A large manufacturing company, with group reporting requirements, was having trouble closing their books of accounts. They engaged MSI Auditors to assist them with the annual audit and to redesign the accounting system.
Determining problem areas
Our team first assessed the client’s problem areas: Some of the major issues were in the inventory module, Fixed Assets module, and the VAT reporting sections. More importantly still, the company’s actual costs were not being calculated correctly.
We worked closely with management to design an accounting system fit for their business, trained the internal team and assisted with implementation.
We also undertook the audit, rectified all the accounting issues, and recommended better internal control requirements, which would reduce errors and the possibility of fraud.
Since there were quarterly group reporting requirements, we completed the project efficiently and ahead of time.
Initially the company’s accounting team spent at least 2 weeks closing the books of accounts every quarter for group reporting. Now, they are able to do it with the click of a button.