1. Review of In-House Accounts
Businesses must ensure their internal accounting team maintains accuracy and compliance with financial regulations.
- Oversight Process: Regular reviews help identify errors, inconsistencies, and compliance gaps.
- Regulatory Standards: Accounting must align with International Financial Reporting Standards (IFRS) and local tax laws.
- Risk Mitigation: Proper supervision reduces the risk of financial misstatements and penalties.
2. Adjustment Entries
Companies must review and post accruals, prepayments, and journal adjustments to maintain accurate financial records.
- Accruals: Expenses incurred but not yet paid (e.g., unpaid wages, utilities).
- Prepayments: Payments made in advance for future expenses (e.g., insurance, rent).
- Journal Adjustments: Corrections to financial records ensure accurate reporting and compliance with accounting principles.
3. Audit-Ready Financials
Businesses must prepare clean, compliant financial statements for internal or external audits.
- Audit Preparation: Companies must maintain detailed financial records, reconciliations, and supporting documents.
- Compliance Standards: Financial statements must adhere to GAAP or IFRS for credibility.
- External Audits: Proper preparation ensures smooth audits and minimizes the risk of penalties or financial discrepancies.