FINANCIAL REPORTING ADVISORY SERVICES

Cover Genius is a high growth insuretech client were concerned their financial accountants were under prepared for their year-end audit. As a regulated company, they needed to get their accounting right and get it done on time. They approached us for help to get their financial reporting up to scratch and completed on time.

A challenge we accepted!

This complex company had a variety of difficult accounting issues to tackle including:

• insurance accounting;
• overseas subsidiaries in multiple currencies;
• deferred tax accounting issues; and
• a financial report with significant disclosures.

Working to a tight timeline, we rapidly got up to speed with their business and quickly prioritised requirements.

We tackled the more complex considerations first such as:

• reconciling the insurance accounting back to borderauxs;
• preparing work papers supporting the tax effect accounting position; and
• reviewing the statutory financial statements for adherence to the accounting standards.

We also worked closely with the auditors and financial reporting team to ensure a smooth flow of information.

The statutory accounts were signed with significantly less stress in the process than prior years. The auditors placed reliance on the position papers, without the need for long and complex discussions and the board had sufficient time to understand the accounts prior to signing.