Tamkeen has conducted an induction day for its re-branded, re-designed Mohasaba programme, which has been developed to assist companies in streamlining financial reporting and certifying through international auditing practices.

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

The BD4.2 million ($11.1 million) Mohasaba programme envisages identifying up to 1,200 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 small and medium enterprises,' said private sector support 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 recognised 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.'

Project co-ordinator Ammar Awachi said that Tamkeen has pledged to bear a majority of the cost of the project for small companies, up to BD3,500 out of BD4,500 for a full package accounting and auditing service and up to BD1,000 of BD1,500 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.-TradeArabia News Service