Background:
The client was a VC funded startup and was engaged in food delivery and restaurant listing business. During the growth phase, the client expanded its operations to various countries across the globe. Being in the growth phase, the clients accounting and reporting systems were not strong enough to support such an expansion. The client decided to get its books audited from one of the “Big Four” audit firms for the first time and so it reached out to Acupro asking for additional support to assist them in their audit process.
Issues involved/ client concerns:
· Absence of proper financial records and internal controls;
· Disorganized data spread across multiple sources which needed to be systematized to conduct an audit;
· No systematic processes in place for standardization;
· Small team size to handle reconciliation and preparing audit schedules; and
· Accounts for various international subsidiaries and branches were required to be consolidated.
How we helped
· Prepared audit schedules which were set to be reviewed by the auditors;
· Prepared various reconciliations to provide to the auditors;
· Prepared consolidated financial statement for all subsidiaries and branches involving___ subsidiaries; and
· Held discussions with the auditors to resolve all audit queries and related issues.
Conclusion:
The Acupro team was able to help the company in getting its audit completed smoothly from a ‘Big Four’ audit firm within the deadline.