Practus’ assisted the manufacturers in carrying out a logical reconciliation exercise and conducting audits and analyses of records and intercompany transactions.
|No. of Employees
|ROI On Fee
|A Manufacturing Space
Containers & Packaging
About The Company
The Diana Group, based in Nigeria (Africa), was established in 1965 and has a market capitalization of $150 million. It is an African manufacturing cluster made up of many group enterprises.
- Intercompany receivables and payables balances are reconciled using accounting principles.
- For 5 to 7 years, intercompany receivables and payables accounts were not reconciled.
- The task was exceedingly time-consuming, given that there were 49 group firms with unreconciled balances.
- The departures and resignations of several process owners and accountants from their organizations during the selected period for reconciliation hampered the entire endeavor.
- Obtaining complete data from all of the group firms’ books of accounts/records of intercompany transactions for the previous 5 to 7 years.
- Extensive auditing and study of documents and intercompany transactions.
- Executing a logical reconciliation exercise.
- At each milestone, regular communication with the client accounting teams is required for query resolution and validation of the reconciliation procedure.
- Weekly and monthly structured evaluations with key stakeholders and management.