In this case study, we highlight how our work with Sanita Consumer Products Limited delivered auditing expertise, bridged the gap between their signed financial statements and accounting records, and ensured the smooth implementation of cloud tools for seamless information sharing.
Sanita Consumer Products Limited encountered significant difficulties reconciling signed financial statements with their underlying records. This posed challenges when providing information to the Ghana Revenue Authority during tax audits and hindered collaboration with overseas stakeholders.
The lack of a clear link between financial statements and accounting records resulted in rejected supporting documents and raised issues with professional skepticism from statutory tax auditors. Confusion regarding audit adjustments further complicated subsequent statutory audits resulting in delays in receiving audit deliverables, leading to late filing penalties.Overseas stakeholders did not have visibility of the whole audit process to address challenges regarding provision of information by management and timelines for completing the exercise.
Akonu & Partners stepped in equipped with a comprehensive knowledge of auditing manufacturing entities and a deep understanding of the industry’s tax processes. We provided the latest cloud tools for seamless information sharing and established a mapping function in their audit methodology to create a clear link between Sanita Consumer Products’ financial statements and accounting records.
Our practical and constructive recommendations on internal control brought about improvements in the company’s risk management. Our process allowed for targeted and easily passable audit adjustments. In addition, we ensured that explanations to regulatory agencies became more credible and supported.
As a result of working with us, Sanita Consumer Products Limited has achieved remarkable outcomes. The clear link between the signed financial statements and their accounting records has enabled them to provide credible explanations to the Ghana Revenue Authority and other regulatory agencies.
The targeted audit adjustments, linked to specific account numbers in the general ledger, reduced opening balance and income surplus differences in subsequent years’ audits. Cloud technology facilitated seamless collaboration and information sharing, ensuring timely response to every
issue and completion of audit
Top management gained visibility into the timeline of events, allowing them to promptly resolve bottlenecks in the process. As a testament to the success of the collaboration, the audit was completed within the statutory timeframe for filing returns.
If you’re interested in achieving similar results then the best place to start is with our “Accounting Answers”
Strategy Call.
You’ll leave our conversation excited to streamline your books and free up your time to focus on the other essential needle-movers.
And you’ll have a clear path forward to maximize your returns. The best part? You’ll feel stress-free knowing that we can manage every detail so your numbers never become a headache for you again.
What do you say… ready to chat?
We provide a full range of services such as:
Professional accountants would ensure your records are accurate and up to date, helping you:
Yes, we specialize in serving SMEs across various sectors. Our services are flexible and tailored to suit your specific business needs and growth stage.
Yes! Our team has the experience of working with cloud based accounting system would assist with the setup and training on your favourable accounting software which aligns with your business operations and reporting needs.
This depends on your business size and transaction volume. In the ideal circumstances, we recommend weekly updates to ensure timely and accurate financial reporting and business decision making.
To begin, we’ll need access to:
We’ll guide you through a simple onboarding process.
Yes, we offer secure and efficient remote bookkeeping services, considering that our preferred accounting software is cloud based, allowing you to upload financial documents online while we manage your accounts from our office.
Yes. We prepare general purpose financial statements in accordance with your chose financial reporting frame work (either IFRS or IFRS for SMEs) comprising:
Absolutely. Our cloud based accounting software providers employs multiple security measures to protect the confidentiality and integrity of user data, including encryption, robust physical security controls, and compliance with industry standards like ISO 27001.
Simply contact us to book a consultation. We’ll assess your needs and recommend the right accounting and bookkeeping package for your business.
If the answer is a resounding “YES” then let our team of experts help. We’ll keep your business compliant while also removing the stress that usually comes with taxes and accounting. Save time, save money, and leave the number crunching to us.
Last Updated: 24th February 2024
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Akonu and Partners Chartered Accountants
0302222951, 0205903022
P.O.BOX AN 18677, Accra North
No. 8 Nuumo Akwaa Mensa Street,
Kokomlemle, Accra
