Project Description
As a Chartered Accountancy practice and Registered Auditors we are preparing annual accounts for various purposes on behalf of sole traders, partnerships, companies and other organisations. The majority of these are prepared on an annual basis and some are prepared and presented to tight deadlines. In general these accounts will form the basis of Income Tax returns and in the case of corporate entities the basis of accounts on which the audit and subsequent publication of the accounts will be based.
Accounting and bookkeeping requirements of entities vary considerably and are dependent on trading factors and availability of client in-house resources.
We prepare and present annual accounts for various entities and interim accounts (monthly, quarterly) for others, as their needs require. The presentation and interpretation of regular financial information is crucial in these instances and enables the entities to monitor performance, revise budgets and take whatever measures are appropriate to achieve their financial objectives.
We provide advice on bookkeeping and technical advice on the Financial Reporting Standards (FRSs) issued by the Accounting Standards Board and the International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board.
The firm currently undertakes bookkeeping assignments for a number and variety of clients. The records produced are dependant on the client’s requirements which in some instances are as simple as producing records on which VAT returns can be based and regular VAT returns made to the Collector General. In other instances the assignment will involve bookkeeping in respect of all aspects of the client’s records (Bank, Cash, Purchase Invoices, Suppliers accounts, Sales Invoices and Customers accounts). In these cases the records will form the basis of interim and annual reporting functions and provide the Nominal Ledger and Trial Balances upon which the accounts will be substantially based.
We are regularly in discussions with new clients to ascertain their organisation structure, reporting requirements, expertise of in-house staff, etc., to help and advise them select appropriate software which will fulfil their bookkeeping needs.
Accounting systems and software advice
We would be happy to review your business requirements and advise you on the implementation of a bookkeeping system or software package appropriate to the characteristics of your entity and the extent of in-house resources available within your business.
The formative work in the implementation of any accounting system is crucial since it determines the availability of future and historic analysis of transactions. We will take you through and advise you on this process and the installation of the relevant software.
Annual financial statutory audit
The annual audit should be conducted in an efficient and focused manner to provide the audit assurance required for reporting, substance and compliance. The audit must be constructive and assist in identifying the risk factors attaching to each entity. The identification of risk areas will facilitate management in implementing approaches and controls appropriate in managing that risk.
The audit review of internal procedures and controls will be used as an opportunity to review the effectiveness and operation of the existing controls and suggest improvements in operational procedures, where required.
The firm holds Registered Auditor status with the Institute of Chartered Accountants in Ireland in accordance with the Companies Acts. We conduct our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. ODCL uses a tailored audit approach for each client specifically addressing the risk in each client’s business and we focus our testing on these risk areas. The focused audit testing and risk assessment provides us with the evidence to give reasonable assurance that the client’s financial statements are free from material misstatement, whether caused by fraud or other irregularity or error.
We also undertake independent reviews of operational procedures and system controls on behalf of clients who are not necessarily audit clients of the practice.
Forensic accounting is the specialty practice area of accountancy that describes engagements that result from actual or anticipated disputes or litigation. “Forensic” means “suitable for use in a court of law”, and it is to that standard and potential outcome that forensic accountants generally have to work. Forensic accountants, also referred to as forensic auditors or investigative auditors, often have to give expert evidence in court.
Our forensic services include fraud risk assessment, investigations, transaction dispute management and special purpose financial investigations.
ODCL assists clients in applications for funding from development agencies, e.g., Enterprise Ireland. We also audit grant claims and we do so in a timely manner to ensure that grant funds are available to the client as early as possible.
