Tamkeen conducts Mohasaba Induction Day

Attending the programme were the 3 service providers, KPMG Fakhro, Ernst & Young, and BDO Jawad Habib, in addition to potential clients and beneficiaries and Tamkeen representatives.

The BD4.2m Mohasaba programme envisages identifying up to 1200 establishments and offering two levels of assistance in strengthening financial reporting. The programme presents companies with the opportunity of providing an accounting and auditing service or an auditing service that will help to "tone up" financial reporting practices within those companies.

"Mohasaba is designed to reflect the growing need for proper financial reporting and documentation among firms of all sizes including SMEs," said PSS Manager Mona Hatem, "Mohasaba is a timely investment by Tamkeen and private sector beneficiaries in the financial reporting practices that they employ. When companies have accurate and internationally recognized financial reporting procedures in place, it brings transparency and reliability to the system and helps firms to have ready the vital tools for business expansion such as annual reports and audited accounts, without which financial support from various banks is impossible."

Mohasaba facilitates the implementation of a proper accounting system that facilitates the generation of reports on the profitability and financial position of the beneficiary company at any time and compliance with acceptable accounting standards and best practices applicable to the private sector. It also offers access to reputed external audit service for those firms which already have an acceptable internal accounting system in place.

Project coordinator Ammar Awachi explained that Tamkeen has pledged to bear a majority of the cost of the project for small companies - up to BD3,500 out of 4,500 for a full package accounting and auditing service and up to BD1,000 of 1,500 for auditing services alone. Medium and large firms can also benefit from Mohasaba with the same grant value however, they will need to negotiate their rate with their chosen service provider.

"Tamkeen has built a strong suite of programmes to strengthen the private sector in the Kingdom and the launch of the Mohasaba services is a logical transition into the next phase where we assist the establishments with creating a viable and valid accounting reporting system," commented Tamkeen's senior manager, Private Sector Support, Mr. Mohammed Bucheery, "We believe that the Mohasaba programme will add credibility to the private sector's growth and stimulate development in line with the Leadership's Vision 2030 blueprint since transparency in accounting will enable financial assistance and growth."