Statutory audit support to a wealth management company.
Index
2.1 Business challenges
3.1 Planning
3.2 Accounting and financial statement preparation
3.3 Outcomes
1. Introduction
We assisted in preparation of financial statements, relevant workings and schedules and coordinating with management and auditors for successful audit closure.
2. Client profile
The client is a wealth management company that provides investment advisory services to clients across India through four different entities and had undergone major restructuring.
2.1 Business challenges
- Lack of adequate resources with appropriate skill sets in the lean finance function.
- Incorrect and inappropriate recording of restructuring transactions.
- Absence of crucial and complex workings as required by auditors.
- Delay in recording accounting entries in accounting software.
3.Our approach
3.1 Planning
- Collaborated with management and auditors to establish timelines and a roadmap for auditing four entities.
- Coordinated with auditors and management for audit requirements and timely closure of audit points.
3.2 Accounting and financial statement preparation
- Designed crucial reports and workings like Fixed Assets Register, Investments Portfolio working, and receivables and payable ageing.
- Performed essential calculations including goodwill, income tax, deferred tax, depreciation, and realized and unrealized gains on investments, as well as the carrying value of associates.
- Addressed all the queries related to the audit to the satisfaction of the auditors.
- Recorded appropriate accounting entries as per IGAAP and Companies Act 2013.
- Prepared standalone and consolidated financial statements that comply with IGAAP and Companies Act 2013.
3.3 Outcomes
- Successful audit closure for all four entities, ensuring compliance with applicable regulations and standards.
- Accurate and prompt accounting of transactions in accounting software leading to reliable financial records.
- Development of comprehensive documentation and workings that can be utilized for subsequent audits.
- Creation of standardized formats that are easy to understand and can be quickly applied for routine purposes as well.
