Accounting review

Accounting verification helps to understand the real state of accounting

Accounting verification is required when the manager has doubts about the accounting data, before changing the accountant, before closing the financial year, or when inconsistencies between accounting and declarations are found.

The purpose of checking is not just to find an error. The most important thing is to determine its scope, period and follow-up.

What can we check?

• Bank and cash account balances.
• Debts of buyers and suppliers.
• Accounting of purchase and sale documents.
• Compatibility of VAT accounting and declarations.
• Payroll accounting data.
• Accounting of long-term assets and inventory.
• Status of tax obligations and submitted declarations.
• Other accounting data relevant to the specific situation.

When should an accounting review be performed?

Checking is especially useful before taking over accounting from another accountant, before preparing financial statements, when unclear balances are noticed, or when the information available to the manager does not match the accounting data.

If the main goal is to change the accounting service provider, more about the process can be found on the page accountant change.

How does an inspection differ from neglectful accounting?

During the inspection, we first assess the current condition and identify problems. The management of neglected accounting is already a process of correction and restoration of previous periods.

If the review finds that a broader recovery of previous periods is required, the work can continue as accounting reconstruction.

What do you get after an accounting check?

The result of the inspection depends on the agreed scope. We usually identify the identified problems, their priority and the actions required to correct or clarify the accounting.

This allows the manager to more clearly understand whether individual adjustments, correction of declarations or wider accounting restoration are required.

How does accounting verification work?

1. We align the purpose and scope of the inspection.
2. We receive the necessary accounting data and documents.
3. We are checking the agreed accounting areas.
4. We identify the most important discrepancies.
5. Here is the recommended repair sequence.

If the review is conducted before the year-end closing, the next step may be preparation of financial statements.

More about situations when such an assessment is useful can be found in the article Accounting review: when is it necessary?.