Case Study
Audit support services to a large ed-tech company
The client is engaged in providing Educational technology products and services with a technology-based education platform.
Challenges faced by the client
- The organization needed to catch up on the statutory timelines for filing audited accounts and was facing severe pressure from various stakeholders to complete its historical audit. The primary reason for this delay was a need for more resources with appropriate skill sets in the finance team. Accounting for business combination contracts, revenue contracts, consolidation, etc., were some of the complex topics to be dealt with. The client sought a partner with a deep knowledge of Ind-AS and resources with PMO & financial statements preparation experience.
Our team's role
- We provided accounting advisory services on complex matters such as control assessment, impairment assessment, going concern evaluation, NCI accounting, derivative accounting, purchase consideration vs compensation cost, accounting of revenue contracts, reporting implications of intercompany loans.
- We deployed staff on the project to manage the statutory audits of the company and its subsidiaries. This involved closely working with multiple stakeholders like the CFO, audit team, and finance leaders of the company & its group subsidiaries to track the audit progress and provide regular updates to all the stakeholders.
- We assisted with financial statement preparation, which involved drafting accounting policies, updating the disclosures, preparing the consolidated cash flow, and also resolving queries from the auditors.
The value our team added
- Our efforts helped the client close the statutory audit with the resolution of complex accounting issues. We provided effective solutions to the client and delivered them on time and with quality.