Accounting Services for Businesses in Tunisia
Horizons Audit & Consulting supports businesses with bookkeeping, accounting organisation, review and financial reporting in Tunisia.
Accounting services tailored to your organisation
Horizons Audit & Consulting provides its clients with a comprehensive range of accounting services, including:
- Full bookkeeping and accounting services
- Support for the client’s accounting department
- Management of accounting operations either at the client’s premises or within our firm
- Accounting outsourcing in cooperation with foreign accounting firms
- Preparation of consolidated financial statements
- Compliance with IAS / IFRS standards
- Implementation of management accounting systems
- Implementation of administrative and accounting procedures
Some SMEs prefer to focus on their core business by entrusting us with the complete management of their accounting. Others have their own accounting department and use our firm’s support on a periodic basis.
Our engagement process is strongly inspired by the French professional standard NP 2300, applicable to financial statement preparation engagements, and is also consistent with the professional standards of the OECT.
Our accounting engagement process
I. Preliminary phase
A. Engagement acceptance
Before accepting an engagement, we gather a set of preliminary information about the prospective client:
- How the client came into contact with the firm and the reasons for changing service provider
- The client’s legal and financial situation
- Its reputation within the business community
- Management’s commitment to good governance practices
- The client’s organisation and information system
- The volume and nature of accounting transactions
- The competence of the financial and accounting staff
This information is used to assess the main engagement acceptance factors:
- Our ability to perform the engagement
- Independence
- Management of professional risk
- Compliance with ethical requirements
B. Signing an engagement agreement
The primary purpose of this agreement is to ensure that there is no misunderstanding with the client regarding the terms of the engagement.
It facilitates the planning of the work and confirms the acceptance or continuation of the engagement entrusted to the firm.
The agreement includes in particular:
- The nature and objective of the engagement, including the fact that it does not constitute an audit or a limited review
- The respective responsibilities of the professional and management
- The method used to determine professional fees
- The deliverables
- The duration of the engagement and notice periods
II. Engagement execution phase
A. Understanding the client
This stage consists of identifying the factors likely to affect the quality of our work and the management of risks relating to the accounts.
We collect information including:
- How the company’s activities are carried out, including multiple sites, subcontracting and contractual commitments
- Procedure manuals or internal notes
- Regulations specific to the company’s business sector
- Social and tax specificities
- Financial statements from previous years
- Accounting records
- The current chart of accounts
- Supporting documentation for balance sheet accounts from one year to the next
- Bank reconciliations
- Physical inventories
- Depreciation schedules
B. Planning the work
This stage enables the required work to be organised precisely. It includes:
- Planning the work
- Establishing a work programme
- Defining the reconciliations and controls to be performed
C. Interim accounting
This involves organising periodic accounting work in order to reduce the workload at year-end and provide the information required for the preparation of tax and social security returns.
D. Closing the accounts
Year-end closing procedures mainly include:
- Preparation of depreciation schedules
- Recognition of valued inventories
- Recognition of accrued expenses
- Recognition of provisions for obsolete inventory and doubtful receivables
- Completion of bank reconciliations
- Recognition of unrealised foreign exchange differences
- Verification of the consistency between tax and social security returns and the accounting records
- Supporting and reconciling balance sheet accounts and third-party balances as at 31 December
- Preparation of the taxable income calculation and recognition of the annual income tax expense
E. Critical review before preparing the financial statements
Before preparing the financial statements, we perform an assessment and critical analysis focusing mainly on:
- Gross margin
- Gross operating profit
- Changes in inventory levels in relation to business activity
- Depreciation expense levels
- Taxable income
- Financial structure ratios
Looking for accounting support in Tunisia?
Horizons Audit & Consulting supports businesses with bookkeeping, accounting review, organisation and financial reporting, according to their specific needs and structure.