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.

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.

Our approach

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.

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.

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.