“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 of the questions that arise during the audit by the statutory auditors. This is particularly true with questions having to do with plan qualification and compliance. Many times, this results in an inefficient audit, and a less than satisfying experience for everyone involved in this process.
HLB Hamt is having an experienced team of professionals, who is having exposures in different industry segments, deep knowledge in IFRS Frame work and familiarity with International standards on auditing and quality assurance will help you in a hassle free statutory audit process, with help of your accounting team, which includes.
Year-end closing process
Preparation of lead schedules
Analyse 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
a) 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 guide lines, the accounts team can simply account the final JV’s and prepare the financial statements.
b) 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 on the fair valuation of financial assets and impairment on investments.