“The financial statements are the responsibility of management,” always appear prominently in most of the auditor’s communications, including the audit report and eventually the preparation for the statutory audit will be always challenging for the management.
The management and accounting staff often do not have the time or expertise to prepare accurate financial statements and audit file or answer all the questions that arise during the audit by statutory auditors. Many times, this results in inefficient audit, and a less than satisfying experience for everyone involved in this process.
HLB HAMT has an experienced team of professionals, who have exposure in different industry segments, deep knowledge in IFRS Framework and familiarity with international standards on auditing and quality assurance.
Hassle-free audit process
Our accounting team at HLB enables a smooth and hassle-free audit process. Our services include the following:
- Year-end closing process
- Preparation of lead schedules
- Analyze or reconcile accounts
- Initiate confirmations for mailing
- Evaluate or select accounting policies or procedures
- Prepare financial statements or footnote disclosures
- Evaluate and determine estimates included in financial statements
- Preparation of calculation sheets and supporting schedules
- Establish account grouping or classifications in the financial statements
- Follow up with PBC list provided by the external auditor
- Answering queries of external auditor related to the above
We can also assist you on industry-specific issues:
- Real estate or developer companies
We will help you to recognize revenue in accordance with IFRS 15 for all the development projects, which includes the retrospective application, calculation sheets, cost allocation, transfer to inventory and development in progress. This will be performed in consideration with RERA guidelines.
- Construction and contracting companies
Our experienced industry-specific staff can help you to calculate and prepare the revenue recognition and contract work in progress tables in line with IAS -11 / IFRS-15 in order to have a proper closing of accounts. Also, we can assist with the fair valuation of financial assets and impairment on investments.
IFRS Financial Statements
Are you facing difficulty in preparing IFRS financials because of;
- Disruption of regular activities of accounting staff
- Lack of quality staff due to cost or availability
- Inconsistencies on the application of accounting policies
- Awareness or understanding issues on latest standards or its amendments and industry best practices
- Financial agencies or suppliers asking in-house financial statements
HLB HAMT’s highly skilled professionals can help you tackle all these problems and prepare general purpose financial statements in IFRS framework in a timely, accurate and understandable manner with due professional care.
This will help the management reduce the opportunity to gain synergies and efficiencies and resulting reduced costs, so the management can concentrate on making important business decisions and accounting staff can concentrate on their daily activities.
- Understand the entity and its business segments
- Develop the financial statements template according to the business and according to the revised or new IFRS and related interpretations
- Prepare information request list and circulating among staff including different departments
- Assist or train the staff to respond the information request lists and reconciliations
- Work with the proven technologies
The Relevance of Data Analytics in External Audit
It has been a decade since banks, insurance companies, and retail sectors, large corporations started using data mining with technology companies’ help for analysis, design, and model.
Adapting to Remote Audit
The COVID-19 pandemic has presented many business challenges. Large organizations around the world pivoted to remote work to maintain business continuity
Auditing and Technology
COVID-19 has brought in tremendous changes to every sector across the world. Many businesses had to shut down, while the remaining shifted to digital or online business.
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