Services

AUDIT AND ASSURANCE

We carefully analyse the ever changing business environment in which our clients operate and design our audit approach to fulfill our audit responsibilities on regulatory and business requirements. We guarantee that our services will provide the means for your organisation to receive assurance and advisory services that meet the highest standards.

Our services include

  • Audit of Financial Statements
  • Reporting on factual findings based on agreed upon audit procedures
  • Compilation of financial statements
  • Examination of prospective financial information
  • Special purpose audit engagements
  • Assisting in complying with Sri Lanka Accounting Standards

 

TAX COMPLIANCE & CONSULTANCY

To proactively advice, plan and resolve issues of our clients on all tax related matters.

Our services include

  • Registration of entities with the Tax Authority
  • Computation of taxes relevant to business and filing returns with the Tax Authority
  • Reporting compliance with requirements of local tax laws
  • Advising on technical aspects of local tax laws to prospective investors.
  • Tax due diligence for mergers and acquisitions
  • Designing and implementation of internal mechanism for tax compliance
  • Assistance to finalize tax issues, appealing and following up with the Tax Authority
  • Formulating strategies for tax optimization
  • Advising on operation and implication of transfer pricing
  • Tax services for expatriates
  • Advising on Double Tax Agreements

 

ACCOUNTING SERVICES

Regular services

  • Assistance in the initial setting up and designing the full set of accounting books and records (chart of accounts, accounting policy, software etc).
  • Monthly accounting and book-keeping services.
  • Compilation of management accounts
  • Preparation of annual financial statements
  • Annual audit assistance (not as auditor, but a role of providing audit required documents and support).
  • Compliance with routine Income Tax and Sales tax matters.

Special projects

  • Accounting review and advisory services
  • Accounting reconciliation service (e.g mapping between global and local financial systems, intercompany Account Payable / Account Receivable reconciliation)
  • Issuance of VAT, SVAT, Non VAT invoices.
  • Secondment services (e.g Finance Manager, Accountant, Accounts Assistant, Cashier)
  • Co-sourcing services (working with the client’s team in order to complete a series of tasks)
  • Cash Management services (e.g Account Receivable collection control, Account payable management)
  • Account review and re-organization for pre-initial public offering (IPO) or initiating negotiation.
  • Preparing financial statements relating to liquidation.

 

PAYROLL SERVICES

Regular services

  • Initial setting up of the payroll system
  • Payroll calculation and net salary payment arrangement including bonus, incentives etc.
  • Reporting compliance with requirements of local tax laws
  • Preparing journal entries monthly for recording payroll costs.
  • Preparation and filing of employees’ individual Income Tax returns and assistance in settling any related tax liability.
  • Annual audit assistance (not as auditor, but a role of providing audit required documents and support).
  • Assistance in the employer registration of social benefits [Employees’ Provident Fund (EPF) and Employees’ Trust Fund (ETF)].
  • Monthly compliance work for social benefits.
  • Annual assessment for local employees’ statutory social benefits.
  • Assistance with external audits and inspection by social benefit authorities.
  • Assisting employees to claim social benefits (EPF & ETF) from the respective Departments and payment of gratuity on retirement.

Special projects

  • Payroll compliance review, including payroll calculation
  • Payroll / HR secondment services
  • Payroll structuring and arrival meeting services
  • Advice on payroll and secondment arrangement for expatriates
  • Employee leave management
  • Preparation of Payroll and HR Compliance Reports
  • Assisting expatriates in obtaining and renewing residence visa

 

INVENTORY MANAGEMENT

  • Verification of inventory
  • Reconciliation of inventory
  • Inventory Processing
  • Reporting

 

FIXED ASSETS (PROPERTY, PLANT & EQUIPMENT) REGISTER

  • Preparation of Fixed Assets (PPE) Register using software
  • Updating existing Fixed Assets Register
  • Carrying out physical verification and coding of fixed assets
  • Carrying out valuation of Fixed Assets

 

MANAGEMENT CONSULTANCY

Our team of experts provide the following services to enable our clients to make informed strategic decisions :

  • Valuation of business
  • Feasibility studies
  • Due Diligence to assist prospective investors
  • Designing of systems and procedures manuals
  • Investigation of frauds
  • Risk Advisory
  • Mergers and acquisitions (M & A)

 

CORPORATE SECRETARIAL SERVICES

We offer corporate secretarial services through our associate company – IBT Corporate Services (Pvt) Ltd, which include the following

  • Company formation and related secretarial services
  • Company file search
  • Company dissolution and liquidation
  • Specific business license and permit application
  • Registration of trademarks and logos
  • Company Mergers and Acquisitions (M & A)

 

OUTSOURCED INTERNAL AUDIT

Internal Audit is involved in helping organization achieve their objectives. It is concerned with evaluating & improving the effectiveness of risk management, control & governance processes in an organization. While Our Internal Audit division performs the internal audit to achieve these objectives they also continuously look to add value and improve the clients' operations.