I am having the following isssue at my start up company:
The core business of the group is the distribution internationally of high-end glass products (mainly drinking glasses for wine, champagne and other beverages). It is Q4 and the business is reporting revenues that are slightly over expectations and operating profits that are significantly over expectations (according to the Director of Financial Planning who you just met for the first time).
I want to make an assessment of the quality and robustness of the accounts, with a focus on the Balance Sheet. The group performs monthly, quarterly and annual closes for group and external reporting purposes.
1. What are the various components, attributes and information that you will expect to see on a robust Balance Sheet account reconciliation?
2. What are the questions you will ask the owner/preparer of the account reconciliation during the review and why would you ask those specific questions?
3. What accounts will you prioritize to review since there are a large number of B/S accounts, and how do you determine order of priority with the limited knowledge you have of the group so far? Please elaborate on your reasons and approach.
4. In addition to focusing on balance sheet reconciliation what other actions / reviews would you perform to validate the quality of the financial results?
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Accounting Issue analysis Relevant Skills and Experience Accounting, Business Analysis, Finance, Financial Analysis, Financial Research Proposed Milestones £100 GBP - Paper