Situation
Due to the use of dated systems and processes a leader in the aviation sector faced challenges due to incomplete and outdated accounting records spanning over a 5 year period. This challenge led to delays in the preparation of financial statements for Parliamentary Committees presentations and for external audit purposes.
Solution
PwC Trinidad and Tobago conducted a comprehensive review of the existing accounts. Using principles from the planning phase of the assurance process the team formulated a strategic work plan to deliver updated, audit ready financial records. PwC’s processes validated the account balances and proposed adjustments based on incomplete record procedures. Using our experience in IFRS Reporting we subsequently guided the client through the preparation of IFRS-compliant financial statements, accompanied by audit ready documents. We then provide a detailed report which highlighted operating gaps, internal control gaps, and recommendations for improvement.
Impact
Adopting a highly collaborative approach to the implementation of processes and systems specific to their organisation and industry, the client was able not only to present audit-ready financial statements but also establish a sustainable foundation for maintaining up to date account records for future financial presentations and audit engagements.
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