Bayside Accounting

Audits, Reviews & Compilation

Bayside Accounting's financial statement services comprise all three levels of assurance depending on your company's needs

Audits

Offer the highest level of assurance to third parties, and include in-depth examination and confirmation of account balances, inventories, and selected transactions. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statements presentation. We perform audits for you to remove errors, ascertaining the validity and reliability of your information

Reviews

Provide limited assurance to outside interests and involve inquiries and analytical procedures that confirm financial statement matters and identify any items requiring further analysis. We perform reviews to ensure the integrity of your data

Compilations

usually requested for internal purposes and are based upon information provided by a company's management. They do not offer assurance but may involve some adjustment to accounting records

Others

Where a chartered accountant, certified public accountant or other credentialed professional is engaged to issue or issues an examination, a review, or an agreed-upon procedures report on a subject matter, or an assertion about a subject matter that is the responsibility of another party

It involves rendering an opinion on financial statements prepared in accordance with accounting principles relevant to the entity, whether in accordance with Egyptian Accounting Standards, International Financial Reporting Standards(IFRS),US Generally Accepted Accounting Principles (US GAAP) or accounting principles generally accepted in a specific country

It also includes reporting on internal control as part of the financial statement audit, advice on application of accounting principles and rules in conjunction with financial statement audits

Our Audit Methodology

Our audits are planned to be responsive to our assessment of the risk of material misstatement based on the understanding we gain of the organization and its environment, including its internal control. We utilize this understanding to design the nature, timing, and extent of our audit procedures, while maintaining an objective and independent attitude. We also strive to provide timely communications regarding professional developments, and insights regarding matters that may affect the organization's business

Tax Management Services

We are the global and regional market leader for tax services

We assist businesses, individuals and organisations with tax strategy, planning, and compliance, whilst also delivering a wide range of business advisory services with dedicated tax professionals worldwide

This means that we can support you both locally and globally, wherever you require tax advice

We serve our clients around the following priority areas:

• Tax Advisory:
  • Corporate tax planning including structuring of investments and international tax matters
  • Proposed transactions / Mergers and acquisitions
  • Indirect taxes covering VAT
  • Customs and Excise advice
  • Transfer pricing
  • Employees and International Assignees
• Tax Management and Accounting Services including Corporate Tax Compliance
• Tax training

AtBayside Accounting, we guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities maximize your cash flow and keep you on track to your financial goals. Our expertise, experience, analysis and thorough research allow us to optimize financial opportunities to be found in existing as well as recently altered tax laws. We are knowledgeable and up to date on the tax laws and can make sense of your receipts, bills and notices

• Prepare and file all regular tax reports (Corporate tax, Sales Tax, Personal income tax, Local tax and all other tax declarations as required by local law)
• File modifications to company set up with the local tax authorities as appropriate
• Ensure that Company is informed of all payable taxes and informed when there any changes to local law
• Ensure that the Company is notified of any payments required well in advance of their due date
• Represent the Company at all tax authorities, as and when requested by those authorities
• Preparation of the necessary tax statistical reports
• Preparation of all year-end tax declarations
• Tax administration representation
• Liaise with auditors as and when necessary

We ensure that the service delivered to clients is of high quality and takes into consideration both local and cross-border tax aspects.

Accounting Services

From start-ups to established enterprises, businesses rely on accurate and insightful financial information in order to maintain profitability and capitalize on new opportunities. Our accounting services steer you closer to these goals with accurate record-keeping and reporting as well as support on financial issues such as initial accounting system setup, cost-containment, tax planning, investments, and employee benefit and profit-sharing plans

We supply a full range of accounting services. From advice on setting up or improving systems to preparation of annual and periodic management accounts. These services will ensure you have the facts you need to make management decisions

We have the technical expertise to provide a first class service and the resources to satisfy your particular needs to a set timetable. We focus on your business and strive to help you by providing you with the financial information you need to enable you in running your business

These services include but are not limited to:

• General ledger and financial statement preparation
• Bookkeeping (Monthly, quarterly, or annual)
• Accounting system setup and support
• Payroll processing
• Cash flow budgeting and forecasting

Internal Audit

Internal Audit plays a critical role in corporate governance frameworks by providing independent assurance that protects the business against risk, informs strategic decision making and improves overall performance

Our key strength is that we are able to give clients access to our extensive experience and knowledge of best practice as leading internal audit services providers

Our internal audit professionals help you assess how your company's internal audit functions compare with leading practices and how these functions align with the current and future objectives of your audit committee, executive management, and operating units

We also help you identify target areas for performance improvement and make recommendations to achieve a more effective and efficient function that is aligned with your company's needs and expectations

How we can support you:

• Benchmarking internal audit performance
• Providing advisory services to management and staff in the context of internal audit work
• Carry out performance, financial and compliance audit projects within finance, treasury and investment according to approved internal audit methodology
• Advising boards on optimum resourcing models
• Providing co-sourcing/outsourcing services
• Improving the quality, productivity and value of in-house services
• Enhancing internal audit methodologies to improve audit execution
• Offer major inputs to developments of the annual audit plan as well as the training, coaching and supervision to Internal Audit staff

Our internal audit methodology is used completely or in conjunction with a client's existing methodology as the framework to build and execute risk-based internal audit plan. This plan assists the client with managing process and technology risks and efficiently integrating technology within critical business processes. These services can help management better understand and monitor the performance of core operations and support functions, as well as ensure the proper level of control

Internal Controls
(Risk Assessment &Corporate Governance)

By combining our knowledge of financial, strategic, operational and compliance risks with our deep internal controls experience, we can help you assess your internal controls and develop a risk-focused internal control program that will help enhance your process and control efficiencies and address your reporting and regulatory compliance needs

At Bayside Accounting, we are aware of the challenges you face and we have developed a risk based approach to assessing management systems that are crucial to meeting objectives, improving competitiveness, controlling risks and helping you deliver on your promises. This approach helps you manage your systems and risks to improve and protect the current and future performance of your organization. Further, our risk based approach allows us to tailor the assessment according to the maturity of the clients systems

Our areas of focus include the following services

• Financial services risk management: including enterprise risk management frameworks to credit risk, market risk, operational risk, regulatory compliance and treasury function programs for financial services organizations
• Risk management: Risk management is the identification, assessment, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives, whether positive or negative) followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities
• Corporate governance: Today's organizations face unprecedented challenges in establishing proper corporate governance, managing their risks and complying with ever changing laws, regulations and internal policies in a cost-effective manner that protests their reputations and brands, We are helping you to do that in an efficient manner. Also we helps our clients do the following:
  • Understand and comply with regulatory requirements
  • Implement the right corporate governance framework in regard to these regulations
  • Establish appropriate compliance practices
• Contract risk: A review of contracts and agreements with one or more third party
• Internal controls and regulatory compliance: Assists in evaluating the operating effectiveness of internal controls over financial reporting, identifying control deficiencies and formulating appropriate action plans across the enterprise
• Enterprise risk assessment: Advises organizations on identifying, assessing and prioritizing their key business risks across the organization
• Program advisory: Assists organizations in managing the risks associated with significant programs and projects. Includes a set of services aimed at the critical areas of program or project delivery including: business acceptance, vision and direction, planning and execution, and measuring and monitoring
• Production of process flow diagrams and documentation
• Design, implementation and testing of controls

Training and Staff development

Developing the workforce of the future, today

Our goal is simple: to support the sustainable growth of talent across the region. We equip professionals from entry level all the way to executive level with the knowledge, skills and mindset needed to solve today's important problems and predict, prevent and manage tomorrow's

We are committed to creating value for our clients. And we build this into each of our upskilling solutions, both for organizations and for individuals, from across all industries, to deliver experiential, innovative, practical, solution-driven learning

We are proud to support the business community by providing the highest standard of training. Our training courses are designed for individuals seeking a career in accountancy as well as professionals involved in financial accounting, management accounting, auditing and general management who are looking to further their careers. These courses are led by experienced lecturers who count many years of Industry related experience. The Training courses encompass industrial case studies, interactive lectures and workshops

We have also accumulated significant experience in developing in-house courses for a wide variety of organizations. Such courses are held where and when the client organization chooses and have the advantage of preserving confidentiality

In recent years, many Egyptian organizations and individuals are seeking high quality of professional training since the market is looking for the best, therefore, we developed a number of courses to suit all professional needs

The following are some of these courses:

• International Financial Reporting Standards (IFRS)
• Egyptian Accounting Standards
• International Auditing Standards (ISAs)
• Egyptian Standards on Auditing
• Financial Planning and Risk analysis
• Costing System
• Risk-Based Audit
• Financial Assertions, How to test and evaluate
• Preparation of Audit plan and detailed Audit Programs
• Inventory management-The Nuts and Bolts
• Financial Statement Analysis
• Certified Public Accountant
• Certified Management Accountant
• Basic Financial Accounting
• Internal Audit concept and techniques
• Corporate Governance

Financial Advisory Services

We are helping our clients to set, develop, implement and assess the financial, costing and control systems and procedures manuals.

Our services include but are not limited to:

• IFRSs conversion
• Financial and accounting procedures manuals
• Purchasing and contracting with suppliers, contractors, and services providers manuals
• Inventory control manuals
• Fixed Assets control policies and procedures manuals
• Budgeting policies and procedures manuals
• Costing systems
• Financial Analysis manuals

Transaction and Restructuring Services…Due-diligence

The objective of the Transactions services is to assist the clients in assessing the risks and opportunities in a proposed investment, whether an acquisition or disposal, we seek to improve our client's understanding of the issues surrounding the proposed transaction

Our firm provides divestiture, merger, and acquisition support by placing a strong emphasis on stakeholders' value and identifying key risks and opportunities at an early stage

Divestiture, merger, or acquisition capabilities differ substantially from one company to another and from one deal to the next. We tailor our approach to focus on risks, complement your strengths, and support your areas of need

We provide support throughout the transaction life cycle on both the “buy side” and “sell side” to both strategic and financial buyers. This support includes pre-bid assessments financial, tax, commercial, human resources and information systems due diligence, integration risk assessments, and accounting and tax transaction advisory services

Our Methodology, Intelligence for Successful Transactions is a proprietary due diligence process that not only examines potential deal breakers but also considers value factors and risks built into the price. This methodology transcends traditional due diligence, taking into account an expanded universe of risks and rewards. We anticipate the impact of deal financing, compensation arrangements, and the deal structure itself by looking beyond the closing and asking the following questions:

• What are the key assumptions in arriving at this price?
• Can value be conserved and created after closing?
• What are the risks in the existing business, as well as during integration and beyond?

Business Valuation

The range of needs for valuing businesses continues to widen, and we can provide in-depth analysis to help you identify and analyze the factors that drive the value of your company or one in which you have an interest

We help you to evaluate entities that you have an interest in and guide you towards making business decisions that you feel confident with

Forensic services
(Fraud Investigation)

Forensic audit and dispute resolution is a challenge that requires professional help. We provide assistance in financial disputes requiring litigation, arbitration or expert determination, we can also help management maintain credibility by instituting anti-fraud mechanisms

Our services include:

• Forensic investigations
• Dispute Advisory
• Anti-money Laundering
• Proactive Fraud Risk Management and Fraud Prevention Strategies
• Fraud in the Audit (ISA 240 compliance)
• Regulatory Compliance (e.g. Foreign Corrupt Practices Act)

Transfer Pricing

• Transfer prices are used when individual entities of a larger multi-entity firm are treated and measured as separately run entities. It is common for multi-entity corporations to be consolidated on a financial reporting basis; however, they may report each entity separately for tax purposes
• Transfer pricing allows for the establishment of prices for the goods and services exchanged between subsidiaries, affiliates, or commonly controlled companies that are part of the same larger enterprise
• Transfer pricing can lead to tax savings for corporations, though tax authorities may contest their claims
• Transfer pricing requires strict documentation that is included in the footnotes to the financial statements for review by auditors, regulators, and investors

IFRSs Updates
New changes for (IFRS 9,15.16&17)

This publication is designed to give preparers of IFRS financial statements a high-level awareness of recent changes to International Financial Reporting Standards. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones.

ESG&IFRS Sustainability Disclosure
Get ready for ISSB sustainability disclosure

What is the impact?

• Companies will report on all relevant sustainability topics(not just on climate) under a consistent global framework and focus on how these topics impact a company's prospects
• Reporting will be connected to financial statements

What is next?

• The standards are effective from 1 January 2024
• Some public and private companies may choose to adopt them voluntarily- e.g. in response to investor or societal pressure

Appropriate reflection of disclosure requirements in IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures.

VAT in the Middle East

The introduction of Value Added Tax will be significant for business. VAT has a broad scope and businesses need to consider the impact of VAT on all their transactions and the potential impact on prices and margins

Business impact

You should be aware of:

• The potential effects on margins and pricing
• The tax impact from VAT leakage
• The impact on cash flows: funding of timing differences between paying VAT and being paid by suppliers and receiving any funds
• The VAT issues when undertaking deals

Reflecting the VAT law

You need to ensure

• You apply the correct VAT treatment to your sale and purchase transactions
• You are aware of the specific issues related to your industry
• You track VAT on inter-company transactions
• You track and manage your intra-GCC and cross-border activities
• You recognize which supplies are zero rated and exempt
• You apply VAT on your acquisition of services from abroad (reverse charge)

Compliance - throughout the value chain

From the start you should:

• Map your business transactions throughout your value chain encompassing procurement, production, logistics, sales and marketing activities
• Have a clear VAT management framework covering governance, control, roles and responsibilities
• Build capabilities and VAT expertise

Technology & systems

Your systems should allow you:

• To be VAT compliant
• To have the correct VAT coding of accounts payable and receivable transactions
• To have appropriate internal controls and processes

The VAT implementation project

You need to consider:

• Sponsorship and governance
• Scoping and sequencing to be ready for the go live date and manage costs
• Sourcing of resources
• Involving all relevant stakeholders

Egypt VAT law published in the official Gazette and takes immediate effect

The Egyptian Parliament has discussed and approved the new Value Added Tax (VAT) law on 31 August 2016, and the law has been published in the Official Gazette taking effect on 8 September 2016

An introduction to VAT in the GCC

This publication has been prepared to provide a general overview of how VAT works and the related operational considerations in order to assist businesses to successfully implement the tax and manage VAT post implementation

SMEs

Financial Strategy and Planning

We assist with budgeting, forecasting, and financial analysis, allowing you to make informed decisions that optimize your resources and improve profitability.

Expertise and Compliance

Accountants are knowledgeable about complex financial regulations and tax laws. Set yourself up for success!

Time and Resource Savings

Small business owners often spend a significant amount of time managing their finances We save you time and effort!