Audit Assistance

Audit Assistance

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:

1. 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.
2. 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.

Our Methodology

• 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