SUCCESS STORIES

The client first asked a real estate agent to look into his query and was presented with a piece of land that met the required criteria at the price between 3-4 million.  The real estate agent demanded 2 million in advance before proceeding to any further actions. The client was in doubt about the asking price and asked us to consult and form an accurate buying decision. The initial step was to evaluate all the land-related information, including the investigation of the actual land and area.

The request included an investigation of any possible misstatements in the financial reports due to income miscalculation. The company owner claimed the bookkeeping to be improper, resulting in distorted financial results, which in turn showed a lower amount of income than the company actually earned.  The above conclusion was based on the owner's personal Excel calculations recorded throughout the year.  
The income in his own calculations were equal to 20 million, while the final statements reflected sales at 10 million. The number of securities traded through the brokerage account and posted in the accounting books fully reconciled with the number of securities shown in the owner's Excel file. At the same time, the values of transactions had substantial differences. Taking the matter in our own hands, our priority was to thoroughly investigate the accounting records further and review the Excel spreadsheet.  

The client believed that the external accountant prepared the accounting books showing higher income and fewer purchases than actually made. Our accountants were requested to find and correct the gaps and mistakes in accounting. 
Before diving deeper into the matter, we asked the client to provide us with all the invoices issued and received during the financial year, as well as any other relevant information. 

He was positive that the bank statement was misstated, and that the bank did not include some payments made to his vendors. The client asked us to verify it and find a solution. While extensively examining the case, we found that the bank statements did not include some of the payments to vendors. At the same time, in the bookkeeping, all the payments were recorded.