Audit report 31, December 2010
To: The Shareholders
Al Ahsa Development Company
Al Ahsa, Saudi Arabia
We have audited the accompanying consolidated balance sheet of ADC and it's subsidiary Saudi Joint Stock Co. as of 31/12/2010 and the related consolidated statement on income, consolidated cash flow and consolidated changes in shareholder equity for the year then ended and the note from 1 to 27 which are integral part of those consolidated financial statements, which were prepare by the management and presented to use together with all information and explanations that we requested. our responsibilities is to express an opinion on these consolidated financial statement based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatements, an audit include examining, on a test basis, evidence supporting the amount and disclosure in the consolidated financial statements. an audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall consolidated financial statement presentation. we believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statement referred to above presented fairly , in all material respects the consolidated financial position of Al Ahsa Development Company and its subsidiary as of 31/12/2010 and the result of its consolidated operation, its consolidated cash flow and its consolidated changes in shareholder's equity for the year then ended in accordance with generally accepted accounting standards applicable to the company.
Also in our opinion the consolidated financial statements:
-Agree with the requirement of the regulation for companies and the company's article of association insofar as those relate to the preparation and presentation of these financial statements.
-Are in agreement with the accounting records kept in a computer system in accordance with the local system.
Riyadh-Saudi Arabia
Date: February 9, 2011
Associates Accountants
Certified accountants & Consultants
(Hamoud Ali Al-Rubain- Locense No. 222)