Corporate Restructure and an Accounting Mess

The subsidiary of a listed company restructured its operations, with some of its staff redeployed to other subsidiaries. The low morale environment resulted in a high turnover of its accounting personnel, which in turn led to an accounting mess. Accounts Receivable & Payable, inventory and reported GST did not tally with the control accounts; monthly bank reconciliation was not done properly, with lots of unreconciled items.

Adding to the mess was a backlog of accounts and an urgent need to meet the audit deadline.

AccountServe Engaged to Clear Accounting Mess

AccountServe performed the following:

1. Tracing of all differences & reconciliation of all items.
2. Review and rectification of accounting & GST errors with preparation of the necessary supporting documents
3. Reconciliation of all bank and major suppliers' accounts
4. Review of inventory costing
5. Review of system flow and recommendation on improvements

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