Check of statutory and tax accounting
Client: Solution developer for thermal and sound insulation
The client’s has got their own chief accountant responsible for internal bookkeeping, attracting external subcontractors for specific tasks. Due to the large volume of work, the internal accountant needed support in reports preparation, both according to the Russian standards and management reports for the head office. Not all the issues reflected in the management reports were transparent to the head office.
To clarify the situation with the bookkeeping correctness, an external service provider was decided to be involved. The mother company determined the search criteria: extensive competencies in the field of Russian and international accounting, as well as a portfolio with numerous projects for international companies in Russia. SCHNEIDER GROUP fully met all the criteria.
To get a comprehensive picture, SCHNEIDER GROUP experts suggested checking:
- Timeliness of reports submission (including payroll statements)
- Correctness of statutory and tax accounting and prepared reports
- Payroll and salary taxes
- Completeness and correctness of primary documents
- HR management
- Analysis of the prepared corporate management reports.
In addition to the bookkeeping and reports check, the client was provided with the brief overview of financial reporting indicators according to both Russian and management reporting standards and a list of recommendations for optimizing their Russian accountant’s work. The cooperation which began in 2012 still goes on.
Over the years of checks, the quality of accounting and reporting, and also of the related documents (including primary documents and internal policies) has improved. More attention is paid to control procedures, such as reconciliation with currency control data, which helps reduce penalty risks. The approach to the corporate management reporting preparation has become more systematic and transparent, which also made it possible to improve the quality of information submitted to the mother company.