Provided Audit support to one of the leading Healthcare Companies

The client is a part of a recent global acquisition having the erstwhile group’s accounting centralized at Singapore. Post-acquisition, while the client was still in the process of setting up its own local F&A team and obtaining hand-over from the Singapore team, they had to comply with the year end closing and statutory audit under the prevailing local laws.

Preparation of accounts and financial statements compliant to local GAAP

Our team studied the company’s past data and method of maintenance of the two sets of accounts i.e.for group reporting and local reporting. Based on the historical data available, our team prepared the accounts compliant with local laws, and advising the company on the non-compliances pertaining to the local accounting standards.

Preparation and collation of working papers required by the auditors

Our team prepared all the necessary workings to support financial statements. Further, the team coordinated with various departments for arranging documents related to secretarial compliances, direct taxes, indirect taxes, etc. acting as the single point of contact for the auditors. We ensured that the auditors received appropriate support in the form of documents or calculations, as required to conclude the audit.

The audit was completed within a stipulated time. During the process of the audit, the Nexdigm team had gathered complete knowledge of all balances in the company’s books of accounts. Our team, thus, guided the newly appointed F&A team, helping them gain control over its financial balances faster.

The F&A team was made aware of the legacy issues identified by the Nexdigm during the audit, and the same were highlighted to their Global management. The group realized that such issues prevailed across the acquired concerns and launched a remedial scheme.