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IFRS Viewpoints

Viewpoints from around the world

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IFRS 16: Preparing for lease accounting

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Interim consolidated financial statements 2020

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International and local audits require common sense as well as technical expertise.

We have more than 18,000 people committed to delivering best-in-class assurance services in more than 135 countries including Saudi Arabia.

Our teams can provide you with innovative assurance services in:

  • Audit assurance
  • External audit
  • Limited review
  • Specialised audits
  • Agreed upon procedures
  • Compilation assignments
  • First time adoption of IFRS

Why Grant Thornton?

We have the size, scope, breadth, depth and global reach to serve dynamic organisations in Saudi Arabia. Our teams can provide you with assurance services that deliver real value and support investor confidence.

We coordinate, cooperate and communicate based on our shared global strategy, which ultimately leads to greater consistency and better quality.

A culture of quality

We approach each audit with sharp thought, straight talk and common sense. In addition to verifying that financial results are fairly presented and meet applicable professional standards, we provide observations and insight into the real performance of your business.

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We have a dedicated quality monitoring programme that focuses on the six elements of International Standard on Quality Control (ISQC) 1. Under this programme, our audit quality is reviewed by our international office who provide feedback on the design, implementation and operation of our assurance practice quality control.

This rigorous approach helps make sure we deliver consistent, quality services for our clients worldwide over the longer term.

Learn more about our audit quality-monitoring programme.

A single global audit approach

We use one audit methodology globally, which means we can offer you consistent, high quality services wherever you are in the world. 

Our audit methodology, Horizon, features a partner-led process that focuses our audit efforts on those areas of your financial statements that represent the greatest risk.

Horizon also features integrated quality-control processes, including policies and procedures for engagement quality-control review. The Horizon methodology is supported by the Voyager suite: an integrated set of six proprietary software tools. 

We continuously evaluate our audit methodology and software applications and provide updated versions annually.

Learn more about our technology audit software tools.

International Financial Reporting Standards

Capability in International Financial Reporting Standards (IFRS) is one of our core skills. We have a full-time team responsible for high quality, consistent application of IFRS throughout the global organisation and technical leaders in Saudi Arabia.

The IFRS team promotes consistency by:

  • offering regular training programmes
  • operating an IFRS helpdesk service
  • publishing extensive technical and interpretive guidance, newsletters and other tools and resources.

We also actively contribute to the development of IFRS. This includes the submission of global comment letters on proposals for new and amended standards as well as participation in roundtables and other events. We are also a member of the IFRS Interpretations Committee, the IFRS Advisory Council and the IFRS for SMEs Implementation Group.

If you have any questions or would like to find out how we can help, please get in touch with our Assurance team.

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