The short answer
Entry Post is a licensed accounting and audit firm in Riyadh. It audits the financial statements of private and international schools, training centres and private colleges in Saudi Arabia, with the partner on the file, and issues the independent auditor’s report in Arabic and English. Under the Companies Law every company has a licensed auditor by default. A micro or small company is exempt when it meets two of three tests: annual revenue up to SAR 10 million, total assets up to SAR 10 million, and 49 employees or fewer.
Reviewed by Noura Alderaan, SOCPA Fellow (No. 1379) ·
Official sources: Companies Law (Royal Decree M/132): Articles 18, 19 and 238 ↗Ministry of Commerce: micro and small companies exempt from appointing an auditor ↗
Who this is for
- Private and international schools.
- Training centres and institutes.
- Private colleges.
- Owners whose bank or partner asks for audited statements.
Why you need an audit
- Under the Companies Law every company has a licensed auditor by default. A micro or small company is exempt when it meets two of three tests: annual revenue up to SAR 10 million, total assets up to SAR 10 million, and 49 employees or fewer.
- Partners or shareholders holding at least 10% can ask in writing for an auditor, even in an exempt company.
- A bank, an investor or a partner may also ask for audited statements before lending or investing.
What usually worries you
Tuition is collected in advance and we are unsure how much is this year’s revenue.
We test tuition received in advance and how it is earned over the school year.
The bank, the landlord or a partner asks for audited financial statements.
An independent auditor’s report, with the partner on the file.
Large amounts are overdue from parents.
We test receivables, provisions, discounts and scholarships, and discuss the result with your team.
What the audit focuses on
- Tuition received in advance and when it is earned.
- Discounts and scholarships.
- Building leases.
- Teachers’ pay and end-of-service benefits.
- Amounts due from parents.
How we work
- 1A call with the partnerWe learn your business, its size and why you need the audit.
- 2A written proposalScope, timetable and the documents we need, before we start.
- 3The audit workWe test balances and records and discuss findings with your team as they arise.
- 4The auditor’s reportAn independent auditor’s report in Arabic and English.
Independence first
We do not both audit your accounts and prepare your statements or keep your books. If the statements are not ready, your team or another firm prepares them and we audit them.
Financial statements preparationDocuments we need
- The trial balance and financial statements for the year
- Last year’s financial statements and auditor’s report
- Bank statements and reconciliations
- The fixed asset register
- Articles of association and commercial registration
Request an audit proposal
Answer four short questions and the partner will reply with the scope and timetable.
Frequently asked questions
Is an audit mandatory for our company?
Under the Companies Law every company has a licensed auditor by default. A micro or small company is exempt when it meets two of three tests: annual revenue up to SAR 10 million, total assets up to SAR 10 million, and 49 employees or fewer. The exemption does not apply in cases the law lists, including where the articles require an auditor, or where the company owns or is a subsidiary of another company unless all of them are small. We check your case for you.
How long does the audit take?
Usually two to three weeks once the documents are complete. The written proposal sets the timetable for your size.
Do you prepare and audit the same financial statements?
No. Independence rules do not allow it. Your team or another firm prepares the statements and we audit them.
In which language is the report issued?
In Arabic and English.
Official sources
- Companies Law (Royal Decree M/132): Articles 18, 19 and 238
- Ministry of Commerce: micro and small companies exempt from appointing an auditor
General information based on the official sources listed. It is not professional advice for your company. Entry Post is a private professional firm, not a government body.