Finance function diagnosis for foreign subsidiaries
Due to the various characteristics of foreign subsidiaries, there might be uncertainties in their financial information.
Finance function diagnosis consists of 1) Closing Management, 2) Tax Management, 3) Treasury Management, 4) Risk Management, 5) ICFR Management, and 5) Troubleshooting.
Diagnosis and solutions
Closing management
To check the compliance of HQ accounting policies(Revenue recognition, provision, inventory valuation, impairment, etc.)
Tax management
Transfer pricing management, Tax assessment, Goods and Service Tax
Treasury management
Cash proof (every single in/out of bank accounts in the financial institutions shall be recorded in the book), All payments to the proper and pre-approved vendors
Risk Management
Finance health check (For all the assets, to check “Existence”, “Ownership”, and “Valuation” by using the CHECKLIST)
ICFR management
Private Accountant function of Internal Control over Financial Reporting for foreign subsidiaries (Global Roll Out and management testing)
Trouble shooting
For any finance related issues arising at the foreign subsidiaries
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