HNS Partners - Chartered Accountants

ose are continuously changing time to time and industry to industry. We broadly provide statutory auditing services, bookkeeping, accountancy and related services, tax consultancy and compliance services, business advisory services and financial management, payroll and related services and company secretarial services to an increasing number of clients attracted by identifying their specific requirements, our excellent client service, competitive pricing and flexibility. We always take pleasure in working with you, no matter how small or remote our client is. Our client’s key industries cover, which span over 250 corporations,
�Manufacturing – Local & Export
�Tourists Hotels
�Services (Professional / foreign services)
�Healthcare – Multinational Company (Drugs Manufacturing)
�Trading – Local & Export
�Specified – Tropical Fish Harvesting / Artificial Teeth
�Travel Agents – Inbound

�AUDIT & ASSURANCE

1.1 Financial Statements Audit

The purpose of financial statements audit is to provide independent assurance that the financial statements are prepared and presented by the management in all material respects, in accordance with Financial Reporting Standards or another identified financial reporting framework, enhancing the degree of confidence of the intended users of the financial statements. Timely audit process will invariably, improve management decisions, increase employee’s and investor’s confidence, better lending terms and customer loyalty. HNS follows six phases in the audit process, in appointment to audit opinion in complying with the general principles of an audit which requires, I.) comply with the 'Code of Ethics for Professional Accountants', II.) conduct an audit in accordance with Standards on Auditing; and III) plan and perform the audit with an attitude of professional skepticism, recognizing that circumstances may exist that cause the financial statements to be materially misstated.

1.2 Special Purposes Audit
I. Financial statements review
II. Agreed upon procedures
III. Examination on prospective financial information

In the phase of growth level of businesses requires to report various stakeholders exceptionally to statutory audit in achieving business goals. Vital reasons for such non-statutory audit will be,
• to identify and address financial and system inefficiencies
• to meet stakeholders’ specific expectations
• to promote effective governance
• to report reliable information on which to base critical decisions.
• to meet Government rules and compliance

� FINANCIAL REPORTING ADVISORY

In preparation of financial statements, the issues relating to IFRSs requires an expert’s advice with depth understanding of financial reporting standards. In such situations HNS provides diverse range of services related to Financial Reporting and IFRSs related matters to enhance the quality of your financial reporting and to sharpen the technical knowledge of IFRSs. HNS advisory services under this would be,

I. Impact / Gap Analysis on Adoption of Accounting Standards
II. Accounting Advice on Application of Accounting Standards
III. Accounting Policy and Disclosure Drafting
IV. Training on Specific Accounting Matters
V. Technical Presentation of Accounting Standards

�TAX ADVISORY

Sri Lankan taxable persons are often plagued with worries involving tax compliance and ensuring that all tax forms are filed, and payments paid to the respective authorities basis the prevailing tax laws. We provide these tax consultancy and compliance services understanding the diverse taxation systems and offer the best solutions in estimating various tax liabilities, paying them on due dates and filing tax returns quickly with zero hassle for the taxable persons. HNS services in taxation is broadly categorized to,

3.1 Strategic Tax Planning and Compliance Reporting
• Direct tax Compliances for corporate, non-corporate and induvial
• Indirect tax compliances

3.2 Corporate Tax Advisory
• Review of transaction for tax optimization and applicable tax relief
• Group tax efficiency review
• Tax planning and advice on,
• Corporate restructuring
• Tax efficient business financing
• Tax efficient treasury and cash management
• Capital allowance and expenditure decisions

3.3 Individual Tax Advisory
• Efficient structuring of employee remuneration and benefits in kind
• Advice on structure and contracts for cross border employments
• Registration with tax authorities & employee share option schemes

�BUSINESS VALUATIONS AND STRATEGIC ADVISORY

Do you want to setup a new business or grow your existing business further? How do you plan to do it, launch a new product or service, acquire existing business, invest in new assets, whatever it is, you will look for the feasibility before selecting any option!. Perhaps you might be planning to obtain a bank loan to invest further in your business, or for working capital requirements in new or existing businesses and you might want to do an estimation of the same. Business Valuations (sale of business / commercial or tax purposes)
II. Strategic / Corporate Planning
III. Financial Projection
IV. Risk Advisory
V. System Audits

�BUSINESS OUTSOURCING
5.1 Company Secretarial
Our company secretarial services ensure that, our client's business complies with all legal and statutory requirements that are applicable and mitigate client's time and burden to keep up with the multitudes of statutory records. Our Services Includes;

I. Company Incorporation
II. Company dissolution and liquidation
III. Company mergers and amalgamations
IV. Branch registration and compliance services
V. Annual compliance services including preparing & filing annual returns VI. Convening and handling board/ shareholders’ meetings
VII. Attending to formalities for the fulfillment of requirements laid down in the Companies Act
VIII. Providing a registered office for companies for statutory registrations IX. statutory registers maintenance
X. Preparing resolutions
XI. share transfer/ allotments/ buyback managing
XII. Managing bonus/ right issues

5.2 Payroll Management / Statutory Payments and Return Filling

Payroll plays a major role in a company for several reasons. From an accounting point of view, payroll is crucial because payroll and payroll taxes considerably affect the net income of most companies and they are subject to laws and regulations. From an ethics in business viewpoint, payroll is a critical department as employees are responsive to payroll errors and irregularities and good employee's morale requires payroll to be paid timely and accurately. We ensure that all the client's employees are paid accurately and timely with the correct withholdings and deductions, and to ensure the withholdings and deductions are remitted in a timely manner. This includes Net Salary Payments, PAYE tax withholding and remittance, and deductions and remittance of EPF & ETF. Our Services Includes;
I. Processing of payrolls and maintaining
II. Calculation and remittance of statutory payments
III. Staff gratuity payments and annual provision
IV. Filling of statutory returns

�Bookkeeping and Account Support Services
One of the most important activities in any type of businesses is to keep proper record on the financial transactions, routine or occasional with adequate references to supporting documents on a very timely basis, based on which periodic financial reports are prepared for management purpose which underpins decision making process of the business and compliance with regulatory requirements. All of these services are done through computerized accounting packages and work can be completed at your premises or remotely at your discretion and includes;

• Preparation and maintenance of all Accounting Records such as source documents, primary books and sub ledgers etc, in a particular way based on which summaries, breakups, analyses or reference can be easily done at any given point of time.
• Preparation of periodic Management Accounts timely and accurately in a client specific format or otherwise beneficial to client under any circumstance or deadline. Financial statements and other financial/accounting reports are the tools of revealing the Health of a Business. Most of us know almost nothing about accounting from experience. However, you have to know something about accounting if you want to understand the business. It is almost impossible to run a business effectively without being able to prepare, read, understand and analyze financial statements and other financial/accounting reports. We do provide all of your Accountancy requirements efficiently and effectively including;

I. Preparation of Annual Financial Statements, based on the all applicable accounting standards and laws and regulations for publication purpose or any other purpose such as income tax purposes, internal management purpose, bank loans purpose etc,
II. Preparation annual or periodic budgets for internal management purposes and update them periodically. III. Preparation of variance analysis reports by comparing actual results with budgets/plans and commenting on the factual findings for management action and provision of other cost/management accounting services. IV. Any other financial reports that management of a business requires time to time in their decision-making purpose.