate evidence in reviewable working papers, raising findings as they arise rather than at the end of the engagement.
Issue and discussion
The responsible partner reviews the file and signs the report, then discusses findings with management or the audit committee.
The responsible partner
The responsible partner signs every report issued by the firm and reviews the engagement file before it is released.
Fahad Ayed Alaslami
Founding partner and responsible manager — certified accountant, licence No. 1122
Over twenty-five years in executive finance leadership. Served as Chief Financial Officer at Saudi Real Estate Company, National Housing Company and SPIMACO, and worked at Ma'aden Aluminium, SATORP and Saudi Telecom Company.
Professional qualifications
- Fellow of the Saudi Organization for Chartered and Professional Accountants
- Chartered Financial Analyst (CFA)
- Certified Management Accountant (CMA)
- Master of Business Administration
- INSEAD International Directors Programme (IDP-C)
- COSO Enterprise Risk Management certificate
Sectors we serve
Frequently asked questions
What is the difference between an audit and a review?
An audit concludes in a positive opinion on the fairness of the financial statements after gathering sufficient appropriate evidence. A review is limited to analytical procedures and enquiry, concludes in a negative-form statement, and is normally used for interim statements. The audit carries the higher level of assurance, and the higher cost in both time and fees.
How long does an audit take?
It depends on the size of the entity and the readiness of its records. For a mid-sized company with organised records the work typically runs three to six weeks from receipt of complete data. Late records, not the volume of work, are the most common cause of delay.
Can you handle both the bookkeeping and the audit?
No. Preparing the records and then auditing them means auditing our own work, which is a direct threat to independence. We take one role and hold to it.
How are fees determined?
On estimated professional hours, the grade of team required and the risk of the engagement — never on the outcome of the report. Fees are fixed in the engagement letter before work begins.
Do you represent clients before ZATCA?
Yes, on returns, assessments and objections within the limits of statutory authorisation, provided it does not conflict with our role as auditor of the same entity.
What should we prepare before the engagement starts?
Trial balance, general ledgers, bank statements and reconciliations, fixed asset and inventory records, financing and lease contracts, Zakat and tax returns, and shareholder or board minutes. A detailed list follows the signing of the engagement letter.
Start a request
Describe what you need in brief, and we will come back with a proposed scope and a clear next step.
- Emailinfo@primecpa.sa
- Phone+966 53 355 5151
- WhatsAppStart a chat
- AddressRiyadh, Saudi Arabia
- Professional licenceNo. 1122 — SOCPA
- Unified national number7054878496