Preparation of standalone and consolidated financial statements and ensuring accurate and compliant financial reporting for companies undergoing statutory audits

Financial Data Gathering: Collaborating with the audit team and client personnel to gather financial data, including trial balances, general ledger details, bank statements, and other relevant financial records. Verifying the accuracy and completeness of the financial data obtained.

Compliance with Accounting Standards: Ensuring compliance with applicable accounting standards (e.g., International Financial Reporting Standards - IFRS or Generally Accepted Accounting Principles - GAAP) while preparing standalone and consolidated financial statements. Staying updated on any changes in accounting standards and incorporating them into the financial statements as required.

Financial Statement Preparation: Preparing standalone financial statements, including the balance sheet, income statement, statement of cash flows, and statement of changes in equity. Consolidating financial statements for group entities, including subsidiaries, associates, and joint ventures, as per relevant accounting standards.

Analysis and Reconciliation: Analyzing financial data, reconciling balances, and investigating any discrepancies or irregularities. Reviewing and verifying the accuracy of financial statements, ensuring that they reflect the true financial position and performance of the company or group.

Audit Documentation: Preparing comprehensive and well-organized audit documentation, including work papers, schedules, and supporting documentation. Documenting the methodology, assumptions, and procedures used in the preparation of financial statements.

Internal Controls Review: Evaluating and reviewing the effectiveness of internal controls over financial reporting to identify any deficiencies or areas for improvement. Assisting in the implementation of control enhancements, if necessary, to strengthen the financial reporting process.

Disclosure Requirements: Ensuring compliance with disclosure requirements as prescribed by applicable accounting standards and regulatory bodies. Providing adequate disclosures in the financial statements to present a fair and transparent view of the company's financial position and performance.

Audit Coordination: Collaborating with the external audit team to facilitate the audit process. Responding to audit queries, providing supporting documentation, and addressing any issues or concerns raised during the audit engagement.

Technical Research and Guidance: Conduct research on complex accounting issues, new accounting pronouncements, and emerging trends to ensure the accurate application of accounting standards. Guiding the audit team and clients on the proper accounting treatment of transactions or events.

Continuous Improvement: Identifying opportunities for process improvement and implementing best practices in financial statement preparation and audit documentation. Contributing to the development and enhancement of audit methodologies and tools.

Skill set:

• Strong knowledge of accounting principles and standards (e.g., IFRS, GAAP) and their application to financial statement preparation.
• Experience in preparing standalone IND-AS Knowledge
• Preparation of Consolidated financial statements
• SAP Knowledge
• Having experience of handling more than 500 Crores company books and preparation of their financials independently.
• Can discuss independently with Big 4 Statutory Auditors and close the audit promptly.
• Experience in preparing standalone and consolidated financial statements, including proficiency in consolidation techniques and elimination of intercompany transactions.
• Familiarity with auditing standards and practices, including the audit process and documentation requirements.
• Attention to detail and ability to analyze complex financial data accurately.
• Excellent organizational skills and ability to manage multiple tasks and deadlines.
• Strong written and verbal communication skills, with the ability to effectively communicate financial information and findings.
• Proficiency in financial accounting software and MS Office Suite.
• Knowledge of relevant regulatory requirements and reporting frameworks.
• Prior experience in statutory audit, financial reporting, or assurance services is highly desirable.