Audit Firms in Lebanon: What Businesses Should Expect

Audit isn't only about catching fraud; it's about giving stakeholders — banks, investors, partners — confidence in your numbers. In Lebanon, statutory audits are required for many companies, and clean opinions matter for banking and contracts.

Types of engagements

• Statutory annual audit: the most common — produces an opinion on financial statements.
• Review engagement: limited assurance, lighter than a full audit.
• Agreed-upon procedures: specific tests on specific items.
• Due diligence: for M&A and investor scenarios.
• Internal audit: recurring controls and process reviews.

How to prepare

• Close the books promptly — auditors can't audit what isn't ready.
• Reconcile bank, customer, and vendor accounts before fieldwork begins.
• Document significant accounting judgements with memos.
• Maintain inventory counts, fixed asset registers, and HR records.

Choosing a firm

• Match firm size to company complexity — overpaying for a global brand isn't always necessary.
• Confirm sector experience — banking, NGOs, real estate, and tech all have nuances.
• Ask how they propose to scope and price — fixed fee vs. hourly with cap.
• Discuss timing — audits compress around year-end deadlines.