From Chaos to Compliance
ECOVIS Resolves Accounting Compliance Crisis for Global Security Solutions Provider in Norway
How Ecovis Overcame Accounting Challenges for a Leading Global Security and Inspection Solutions Provider
A prominent British group company, globally recognized for its leadership in security screening products and solutions, faced significant hurdles in managing the accounting processes for its Norwegian branch. The Norwegian accounts were being recorded in the UK-based ERP system, which, unfortunately, did not align with the requirements of the Norwegian Bookkeeping Act. Complicating matters further, the company's auditor in Norway resigned from the audit assignment due to the inability to provide fully compliant accounts.
This situation put the company at risk of compulsory dissolution of its business in Norway, underscoring the urgency of resolving the accounting discrepancies. Aware of Ecovis' extensive experience in aiding foreign companies with accounting compliance in Norway, particularly in managing NUF (branch office in Norway) accounts, the company turned to Ecovis to rectify their accounting challenges.
Upon careful examination of the case, Ecovis recognized the considerable cost and time implications of rebooking four fiscal years' worth of accounts. Instead, a more efficient solution was devised. Ecovis assisted the company in correcting its accounting setup and modifying the accounts within their ERP system to accurately segregate the Norwegian accounts. Additionally, Ecovis facilitated year-end reconciliations in accordance with Norwegian standards and supported the company in delivering fully compliant accounts to their new auditor.
The client expressed gratitude to Ecovis for bringing their Norwegian accounts up-to-date, thereby enabling the seamless continuation of their successful business operations in Norway. Ecovis remains committed to ensuring that businesses navigate complex accounting landscapes with precision and compliance.