The Company had struggled sustaining clear and accurate financial reporting. Even though the company had financial system, it lacked robust internal controls and a clear framework for tracking transactions received from customers, loans, and other sources. This led to inaccurate financial statements and inability to demonstrate transparency to stakeholders and government agencies.
Solution offered
- Geal & Associates LLP helped the company implement a new chart of accounts that mapped funding sources to specific transactions. This allowed for better tracking of all funds.
- We were able to liaise with the finance team to develop a comprehensive set of internal controls, including approval processes, budgeting tools, and reconciliation procedures.
- We carried out a full audit of the company’s financial records, providing recommendations for improvement.
Outcome
- The company achieved a clean audit opinion for the first time in years, which significantly enhanced its credibility and reputation.
- Internal controls and financial tracking were significantly improved, allowing for better accountability and reporting.
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