Accounting Review

Service Description
 

With this service, we will, monthly and annually, perform independent accounting review on the client’s accounting reports and related supporting documents to identify material mistakes, if any, before official sending accounting data to the client’s related departments, external auditors and other parties. Besides, while providing the service, we often advise clients on how to enhance and optimize their accounting policies and procedures to minimize risks of material misstatements in the future.

Accordingly, our detailed works are as follow:

• Coordinate with the client's accounting department to obtain all accounting reports of a period and related documents for the next steps.
• Scan the accounting reports as a whole to spot any unusual issues.
• Agree the figures on accounting reports with detailed ledgers.
• Scan and choose a representative sample of transactions from the detailed ledgers, and then trace and check their supporting documents to ensure that they truly and fairly reflected the recorded transactions and are valid in accordance with accounting & tax laws.
• Review the monthly accounting entries regarding revenue and expense allocation and estimation, provisions, inventory costing, costs of goods sold.
• Check randomly invoices issued in the period.
• Identify misstatements of the accounting reports and propose proper adjustments and solutions for the client's review and consideration. Prepare and send a detailed report to the client and then directly explain the report when required.
• Finally, we send the client a recommendation letter that presents our recommendations regarding tax the client's accounting policies and procedures for future improvement
  
  Note: We provide both accounting and tax review services; let's contact us for further understanding. See the detailed description of the tax review service in "Tax Services."

Clients consider using this service in the following cases:
 

• There are large volumes and types of transactions that are likely to result in material mistakes in accounting reports submitted to the related parties such as investors, local authorities, the public.
• The client's tax department personnel may not have adequate knowledge and skills to minimize tax risks to an acceptable level.
• The client wants to add more control procedures from outside to motivate their people to strictly follow working procedures and policies, reducing frauds or mistakes due to ignorance.
• The client wants to receive recommendations from advisors to make the most use of accounting laws for their business objectives.
• The client wants to hear independent opinions from advisors regarding accounting issues that are not guided by tax laws.