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what is an audit?
it is the examination of the financial reports of the business, by an independent person. when examining the financial reports the auditors must follow the auditing standards which are set by the government law.
how is the audit conduct?
the management of the organization prepares the financial statements and the directors agree on this financial report ,then the auditors examine the activities of the organization , take the evidances and then make the judgement on the reports , finally they prepare the audit report out of their opinion Types of audits
Product audit – An examination of a particular product or service (hardware, processed material, software) to evaluate whether it conforms to requirements (that is, specifications, performance standards, and customer requirements).
Process audit – A verification that processes are working within established limits. It evaluates an operation or method against predetermined instructions or standards to measure conformance to these standards and the effectiveness of the instructions. Such an audit may:
Check conformance to defined requirements such as time, accuracy, temperature, pressure, composition, responsiveness, amperage, and component mixture.
Examine the resources (equipment, materials, people) applied to transform the inputs into outputs, the environment, the methods (procedures, instructions) followed, and the measures collected to determine process performance.
Check the adequacy and effectiveness of the process controls established by procedures, work instructions, flowcharts, and training and process specifications.
System audit – An audit conducted on a management system. It can be described as a documented activity performed to verify, by examination and evaluation of objective evidence, that applicable elements of the system are appropriate and effective and have been developed, documented, and implemented in accordance and in conjunction with specified requirements.
A quality management system audit evaluates an existing quality program to determine its conformance to company policies, contract commitments, and regulatory requirements.
Similarly, an environmental system audit examines an environmental management system, a food safety system audit examines a food safety management system, and safety system audits examine the safety management system.
Internal & external audits: first-, second-, and third-party audits
A first-party audit is performed within an organization to measure its strengths and weaknesses against its own procedures or methods and/or against external standards adopted by (voluntary) or imposed on (mandatory) the organization. A first-party audit is an internal audit conducted by auditors who are employed by the organization being audited but who have no vested interest in the audit results of the area being audited.
A second-party audit is an external audit performed on a supplier by a customer or by a contracted organization on behalf of a customer. A contract is in place, and the goods or services are being, or will be, delivered. Second-party audits are subject to the rules of contract law, as they are providing contractual direction from the customer to the supplier. Second-party audits tend to be more formal than first-party audits because audit results could influence the customer’s purchasing decisions.
A third-party audit is performed by an audit organization independent of the customer-supplier relationship and is free of any conflict of interest. Independence of the audit organization is a key component of a third-party audit. Third-party audits may result in certification, registration, recognition, an award, license approval, a citation, a fine, or a penalty issued by the third-party organization or an interested party.
Purposes of audits
An auditor may specialize in types of audits based on the audit purpose, such as to verify compliance, conformance, or performance. Some audits have special administrative purposes such as auditing documents, risk, or performance or following up on completed corrective actions.

Certification

Companies in certain high-risk categories—such as toys, pressure vessels, elevators, gas appliances, and electrical and medical devices—wanting to do business in Europe must comply with Conformité Europeënne Mark (CE Mark) requirements. One way for organizations to comply is to have their management system certified by a third-party audit organization to management system requirement criteria (such as ISO 9001).

Customers may suggest or require that their suppliers conform to ISO 9001, ISO 14001, or safety criteria, and federal regulations and requirements may also apply. A third-party audit normally results in the issuance of a certificate stating that the auditee organization management system complies with the requirements of a pertinent standard or regulation.

Third-party audits for system certification should be performed by organizations that have been evaluated and accredited by an established accreditation board, such as the ANSI-ASQ National Accreditation Board (ANAB).

Performance versus compliance/conformance audits

Various authors use the following terms to describe an audit purpose beyond compliance and conformance: value-added assessments, management audits, added value auditing, and continual improvement assessment. The purpose of these audits goes beyond traditional compliance and conformance audits. The audit purpose relates to organization performance. Audits that determine compliance and conformance are not focused on good or poor performance. Yet performance is an important concern for most organizations.

A key difference between compliance/conformance audits and audits designed to promote improvement is the collection of audit evidence related to organization performance versus evidence to verify conformance or compliance to a standard or procedure. An organization may conform to its procedures for taking orders, but if every order is subsequently changed two or three times, management may have cause for concern and want to rectify the inefficiency.

Follow-up audit

A product, process, or system audit may have findings that require correction and corrective action. Since most corrective actions cannot be performed at the time of the audit, the audit program manager may require a follow-up audit to verify that corrections were made and corrective actions were taken. Due to the high cost of a single-purpose follow-up audit, it is normally combined with the next scheduled audit of the area. However, this decision should be based on the importance and risk of the finding.

An organization may also conduct follow-up audits to verify preventive actions were taken as a result of performance issues that may be reported as opportunities for improvement. Other times organizations may forward identified performance issues to management for follow-up
at the end , we have professional leaders at the audit services , we will help your organization to avoid the frauds in the business ,shape your organization's future.

Our experienced staff, whatever you need in this field whatever the size of your organization will solve the problem in Egypt.
We work with our clients to develop tax &law strategies that will fit your purpose in the tax system. We develop solutions for a more effective supply chain when setting up a business or changing the existing one. We work with authorities in handling taxes disputes. COMBINING STRENGTHS IN LAW AND ACCOUNTANCY
On many business and corporate issues, both accountancy and legal skills are required and member firms regularly work in partnership with legal services providers or are able to refer clients to trusted advisors.

A number of member firms have an in-house multidisciplinary legal advisory team that can to meet your needs. Our member firms work with many clients to ensure they are optimizing the structure of their operations to be as tax efficient as possible.

As well as ensuring compliance with local legislation, specialists offer informed guidance on possible future changes to taxation regimes to help with longer-term planning.


MCMILLAN MEMBER FIRMS CAN ADVISE YOU ON:
Preparing and submitting accounts
Taking advantage of capital allowances
Buying or selling a business
Loss relief planning
Capital gains tax
Relief for expenditure on intangible assets
tax planning
Mergers and acquisitions tax issues
VAT and customs planning
Tax planning for ex-pat executives

Career development can help with a wide range of career development activities including:

career planning and decision-making
analyzing your work-related skills and abilities
identifying your work-related values and priorities
adjusting your work-life balance
researching and selecting learning and training options
investigating the labor market
job seeking
improving your network of contacts
identifying or creating opportunities to progress your career
marketing yourself for opportunities
Within organizations, career development use career development methodologies to integrate a range of human resource management practices including:

employee attraction, engagement and retention
recruitment and selection
role profiling
learning and development
performance review and planning
succession planning
workforce planning
leadership development
Looking for career advice?

As with any startup, it’s important to do your homework and know your market before starting a business. But on-demand services offer a host of startup opportunities that may not have existed otherwise. No matter the industry, consumers are now well-accustomed to on-demand services, and have come to expect them with any new startups that appear on the scene. It can even be a liability if your company lacks an on-demand service element, as competitors can likely satisfy your customers’ desire for near-instantaneous results.

For the most part, the services themselves are not new, whether it’s vacation rentals or ride-sharing. What is new and novel is the speed and convenience of accessing these services (at a competitive price), with virtually all on-demand service transactions facilitated through a laptop or smartphone app. Need to paint a room, fix your car, get a ride or shop for a party? It can all be taken care of by pressing a few buttons on your phone.

And the market for on-demand services is here to stay. With some 77 percent of adults in the U.S. currently owning smartphones, and 94 percent among those 18 to 29 years old (according to the Pew Research Center), the number of Americans who buy services through their phones should only grow.For current business owners and aspiring entrepreneurs looking to tap into the growing market of the on-demand economy, the path can be fairly straightforward. The first step is to understand the mindset of your millennial customers and their smartphone user behavior. To cater to their appetite for the simplicity of on-demand services, it’s important to focus your resources on creating an attractive smartphone app that offers an excellent user experience and API (application programming interface).

Once your app is created and launched, the next task is to market it. There are numerous avenues for marketing an on-demand service, many unique to e-commerce and online sales. After making your app available on app stores (particularly Google Play and Apple’s App Store), you can reach out to online influencers in your industry to help spread the word. Consider app store optimization (ASO), which can push your app to the top of searches. If you already have a strong online presence, you can feature the app on your landing page, or spread the word to customers via email.

Once the world knows about your on-demand service, you need to be prepared to deliver. Have your on-demand service operations ironed out and well-staffed so that when customers fire off orders through their smartphones, you can provide the speedy service they expect. It also helps to be as nimble as possible, so you can tweak your operations or add workers quickly depending on demand.

Our managers are qualified to put a business recovery plan for your company to improve procedures system of the companies to increase profitability and liquidity of your business. Business advisory services provided across the MCMILLAN works include year-end accounts preparation, management account reviews, and assistance in preparing budgets and financial projections.

MCMILLAN members are able to help develop or review business plans and carry out independent business reviews and valuations for lenders and investors.

Many clients have utilized to aid expansion into new markets, develop cross-border joint ventures or outsource business processes to lower cost locations.


SPECIALIST ADVISORS FROM MEMBERS CAN HELP YOU WITH:
Accounting and bookkeeping outsourcing
Budgeting, financial planning, and control
Cash flow and profit projections
Business plans and independent business reviews
Business valuations
Company formations and company secretarial services including appropriate commercial and tax-efficient structures for EGYPTIAN expansion and cross-border ventures, trusts and foundations, pension funds, charitable and philanthropic structures
Reviewing management reporting systems
Domestic expansion
Practice management and business systems
Payroll administration and company administrative services

Enterprises are considered the engines that keep the countries growing.
Problems that face the enterprises:-
1- Barriers that face startups
2- The awareness of the vital role that enterprises play
3- The low digital capabilities of enterprises of the city
4- The low participation of enterprises in economies
Our advisers are trusted to solve your enterprises' problem, whatever what is it?

McMillan woods, our professional team works so closely with our clients to assist from start to finish at every stage of the process with the law instructions.In-depth knowledge of industry sectors and markets provides valuable insight into specific opportunities and risks for your company.

Corporate finance specialists across the network assist clients to develop an acquisition approach, identify targets or interested parties, instigate negotiations and help conclude transactions.

our member firms are well-placed to provide advice and local knowledge to assist with foreign acquisitions and sales.


HELPING MAXIMISE VALUE FROM YOUR BUSINESS
If you are looking to sell your business or plan an exit strategy, MCMILLAN member firms can help you with initial preparation, valuation and marketing to potential investors, negotiation through to tax minimization and investment planning.

Clients considering a public offering can draw on the extensive experience within MCMILLAN member firms of listings on EGYPTIAN stock markets


CORPORATE FINANCE SERVICES PROVIDED BY MEMBERS IN FIRMS INCLUDE:
Business valuations
Raising finance
Financial restructuring
Negotiations and vendor protections
IPOs/flotation
Management buy-outs/ins
Key management incentive schemes
Succession planning and development
Preparing businesses for sale
Exit strategies

Accounting services are
1- bookkeeping
2- payroll services
3- management accounting
4- annual report and accounts
Bookkeeping
First is the old fashion of book-keeping begun by writing entries into journals General journals specialized journals.
Second is bookkeeping today use the software in accounting especially in Bookkeeping it has many advantages like eliminating the errors that had occurred when amounts were manually written and calculated.
Payroll services:
We can deal with it in all types, sizes, and either a weekly or monthly task.
We can deal with an amount of compensation or expenses and also any urgent requirements.
Management accounting:
We have managers who have certificates like CMA to make for you professional financial decisions that your business need.
Annual report
Our managers will give you the opportunity to discuss with then your financial reports and your business activities.
They are also professional to prepare it if so required

We can make your deals more effective. Faster and stronger whatever what you looking for, we can make your future deals make a difference and shape it with touch. We can find for you new opportunities. So instead of waiting, join us and capture the value. Working with specialists in the field also enables you to focus your efforts on developing your business with the assurance that your statutory obligations are being complied with.


UNDERSTANDING RISK AT EVERY LEVEL
MCMILLAN member firms help clients understand and mitigate the risks they face in areas such as regulatory change, new legislation and threats to political instability.

They are able to offer sector-specific expertise in areas such as financial services and commodities.

Experts also work with businesses and organizations to build resilience and to embed good risk management practices.

Make the effective decisions to move forward with confidence on your business with our expert consultants.
we have professional advisories in each field that you want to make in it a business, we will solve your problem and make your business in progress in a short time. Many clients have utilized our international network to aid expansion into new markets, develop cross-border joint ventures or outsource business processes to lower cost locations.


SPECIALIST ADVISORS FROM MEMBER FIRMS CAN HELP YOU WITH:
Accounting and bookkeeping outsourcing
Budgeting, financial planning, and control
Cash flow and profit projections
Business plans and independent business reviews
Business valuations
Company formations and company secretarial services including appropriate commercial and tax-efficient structures for international expansion and cross-border ventures, trusts and foundations, pension funds, charitable and philanthropic structures
Reviewing management reporting systems
Domestic expansion
Practice management and business systems
Payroll administration and company administrative services

MCMMillan woods will make you face the challenges and grow up.