Audit Support and Clean-up of Books of Accounts for Subsidiaries of a US-based Pharmaceutical Company

Client : Subsidiaries of a US-based Pharmaceutical Company

Service Offered : CFO Support & Finance Controller Services

Sector / Industry : Healthcare

Client
Objective

Two subsidiaries of a US-based pharmaceutical company traded ophthalmic products and specialty healthcare products used for aesthetic and therapeutic purposes, respectively.

Client
Solution

Clean up of Books of Accounts

The Nexdigm team performed a detailed review of all Financial Statement Line Items (FSLI) to align them with US GAAP and Ind AS/IGAAP respectively.

We reviewed the underlying documents and conducted management inquiries to finalize the necessary rectifications for reconciling the management and statutory books. We also provided adjustments for accounting entries to be posted in the books of accounts.

Preparation of Local GAAP-compliant Accounts and Financial Statements

Our team reviewed the company's data, records, and methods of maintaining management and statutory accounts.

We then prepared accounts compliant with the local laws, including a review of complex areas, including inventory, consumption of goods, revenue, payroll expenses, inter-company balances, and related party transactions.

solution
Impact

The Nexdigm team prepared a reconciliation supported by detailed workings and documentation between the management and statutory books of accounts.

We completed the yearly Statutory Audit within the management's specified deadline and enhanced confidence in the financial statement figures for both the finance controller and auditors.

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