Prospect wanted to know how to hand over the accounting records etc to the new auditor

PROSPECT ENQUIRY

Dear colleagues, good day,

My name is xxx - I am chief financial officer xxxx

We have a company registered in Cyprus, Limassol. Currently, it has no operations, however, we plan to start them in the near future. Entity will receive online advertisement income (Youtube/Google/Facebook).

We are interested in accounting bookkeeping, annual auditing and preparation of tax declaration services.

Could you please briefly describe the following matters:

-how these processes could be organised

-what should we prepare from our side

-what are the approximate fees or basis of calculation (we could provide you with some details on operations if necessary).

Thank you in advance.

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FINHUB ENQUIRY

Hello XXX and thank you for your enquiry.

Kindly find our response below:

 

-How these processes could be organised

You should be uploading all the information on onedrive (or any other internet folder) per category (bank statements, sales invoices, expenses invoices) on a monthly or quarterly basis and our accountants will be processing them on our licensed accounting software.

They will walk you through the details and tailor the process so that it is easy based on your needs and volume of activities. They will also be assisting you with day to day work etc.

 

- What should we prepare from our side

We will need to have access to the drive. Nothing else as far as accounting is concerned. 

With regards tax, payroll etc it all depends on your operation and activities. See next point

 

-What are the approximate fees or basis of calculation 

To be able to provide you with a quotation we will need to know as basics:

- previous trial balance and detailed ledgers, if available

- last available audited financial statements,if available

- number of employees and remuneration structure, if available

- number of sales and expense invoices per month

- currencies used

- number of bank statements per month

- any other information and documentation that would assist us to get an understanding of the scale and complexity of your operation and back office support.

Attached you may find a price list which is a fair indication but we will issue you with an accurate quotation once you revert to the above points raised.

 

- Next Steps

Once we finalise the fee we will issue you with our engagement letter and will assign an accountant to take care of the accounting of the business. Thereon once their work is completed the file will be passed to our audit department for the preparation of the financial statements based on the IFRSs and will also submit relevant tax returns.

Looking forward to your comments. 

FinHub Service Provider