Easing your Finance Team for Audit
A successful audit is essential for preserving investors’ confidence, mitigating risk, and increasing the value of your business. Audits are an unavoidable part of doing business whether mandated by regulatory agencies, financial institutions, or your stakeholders. Without a strategic audit preparation plan, things can easily go awry.
However, preparing for an audit can be overwhelming and time-consuming for your finance team. Our team provides audit support services that satisfy audit requirements. We know what auditors are looking for and understand the relevant standards. By handling all of these services, your finance team can focus on their financial and accounting operation work.
The client has more than 20 years track record in handy bulk cargo, providing "One Stop Shipping" services that include owning, time charter operation, and full management.
- The new finance team was busy catching up with routine accounts.
- There was no handover from the previous finance team, so the new team had no idea about most of the consolidation entries that were passed in prior years.
- The consolidation process involved more than 20 entities and complex consolidation entries related to refinancing/sale and leaseback..
How we helped:
We worked closely with key individuals from the various accounting and finance functions.
Some key activities undertaken were as follows:
- Initial set-up and standardisation of consolidation worksheet.
- Dissected the main consolidation into 2-staged consolidation for both current and prior years audit
- Coordinated with both the audit team and the client to find a middle ground on complex consolidation treatments and entries.
- Drafting of financial statements for audit purpose in accordance with the Companies Act and financial reporting standards.
We were able to ease the finance team's burden during the audit and expedited the audit process. There were also minimal audit adjustments with respect to the consolidation entries. The client was thus able to meet the ACRA deadline.