Supervision and review of financial accounting records
Spectrum helps you in setting up of the controls in relation to preparation and review of financial statements. We also help in reviewing the financial statements that are prepared by one of your team member to make sure that they are accurate, complete, in line with the requirements of International Financial Reporting Standards (IFRSs) and the local applicable laws and regulations. If you have any group reporting requirements, Spectrum Accounting can help you in preparing the group reporting pack and review to be in line with the requirements of your group.
There are number of review steps that can be utilized in specific areas, such as: Cash and bank, Revenue recognition, Receivables, Inventory, Leases, investments, fixed assets, intangible assets, notes payable and accrued expenses, long-term liabilities, contingencies and commitments, equity, revenue and expenses, etc to make sure that they are in compliance with industry, local laws and regulatory requirements and they are also in compliance with the updated and relevant standards of IFRSs.
Following are few of the steps that we follow as part of the financial statements review process:
Understand and review the procedures in place for recording accounting transactions and suggest if any changes are required.
Investigate doubtful or difficult transactions/ adjustments that may affect reported results or prepared financial statements.
Enquire transactions that are made during the closure of accounting period or at the time of finalization of the books of accounts for preparation of the financial statements.
Review the answers provided againstthe queries relating to earlier reviews and check how that effecting current period report.
Investigate journal entries that are passed during the course of closure of the period and also review the unusual journal entries passed.
Read the financial statements to see if they appear to conform with the applicable financial reporting framework (IFRSs)
Conduct a ratio analysis with historical, forecasted, and industry results and compare them with the current period reports to make sure where does your company stand and also to get comfort on the report at macro level.