Client: JKL LIMITED, A MEDIUM-SIZED COMMERCIAL BUSINESS.
JKL LIMITED requires professional accounting services to efficiently manage, and coordinate audit conducted by an external audit firm. The company aims to ensure compliance with regulatory requirements, maintain accurate financial records, and provide transparency to stakeholders.
CHALLENGES FACED BY THE CLIENT
Complexity of Audit Process
JKL LIMITED faces challenges in navigating the complexities of the audit process, including preparing necessary documentation, addressing audit queries, and managing timelines.
Limited Internal Resources
The company has limited internal accounting resources, making it difficult to dedicate the required time and expertise to handle audits effectively.
Ensuring compliance with accounting standards (including IFRS, FRS 102, US GAAP, Lux GAAP, HKFRS, etc), regulations, and reporting requirements is crucial for JKL LIMITED, but it can be time-consuming and challenging without professional assistance.
SOLUTION PROVIDED BY THE PROJECT ACCOUNTANTS LTD (“PROJECT ACCOUNTANTS”)
JKL LIMITED engages Project Accountants specializing in audit coordination and management. JKL LIMITED is allocated an experienced relationship manager by Project Accountants as part of the following solutions to address the above challenges:
Reviewing financial records
Project Accountants conduct a review of JKL LIMITED’s financial statements, ensuring accuracy and completeness.
They assess the company’s compliance with relevant accounting standards, regulations, and reporting requirements.
Project Accountants assist in organising and preparing all necessary documentation including technical memos (such as going concern, the impact of the first-time adoption of new accounting standards, key judgments, etc) required for the audit process.
Project Accountants collaborate with JKL LIMITED to develop an audit plan, identifying key areas of focus, objectives, and timelines.
Liaison with auditors
They act as the primary point of contact between JKL LIMITED and the external auditing firm, coordinating all communication and information requests.
Project Accountants assist in addressing audit queries promptly, ensuring accurate and comprehensive responses.
Follow-up and tracking
They closely monitor the progress of the audit, ensuring timely completion and resolving any bottlenecks that may arise.
Project Accountants help JKL LIMITED in preparing accurate and timely financial statements, ensuring compliance with regulatory guidelines.
BENEFITS AND OUTCOMES
Streamlined Audit Process
Project Accountants streamline the audit process for JKL LIMITED, ensuring efficient coordination, accurate documentation, and timely responses to auditors’ queries.
Time and Resource Savings
Outsourcing audit coordination and management to Project Accountants frees up internal resources at JKL LIMITED, allowing them to focus on core business activities.
Improved Stakeholder Confidence
By demonstrating transparency, accuracy, and adherence to regulatory standards, JKL LIMITED enhances stakeholder confidence and meets relevant audit timelines.
Project Accountants play a vital role in helping JKL LIMITED effectively manage and coordinate audits. Their expertise, pre-audit preparation, audit coordination, compliance assistance, and streamlined processes lead to efficient and successful audit outcomes while minimising the burden on the client’s internal resources.