Financial Department The Finance Division plays a significant role in controlling and recording the financial transactions of the Company. In addition, it conducts its related tasks under the overall strategic plan through performing different financial activities such as preparation of annual estimated budgets under supervision of the senior management and Board of Directors. This division also monitors achieving the targets set for all business units and departments, and updates such targets regularly through exercising effective financial control over all financial activities of the Company. It also develops all types of financial reports, helping the executive management to take appropriate decisions in a timely manner and disclose the Company’s operations through regular annual and quarterly financial reports developed in accordance with the accepted accounting standards in Saudi Arabia issued by the Saudi Organization for Certified Public Accountants (SOCPA). The Finance Division always complies with requirements of the Capital Market Authority (CMA) and duly responds to inquiries received from the General Audit Bureau (GAB), external auditors, internal auditors or any other controlling bodies. 1- Develop reports and publish regular financial statements The Finance Division develops the policies, mechanisms and necessary controls at the different levels of the Company, inside and outside the Kingdom, in order to record all financial transactions under the accepted accounting standards in Saudi Arabia and using the best international practices. In addition, it ensures accuracy, transparency, and timely recording of the information, enabling users of the financial statements to understand the Company’s performance during the reporting periods. The Finance Division also publishes the quarterly and annual financial statements according to requirements of the Capital Market Authority in line with the requirements of the regulatory and controlling bodies in the Kingdom of Saudi Arabia. 2 - Prepare annual estimated budgets Estimated budgets are regularly prepared under the supervision of the Finance Division in coordination with all other departments and business units of the Company after analyzing the economic and commercial conditions as well as best available information, taking into account profit maximization and expenditure control strategies adopted by the Company. The process begins with preparing the estimated budget of each business unit prior to each fiscal year. The draft budgets are reviewed by the senior management and submitted to the Board of Directors for approval. Such estimates are updated quarterly through considering changes in the market conditions. These changes are reflected on performance projections in order to provide information in a timely manner, helping the Company to take appropriate decisions in light of such changes. 3- Monitor business unit performance and control revenue and expenditures After preparing the annual budget at the beginning of each fiscal year, performance is regularly monitored and compared to the estimated figures to ensure ability to generate the targeted revenue and control expenditures. Significant deviations are analyzed and addressed if any. This enables the Company to control its operations and project necessary actions to achieve the best results by controlling the financial results of all business units. Moreover, Company’s performance and markets are regularly assessed to consider the developments and seize potential opportunities appropriately. Below is a description of the basic roles undertaken by the Finance Division and Accounting Department:
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The National Shipping Company of Saudi Arabia ( )
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