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One of the largest University in Alberta’s Case study

KAD Consulting Services > Portfolio > One of the largest University in Alberta’s Case study

Challenge of the project

One of the largest Universities in Alberta faced challenges and needed to improve the accuracy and reliability of its financial statements for an upcoming audit. Areas like asset management, revenue recognition, and overall financial reporting required a deeper look.

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Solution by KAD team

We implemented a comprehensive review plan focusing on transparency and compliance. This included:

  • Review and Documentation: Examining financial records and creating detailed documentation to ensure adherence to accounting rules.
  • Financial Statement Analysis: Reviewing financial statements to identify and rectify inconsistencies, promoting transparency.
  • Collaboration: Working closely with University’s financial teams to gather data and achieve project goals.
  • Standardized Compliance: Aligning financial records and statements with the latest accounting standards.

Results

  • Increased Accuracy: Achieved a significant improvement in financial record accuracy, ensuring compliance with accounting standards.
  • Enhanced Audit Readiness: Improved University’s preparedness for the audit, leading to clear and transparent financial statements.
  • Improved Documentation: Produced comprehensive documentation to support the audit process.

Impact

  • Reduced Discrepancies: Financial statement inconsistencies were significantly reduced, leading to more reliable reporting.
  • Increased Transparency: Enhanced University’s overall financial transparency and accountability, receiving positive feedback from stakeholders.

Conclusion

This project strengthened our understanding of accounting standards and their application. The collaboration with University ensured a smooth audit, improved financial health, and highlighted the importance of meticulous documentation, communication, and a focus on transparency for effective financial management.

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