Client Challenges
- Inflated vendor balances
- Bank loan balance deviated from actual
- Irregularities in Income Tax
- Mismatch of IT WDV and Books WDV among others
PKC Solutions
- Advised to go for a “Slump Sale” which will result in zero outflows of IT and GST
- Identified the incorrect balances gave appropriate treatment on each wrong line item
- IT-related issues were identified and corrective actions were suggested to avoid possible scrutiny in future.
- A monthly internal audit was undertaken to avoid erroneous accounting in future
Results
- Books of accounts reflects real & fair financial position
- 100% correction of the bank loans, vendor & other accounting irregularities
- Chances of scrutiny reduced by revising IT returns & correcting inaccuracies
- Accurate & reliable accounting reports for the financial decisions
- Avoided confusions & errors in finance & statutory compliances
