Fama Accounting Services, Office 2294, Building 574 Road 31 Block 611 Al Hamriya, Bahrain
Fama Accounting Services, Office 2294, Building 574 Road 31 Block 611 Al Hamriya, Bahrain
In today’s fast-evolving regulatory and operational environment, businesses in Bahrain must go beyond traditional checklists. Risk-Based Audit Services offer a smarter, more strategic approach — focusing resources on the areas that pose the highest risk to your business performance, compliance, and reputation. Whether you’re a growing enterprise or a regulated institution, this modern audit approach helps you detect, manage, and mitigate potential risks before they escalate.
Our Risk-Based Audit Services in Bahrain are designed for forward-thinking organizations that understand not all departments or functions carry the same level of exposure. Through advanced risk mapping and tailored audit programs, we focus on what truly matters: financial vulnerabilities, process inefficiencies, regulatory gaps, and operational blind spots. This results in deeper insights, stronger controls, and higher audit ROI.
Whether you need to satisfy internal governance, investor scrutiny, or regulatory mandates (from CBB, MOIC, NBR, LMRA, etc.), our risk-based approach is designed to align with your strategic priorities. It’s the audit methodology trusted by global enterprises — now customized for Bahraini businesses of all sizes.
A risk-based audit is an internal or external audit approach that prioritizes resources and attention based on the level of risk associated with each business process or activity. Rather than auditing everything equally, we focus deeply on high-risk areas, such as finance, procurement, tax, IT, and governance.
Detect major control weaknesses early
Improve risk awareness among staff and leadership
Support better decision-making with audit findings
Save time by reducing focus on low-risk areas
Meet regulatory and board-level expectations
You’ve experienced fraud, loss, or operational failure
You’re scaling rapidly and unsure if controls have kept up
A new CEO, CFO, or compliance officer has joined
You’re preparing for IPO, funding, or international expansion
Regulators are requesting stronger oversight (e.g. CBB, NBR)
You want a strategic audit, not just a routine one
Full risk heatmap and scoring matrix
Department-wise audit findings
Recommendations mapped by risk level (High, Moderate, Low)
Dashboard-style reporting for management
Optional follow-up review after 90–180 days
Deep knowledge of Bahrain’s regulatory and risk landscape
Multidisciplinary team: audit, compliance, IT, operations
Aligned with COSO, ISO 31000, and international risk standards
Custom-built frameworks for SMEs, corporates, and NGOs
Focused, efficient, and high-impact audits
Confidential, collaborative, and actionable
| Business Function | Risk Level | Control Effectiveness | Audit Priority |
|---|---|---|---|
| Procurement | High | Weak | Immediate |
| HR & Payroll | Moderate | Average | Within 30 Days |
| VAT Reporting | High | Needs Improvement | Immediate |
| Marketing | Low | Strong | Annual Review |
Internal control redesign
Risk register development
Compliance training
Ongoing audit committee support
Audit remediation verification
| Risk Category | Typical Focus Areas |
|---|---|
| Financial Risks | Revenue recognition, expense control, cash handling |
| Operational Risks | Procurement, inventory, project controls |
| Compliance Risks | VAT, LMRA/GOSI, AML/CTF, license adherence |
| Strategic Risks | Governance, M&A readiness, ESG, decision frameworks |
| Technology Risks | Cybersecurity, system access, data backups, digital fraud |
| Reputational Risks | PR controls, stakeholder trust, HR violations |
Minimize risks and maximize growth with our comprehensive accounting solutions in Bahrain.
Below is an overview of our general pricing packages for our suite of services in Bahrain. Costs vary depending on factors such as the services we offer.
Read some reviews and success stories from our loyal customers who achieved their goals and how our expert solutions have made a lasting impact on their growth, compliance, and financial clarity. Your success is our greatest achievement!
Client
I am so happy to have chosen this company! Right from the start it was a very easy decision, I knew I am in the right hands. They contacted me with every update they had and always kept me up to date with all the information and steps that we will proceed next.
Client
Highly recommend for anyone looking to establish a company in Bahrain! Waqas Akram and his team made the entire process smooth and stress-free. They were incredibly knowledgeable, responsive, and handled every detail with professionalism.
Client
The team was highly professional, efficient, and knowledgeable. They ensured that all paperwork and procedures were handled smoothly, saving us both time and effort. I highly recommend their services to anyone looking out there.
Client
Abdullah and the team have been great in assisting me with related tasks. In challenging timeframes they've supported me to ensure our company operations can start in Bahrain without any issues. Thank you. I will recommed their services.
Client
I was extremely impressed with their services. Their expertise made everything smooth and hassle-free. I highly recommend Setup in Bahrain for anyone looking for their business here. Their professionalism and commitment to customer satisfaction are top-notch.
With years of experience and a highly qualified team, we bring unmatched expertise and in-depth knowledge of Bahrain’s financial landscape to every service we provide.
1. What is a risk-based audit?
A risk-based audit focuses audit resources on the most significant risks to your business, rather than reviewing all departments equally.
2. How does a risk-based audit differ from a traditional audit?
Traditional audits apply standard checks across all functions. Risk-based audits identify high-risk areas and prioritize them for deeper review.
3. Who needs a risk-based audit in Bahrain?
Companies in regulated sectors, fast-growth businesses, and organizations with known vulnerabilities benefit most.
4. Are risk-based audits mandatory?
While not legally required, many boards, regulators, and investors now expect this strategic approach — especially for CBB-regulated entities.
5. What standards are followed in risk-based audits?
We follow COSO, ISO 31000, and IFAC-aligned frameworks for risk identification and internal control assessment.
6. How is risk determined during the audit?
We evaluate risk using likelihood-impact scoring, combined with data analysis, management input, and industry benchmarks.
7. What risks are covered in these audits?
Financial, operational, regulatory, reputational, cyber/IT, compliance, and governance risks.
8. Is the audit tailored to our business model?
Yes. Every audit is customized based on your structure, size, sector, and business objectives.
9. How do you assess regulatory risks?
We test compliance against MOIC, NBR, LMRA, CBB, or sector-specific guidelines depending on your licensing and scope.
10. How long does the audit take?
Anywhere from 1 to 3 weeks depending on scope, number of departments, and document availability.
11. What if we don’t have internal risk registers?
That’s okay. We help you identify and define your business risks as part of the audit.
12. Do you offer ongoing risk monitoring after the audit?
Yes. We offer quarterly risk reviews, control testing, and internal audit support.
13. What tools do you use in the audit process?
Audit management software, Excel models, scoring dashboards, and ERP data analytics tools.
14. What sectors do you serve in Bahrain?
We serve all sectors — especially finance, logistics, education, healthcare, manufacturing, and family offices.
15. Can this help prepare for an external inspection?
Absolutely. Our audit prepares you for NBR, CBB, LMRA, or investor scrutiny.
16. Do you provide a final audit report?
Yes. A full risk-based audit report with findings, severity ratings, recommendations, and visual summaries.
17. Is the report confidential?
Yes. All client data and audit results are strictly confidential under NDA.
18. Can you train my team on risk awareness?
Yes. We conduct post-audit workshops and training on internal controls and risk mitigation.
19. Can a risk-based audit detect fraud?
Yes. High-risk financial areas are reviewed for signs of misappropriation, manipulation, or override.
20. What happens if major issues are found?
We support with remediation planning and help you resolve the issues professionally and discreetly.
21. Can we audit only certain departments?
Yes. You can request a focused audit (e.g., Finance, Procurement, IT Security).
22. What documents do you need?
We’ll provide a checklist — typically financial reports, internal SOPs, access logs, contracts, etc.
23. Do you audit IT and cyber risks?
Yes. We review access controls, backups, user logins, change logs, and security protocols.
24. Will this satisfy my board’s governance requirements?
Yes. Risk-based audits align with corporate governance best practices and board expectations.
25. Can this audit help improve credit or investor ratings?
Yes. It demonstrates transparency, internal control maturity, and proactive governance.
26. Is this useful for family businesses?
Definitely. It protects legacy, succession, and family investments from operational risks.
27. How is risk severity classified?
We use a 3-tier system: High, Moderate, Low — based on impact and likelihood.
28. Can the audit support insurance risk reviews?
Yes. Many insurers request internal audit or risk reviews for underwriting purposes.
29. Is this a one-time or recurring service?
It can be one-time or part of a quarterly/annual internal audit plan.
30. Do you provide templates or dashboards post-audit?
Yes. We share editable risk dashboards, SOP outlines, and compliance trackers.
31. Can you coordinate with our existing internal audit team?
Yes. We complement internal teams with independent insights and benchmarking.
32. Do you audit ESG risks?
Yes. We include governance and compliance risks within ESG frameworks where required.
33. What if my business has never been audited before?
That’s perfectly fine — we walk you through the process and tailor it to your pace.
34. Can you benchmark our risk exposure against similar companies?
Yes. We provide insights based on local industry patterns and audit benchmarks.
35. How do I get started?
Simply contact us for a discovery call — we’ll define your risk priorities and propose a scope.
| Red Flag | Risk Area |
|---|---|
| Inconsistent VAT returns or documentation gaps | Regulatory / NBR |
| Procurement with no vendor screening | Financial / Fraud Risk |
| High employee turnover in finance or operations | Operational / Fraud |
| IT access not monitored or controlled | Cybersecurity / Data Risk |
| Overlapping roles with no segregation of duties | Governance / Control Risk |
| Outdated commercial license activities | MOIC / Licensing Compliance |
| Payroll without supporting documentation (LMRA) | HR / Labor Compliance |
| Projects running over budget repeatedly | Strategic / Cost Risk |
| No internal control manual or code of conduct | Governance Risk |
| Frequent external audit findings or late filings | Financial / Reputation Risk |
Minimize risks and maximize growth with our comprehensive accounting solutions in Bahrain.
With a reputation for precision, and excellence, we are here to support your business growth while ensuring compliance with Bahrain’s financial and regulatory standards.
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