Either in the haste of doing business with insufficient documentary evidence or the lack of adequate internal controls or inefficiency of recording systems and personnel or simply the existence of malafide intent, businesses often encounter situations where the accounting records of two parties to a transaction over a period of time do not match.
On a regular basis, the accountants will reconcile these differences. But on rare occasions, either because personnel change or system inefficiencies become apparent or the volume becomes too large for the existing staff to handle without compromising on its present work obligations or trust between parties dwindles, it is essential to entrust the job to an expert third party.
Verico auditing reconciles statements and accounting records on behalf of its clients and leads them to an amicable settlement.
Differences arise due to financial anomalies. Often, these can be reconciled. Sometimes, they remain open to debate, since business is not always an arithmetic equation.
Business decisions and obligations have several non-monetary angles and Verico Auditing has aided disputing partners, employees, lender-borrower, customer-supplier and other related parties to settle their disputes by arbitration.
It carries the risk of alienating both the parties, but an amicable settlement is a more favorable option than sticking on to the client. And clients always respect the independent judgment of an auditor.
Beyond reconciliation and arbitration, sometimes, settlement is also entrusted to the arbitrator or legal or financial advisor.
Verico Auditing has assisted people in making or getting a settlement after due negotiation on the terms of clients, under mutual agreements and also separate engagements.