Bakertilly offers a wide range of services within the following areas: -
- Audit and Business Assurance
- Internal Auditing
- Budgeting and Financial Forecasting
- Business Planning
- Forensic Accounting and Auditing
- Corporate Secretarial
AUDIT AND BUSINESS ASSURANCE
Bakertilly offers auditing services through its partners and associates who are Public Accountants, members of the Institute of Chartered Accountants of Jamaica as well as the Association of Chartered Certified Accountants of the United Kingdom and the Institute of Internal Auditors of the USA. We adhere to local and international auditing and accounting standards.
We offer internal audit services to management, directed towards ensuring that: -
- Policies and procedures are appropriately implemented and are being adhered to;
- Management information is reliable and complete;
- The organization’s assets are safeguarded;
- Internal control systems are functioning adequately.
Internal audits are performed using a risk-based model in accordance with the guidelines from the Institute of Internal Auditors. Detailed reports are provided which includes recommendations to remediate any exceptions noted.
This involves the provision of taxation services such as: -
- The preparation and filing of income tax returns for individuals;
- The preparation and filing of income tax returns for companies;
- Assist with the application for Tax Compliance Certificates;
- Personal and corporate tax planning, advice and administration that includes: -
- Liaising with the Income Tax Department to negotiate and resolve issues in respect of income tax assessments and notices.
- Assisting in the filing of appeals to the Commissioner of Tax Payer Appeals Department.
BUDGET AND FINANCIAL FORECASTING
This is the process where we meet with senior management and agree on assumptions and business proposals and strategies for the future (e.g. next five years), all of which are documented. These strategies and objectives are then combined with rational assumptions, which are used to build a business financial forecast. The deliverables may include but not limited to the following: -
- Budgeted profit and loss account
- Forecasted statement of comprehensive income
- Budgeted statement of financial positions
- Budgeted cash flow projections
- Capital expenditure budget
- Commentary to the budget
- Assumptions to the budget
This process involves the planning and setting of long-term objectives for new and/or existing businesses, taking into account the following: -
- Executive Summary
- Background Information
- Business Objectives and Mission
- The Industry, Company and its Products Business Strategy
- Market Research and Analysis
- Strategic Analysis
- Management Structure
- Financial Projections
- Risk and Sensitivity Analysis
FORENSIC ACCOUNTING AND AUDITING
Forensic Accounting and Auditing drew its name from associations with a Court of record. Forensic accounting and auditing are performed to accomplish an objective that involves a judicial determination.
We provide forensic accounting and auditing services such as: -
- computation of asset values in divorce proceedings and assets intestate;
- fact-finding to determine whether an embezzlement has taken place, the amount involved and whether criminal proceedings are to be initiated;
- The collection of evidence in criminal proceedings.
Our forensic engagements are distinguished by the engagement objective. Our emphasis would be on gathering evidence, and the application of a variety of techniques often custom-developed to the requirements of the specific engagement.
We provide assistance in meeting some of the basic requirements of the Companies Act, namely:-
- Business Formation
- Business Cessation
- Filing of Annual Returns
- Filing of Annual Declaration of Assets
- Filing of Particulars of Directors
- Bonus Share Issue
The nature of the accounting services that we provide to clients varies widely and include:
- Compilation engagements, in which accounting expertise is used to collect, classify and summarize financial information. Although the resulting financial reports are not audited, users of the compiled financial information derive some benefit as a result of the accountants’ involvement because the service has been performed with professional competence and due care.
- Our audit clients require us to perform accounting services from time to time, usually as a precursor to conducting their annual audit. This service is separate and apart from any audit work and is charged accordingly.
- We perform various accounting services. These services include, but are not limited to:-
- Preparation of bank reconciliations
- Preparation of audit schedules
- Preparation of reconciliations of sub-ledgers to general ledger accounts
- Updating computerized accounting records
- Processing information on a routine basis, thus producing timely monthly financial statements
- Preparation of payroll records and the requisite statutory returns
- Preparation of General Consumption Tax returns
- Outsourcing of Finance and Accounting functions for small and large companies. We have provided senior consultants on secondment to Financial Controller, Chief Accountant among others responsibilities.
In our present changing environment, Bakertilly also offers the important service of making client accounts IFRS compliant. The changes, which came into effect in July 2002, are now compulsory and all companies need to adhere to these new reporting standards.Contact Us for Assistance