We are pleased to present our proposal for an audit of the financial statements for Allianz Saudi France Cooperative Insurance Company, (hereinafter the "Company"). We believe that the Company should become our client because we are a qualified and responsible firm in the industry.
A uniform approach by
Management Letter: Auditing Standards require that auditors should inform their clients either orally or by a formal letter. Our approach requires us to separately report any significant deficiencies relating to internal control structure noted during our audit and bring to your attention any material errors and irregularities or illegal acts of which we
Report on issues along with the recommendations for remedial action
As part of our audit, we will obtain an understanding of the company's internal control structure solely to plan the audit and determine the nature, timing and extent of our audit procedures. 175 of the Saudi Companies Regulations, it is the responsibility of the company's management to prepare the financial statements, including adequate disclosure.
AUDITING
We are a team that believes in the power of strategic design thinking combined with practical execution. We are a team of solid professionals with years of insurance and accountancy experience and local knowledge.
TRAINING
Our team of actuaries are not only qualified and experienced, but also have local legislation and industry specific knowledge. The team works directly with the internal actuaries of the insurance companies and assists the engagement team in obtaining security for the technical reserves.
DATA STRATEGY
As a member of the PKF, we are also subject to the PKF Global Monitoring Program, ensuring compliance and best practices. "The Firm" or "the Firm") provides experienced and comprehensive professional services to the industry as it responds to the challenges and opportunities of a changing economic, regulatory and market environment.
Our Share of Listed Clients In The Saudi Market As Compared To The Big 3*
We are the only company in the Kingdom that does not currently belong to the Big Three that audits branches of foreign banks. With our Lead Customer Service Partner and Engagement Manager, a business will have free access to PKFI's global resources, wherever and whenever you need them.
Listed Client Percentage
We have since established ourselves as one of the leading firms in Saudi Arabia, as evidenced by our wide portfolio of clients that includes many well-established companies across a spectrum of different industries. We are confident that the team we have included has the operational expertise and the technical knowledge to deliver the high quality service that our current customer base has become accustomed to.
UNIQUE QUALIFIFICATION
The majority of our partners, directors and managers are ex-Big 4 and hold formal qualifications from recognized accountancy bodies, i.e. Furthermore, we understand the need to adapt to the culture of the company and fit well into it.
AUTHORITY
We have a dedicated audit team who have the ability to work effectively with you and each other, and who remain fully committed to serving the company well into the future. In addition to the Engagement Manager presenting key issues, the PKF team will be available to provide their perspectives on local accounting risks, issues and developments.
Tools for Professionalism Use of specialist knowledge
The role of those responsible for governance is important and our Lead Customer Service Partner will be constantly available to attend all meetings should specific issues arise that require their presence.
Continuous improvement
Training program
Quality Review
Performance measurement
Technical Training
AdvisoryTax & Zakat
Assurance
We would like to emphasize that we are the only firm within the tier 2 and the third firm among the big 4 to have achieved this prestigious recognition, and that too on a nationwide level.
We would like to highlight, that we are the only firm within the tier 2 and the third firm amongst the big 4s to have obtained this prestigious recognition, and that even on a Country wide level
Saudization Percentage at Our Firm
We have specific experience of working with clients in the banking and financial sector and we believe that this knowledge will be invaluable in providing a quality service to you. We are currently providing statutory audit services to a large number of foreign bank branches in the Kingdom.
CLIENTS IN SAUDI ARABIA – PKF CURRENT INSURANCE CLIENTS
CLIENTS IN SAUDI ARABIA – PKF CURRENT GOVERNMENTAL CLIENTS
CLIENTS IN SAUDI ARABIA – PKF CURRENT FINANCIAL SERVICES CLIENTS
CLIENTS IN SAUDI ARABIA – PKF CURRENT FINANCE AND LEASING SERVICES CLIENTS
CLIENTS IN SAUDI ARABIA – PKF CURRENT EDUCATIONAL SERVICES CLIENTS
CLIENTS IN SAUDI ARABIA – PKF CURRENT NON-FINANCIAL SERVICES CLIENTS
FINANCIAL INSTITUTION FOCUS AND EXPERIENCE
AUDIT CLIENTS
NON - AUDIT CLIENTS
Consulting and Financial Advisory Services
AUDIT CLIENTS IN NON FINANCIAL SECTOR
NON - FINANCIAL INSTITUTION FOCUS AND EXPERIENCE
AUDIT CLIENTS IN BANKING
AUDIT CLIENTS IN INSURANCE SECTOR
SALAMA
NON - AUDIT CLIENTS IN INSURANCE SECTOR
Reporting accountant for IPOs
Internal Audit – Full outsourcing
Due diligence, valuation and other advisory services
AUDIT CLIENTS IN FINANCE AND LEASING
NON - AUDIT CLIENTS IN FINANCE AND LEASING
Over the past three years, the company has invested heavily in information technology in relation to its I.T. To add value through various analyses, the company procured IDEA software to perform financial data analysis, which staff use to identify high-risk areas and focus their efforts there.
LCSP
Engagement Leader
Audit Director/
Manager Quality Review
Partner
Actuarial Expert
Team LeadIT Auditor
The Lead Client Service Partner and Engagement Leader ensure quality performance at each stage of audit work and ensure timely delivery of reports on or before predetermined delivery dates. Ibrahim is a Certified Public Accountant and a member of SOCPA (Saudi Organization of Certified Public Accountant).
IBRAHIM AL BASSAM
He has also served on a number of SOCPA committees and participated as a team leader in various SOCPA Peer Review visits.
LEAD CLIENT SERVICES PARTNER
Ibrahim.Albassam@pkf.com Phone: +966 11 256333
Certain Clients in region
Ibrahimi has more than 22 years of experience in providing professional services in the Kingdom of Saudi Arabia and Bahrain. Mohsin has more than 16 years of combined work experience in the Kingdom of Saudi Arabia and Pakistan.
MOHSIN ABBAS
Mohsin is a member of the Institute of Chartered Accountant of Pakistan and the Institute of Cost and Management Accountant of Pakistan. During his tenure, he has led teams through the planning, execution and completion phases of a variety of special purpose assignments, statutory audits, internal audit engagements, validation of financial reporting packages and other advisory services for leading clients.
ENGAGEMENT LEADER
Involved in various roles in the company's quality control processes, particularly in staff training and participation monitoring reviews. Yousuf has over 14 years of experience in providing audit and advisory services across a range of industries, including due diligence and fraud investigation and internal audit and risk management.
YOUSUF ZEEN
ENGAGEMENT QUALITY CONTROL REVIEWER
Ahmed has more than 25 years of experience in providing professional services in the Kingdom of Saudi Arabia. His experience includes performing audit and assurance, consulting, due diligence, Zakat and tax services for a wide range of industries such as financial institution, transportation, real estate, healthcare, education, hospitality, contracting, investment, advertising, manufacturing and trading.
AHMED MOHANDIS
PARTNER
ABDULELLAH AL BASSAM
Al-Hussein has a rich business experience in evaluating and selling a partner's share and contributions from many business people across various business sectors in Saudi Arabia. Al-Hussein is also a member of the International Institute of Internal Auditors - Saudi Internal Auditors Association.
SULAIMAN AL-HUSSAIN
Being a financial advisor in a SR5 billion investment fund venture to build 100 private schools in a public-private partnership (PPP), Al-Hussein has extensive financial talent, making him a board member of directors and a founding member. of the Association of Financial and Administrative Studies and Consultations. His experience includes work in the field of Financial Sector Supervision, Transformation Programs, Policy Development, Financial Management, Corporate Governance, Accounting, Risk Management, Anti-Financial Crime, Business Development, Forensic Accounting – investigative services, Follow-up Financial.
During his tenure in the US, he was also involved with other financial services clients, including Federal Home Loan Bank, RaboBank B.V. Omer is also a member of our IFRS committee and in that capacity is involved in performing internal technical reviews of IFRS financial statements and research related to IFRS technical issues.
MOHAMMED OMER QAZI
While in Saudi Arabia, he participated in the audit of various banks and financial institutions, including JPMorgan, Banque Saudi Fransi, BNP Paribas, Alinma Bank and the Saudi Investment Bank. He has also been actively involved with SAMA's CFO Committee on a number of research-related issues, including the preparation of illustrative financial statements for Saudi banks.
SENIOR DIRECTOR / PARTNER – BANKING AND CAPITAL MARKETS
His experience includes the execution of audit and assurance, advice, due diligence and internal audits mainly focused on financial services companies.
Ahmed has extensive experience in providing quality audit services to the Saudi Arabian and Egyptian markets. Ahmed attended various KPMG technical training courses related to International, US and Egyptian Accounting Standards, KPMG Audit Manual (KAM), Risk Based Audit Plan, Risk Management Course, IFRS (International Financial Reporting Standards) Training Course and e -audit course, along with extensive knowledge of auditing and assurance through business management from various industries, having been involved in real estate, healthcare, education, hospitality, contracting, investment, advertising, services and manufacturing/trading of consumer products.
AHMED SHAHIN
Before joining PKF, he worked for KPMG market in Saudi Arabia and Egypt for more than 13 years and 5 years experience in internal audit at Saad Group (Saad Specialist Hospital).
SENIOR DIRECTOR
He is also a Chartered Enterprise Risk Actuary (CERA) with the Institute and Faculty of Actuaries (UK) – a member of the CERA global association – and holds a Masters in Business Administration (MBA) and a Bachelors in Economic Science (BEconSci). Alister has gained experience in various actuarial spheres including insurance, pensions, investments, health and care, banking and (personal and business) claims.
ALISTER CHABI
Alister is a fellow member (FFA) of the Institute and Faculty of Actuaries in Great Britain. He has worked as a partner at a PKF firm and has held C-suite positions at asset management and professional services firms.
SUBJECT MATTER EXPERT
He has advised listed and unlisted clients in multiple jurisdictions including Southern Africa, East Africa, West Africa, the Middle East and Europe. He has provided expert evidence, appeared as an expert witness before tribunals, disciplinary commissions and judicial commissions of inquiry - leading a national forensic investigation into state capture in South Africa in a multi-billion dollar locomotive transaction.
Zafer has more than 30 years of combined work experience in the United Kingdom, United States of America and the Kingdom of Saudi Arabia. He is an experienced audit professional covering IT, Sox, Performance, Financial, Operational, Fintech Audits and has more than 30 years of experience in the areas of IT Audits, SOX, Control and Compliance Risk Assessment, Security of Information, Internal and External Audit. , with the main international institutions.
MOHAMMAD ZAFER SHARIF
Hands-on experience in advising leading Blue-Chip corporate on issues related to Risk Management, Internal and External Audits, SOX and IT Security Compliance and Compliance Reviews and Investigations with key standards such as SOX, ISO/IEC 21000, ISO 9000.
ENGAGEMENT IT AND IS EXPERT
SABB
SABIC
Ahmad has nearly five years of professional experience in IT auditing, application control testing, consulting and consulting. Ahmad has experience in enterprise risk management framework development and extensive expertise in IT and business policy and procedure development, risk-based ERP control testing, including internal control review, evaluation and resolution.
AHMAD ATTA
He has served various industries ranging from manufacturing, public sector, banking, insurance, FMCG, education and non-profit organization. MCB Bank Limited, MCB Islamic Bank Limited, Finca Micro Finance Bank Limited, Sui Northern Pipelines Limited, Adamjee Insurance Limited, Shaukat Khanum Memorial Cancer Hospital & Research Center and Packages Limited are some major clients he has served.
ENGAGEMENT IT AUDITOR
Ahmed is lid van de Association of Chartered Certified Accountants, het Institute of Internal Auditors – VS en de Information System Audit and Control Association (ISACA – VS).
OSAMA KHAN GIMMI
ENGAGAEMENT MANAGER
Certain clients in region
Other global listed clients managed in past
The proposed fees are based on the assumption that all information and assistance requested from us is available on the first day of engagement and is of a very high quality. Statutory audit of the financial statements for the year ending 31 December 2023 in accordance with the International Financial Reporting Standards (IFRS) adopted in the Kingdom of Saudi Arabia together with the requirements of the Companies Regulations, the Law on the Supervision of Cooperative Insurance Societies and Acts by-laws of the Company regarding the preparation and presentation of financial statements.
A global family
A personal approach
20,000 professionals across the globe
Competitive pricing We will always be transparent in the way we work and the way we price. World-class service levels As a key customer for PKF, you will be an extremely important customer to the Company.
A significant investment of time in the relationship
A fully coordinated, dedicated and highly qualified team
Continuous communication leading to a
He is the engagement leader responsible for the audit of Cooperative Insurance Company, Allianz Saudi Fransi Cooperative Insurance Company and SABB Takaful. The Audit Committee is an independent committee formed by decision of the General Assembly of Allianz Saudi France Cooperative Insurance Company.
