Internal auditor support

| Country:Russia
04/08/2021

Since the accounting principles used by the organisation’s divisions in Russia, Ukraine and Belarus differed significantly, the head office auditor needed help analysing reporting documents from those divisions. Each local office received a one-day on-site support session from SCHNEIDER GROUP, enabling foreign auditors to constructively work through risks and establish effective communication with their colleagues in charge of local accounting and reporting.

Customer

An international non-profit organisation, founded in Israel over a century ago with the mission of preserving and promoting Jewish cultural traditions, educating youth and cultivating a climate conducive to leadership development.
The challengeThe solutionThe result

The challenge

The customer holds internal audits across its global network of over 40 offices on a regular basis. The head office auditor had concerns about management reporting during such routine audits in Kyiv, Minsk, Moscow and St. Petersburg. The auditor needed assistance at interpreting financial statements due to variations in local legal requirements and accounting standards.

The solution

SCHNEIDER GROUP’s experts were quick to advise on the internal audits of the Kyiv, Minsk, Moscow and St. Petersburg offices. Specifically, they:

  • Explained the nuances of local law
  • Issued unbiased commentary on the accuracy of the accounting and documentation of the transactions being audited
  • Compiled a concise report summarising major risks and inconsistencies
  • Made suggestions on how to fix any shortcomings discovered.
The assessment covered a wide range of issues, ranging from legal aspects to the company's obligations when owning real estate, labour law compliance, financial reporting accuracy, a systematic approach to preparing in-house management reports, payment discipline, expenditure tracking and better control procedures.

The result

SCHNEIDER GROUP provided each local office with prompt support, enabling head office auditors to move from a formal audit to a more in-depth and meaningful risk assessment, and to productively interact with their local accounting and reporting colleagues. The customer received a list of recommendations for keeping records and improving control procedures to reduce risks in their local offices, as well as a completed report offering an assessment of each of the offices. The success of this joint project is crowned by ongoing cooperation between both parties, with SCHNEIDER GROUP’s specialists continuing to advise the customer on a wide range of business issues.

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