All Stories Group of Companies AUDIT-INVEST

I AM LOOKING FOR A NEW ACCOUNTANT… AND FOR AN OLD ONE AS WELL!

After replacing chief accountant it is found out that there is no proper accounting process in place? Why? And what should we do?…

After chief accountant Elena left her job company’s executive management decided to check the state of financial and tax accounting. WHY? All the tasks were handed over to a new accountant, it was necessary to understand the objective state of the company.

WHAT WE’VE DONE: Conducted review of financial and tax accounting. What was found out: absence of primary documents, mismatch of accounting to the given primary documents and, as a result, incorrectly filled declarations.

RESULT: Recommendations concerning elimination of errors are worked out, company’s financial and tax accounting are restored.

To avoid similar situations in the future the company decided to switch from the services of accountants to full accounting outsourcing in Audit-Invest.

TAX AUDIT FOR GREATER GOOD

Accountant is a human and it is human to err…

Petr Alekseevich has always cared for efficient performance of the company, so when there appeared an idea to check accounting department performance, he asked Audit-Invest for assistance. WHY? Because only an independent specialist can objectively estimate the work.

WHAT WE’VE DONE: Conducted tax audit of the client’s company. Incomplete tax charges to the budget were revealed

RESULT: The company avoided excessive fines from State Tax Inspection since the errors were eliminated timely. Recommendations concerning rational organization of accounting process were worked out taking into account peculiarities of the given company, optimal division of employees’ duties: regulatory and executive functions were split in order not to make accidental mistakes in the future.

Since 2009 Audit-Invest has been annually conducting tax audit of the company. According to Petr Alekseevich, amount spent on conducting audit reviews always pays off.

HAVE YOU PAID TAXES YET?

Tax inspection is a usual case. Though inspection’s result can vary greatly …

Leader of a large manufacturing company Svetlana has always understood the significance of tax inspection. WHY? The result of such inspection directly depends on correctness of financial and tax accounting and the state of primary documentation.

WHAT WE’VE DONE: Primary documents review and their comparison with accounting records. Absence of conclusive evidence of transactions execution has been revealed, violation of coherence between the fact of transaction execution and company’s business activity, tax overcharge.

RESULT: Reduction of payments to the budget by means of duly corrected errors in accounting, avoidance of penal sanctions from the side of government agencies
Based on results of successful cooperation Svetlana’s company switched to full accounting outsourcing with division of duties: payroll preparation and all taxes connected to it, tax reporting review before it’s submission to State Tax Inspection are performed by Audit-Invest.

BETTER SAFE THAN SORRY

Are You sure that Your accountants really work efficiently and cope with all their responsibilities?

Dmitriy, leader of a large commercial network, decided to conduct reorganization of accounting department by attracting specialists from Audit-Invest. WHY? He was interested in authoring of audit company – “functions matrix” of accounting department employees.

WHAT WE’VE DONE: Conducted analysis of accounting department work (10 people). The most common administrative error has been revealed: the chief accountant was dealing with simple functions, which didn’t demand professional skills (entering banking payments, filling out cash transactions, performing advance accounting), instead of her direct duties: organizational and control functions (preparation of reporting, planning and analysing operational results).

RESULT: Efficient and rational split of functions among accountants. Based on “functions matrix” regulatory, executive and control functions were divided in order to avoid accidental mistakes.
Today accountants of commercial network get consultation services and monthly attend seminars of Audit-Invest.

ADVANTAGES OF DUE DILIGENCE OR I WNAT TO KNOW WHAT I BUY

You buy a company? Are you sure you know all the pitfalls?

It was a natural wish of partners Ivan and Juriy to conduct Due Diligence financial audit before buying a production facility. WHY? They wanted to be sure about actual state of receivables and payables.

WHAT WE’VE DONE: Conducted Due Diligence audit, apart from receivables and payables review, inventory accounting had also been conducted at the client’s initiative. Deficit of inventory items and additional payables of the facility have been revealed.

RESULT: The deal didn’t come through thanks to Audit-Invest Due Diligence audit.

FOREGNERS: A TYPICAL CASE

Standard requirement of the head office of a foreign company is financial and tax accounting performed by the audit company

Mister Schmidt, director of the foreign representational office, was looking for an audit company to do the financial and tax accounting. Main requirements: drawing up management reports and communication with parent company auditors in English, necessity to be able to see the changes in legislation in English, maintenance of strict confidentiality.

WHAT WE’VE DONE: We have provided the company with full accounting service and assistance in the process of foreign investments registration

RESULT: Met all client’s requirements, provided high-quality accounting services.

LRT’S SHARE

You don’t have an opportunity to pay for full accounting services? There is a way out!

Oksana, an entrepreneur, uses accounting services with duties division. WHY is it convenient to her? There is a manager in the firm who simultaneously performs his own functions and does accounting entries of primary documents.

WHAT WE’VE DONE: Review of correctness of primary documents entries, preparation of payroll, review of cash transactions, income tax statement, VAT declaration etc. We provide consulting services, support during reports submission and inspections.

RESULT: The company gets high-quality assistance and diverse experience from Audit-Invest, saves time on dealing with supervisory agencies. And what is especially valuable: consultative support concerning actual questions of financial and tax accounting.

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