Financial Management
BHC provides assistance to companies on all matters related to the financial management (i.e. taxation, accounting, auditing, and social security obligations and processing) of their in-country structures, activities, and local employees, including:
- Developing Iraqi law compliant tax and related accounting set-ups and systems;
- Establishing Iraqi tax files and obtaining the corresponding Tax Identification Numbers (TIN);
- Maintaining Iraq-based bookkeeping and accounting records;
- Converting financial statements to comply with the Iraqi Unified Accounting System;
- Establishing the requisite protocols for language translation (including US GAAP to Iraqi GAAP);
- Transforming financial statements based on GAAP accounting standards to the Iraqi Unified Accounting System in compliance with local tax filing and record-keeping requirements;
- Translating the trial balance and financial statements to Arabic as required by Iraqi law;
- Summarizing journal entries in tax schedules in compliance with Iraqi regulations;
- Assigning account codes accepted by the Iraqi Unified Accounting System and trial balance;
- Conducting payroll tax and social security calculations and payments;
- Ensuring that business income tax and related matters comply with the current filing requirements of the Iraqi tax authorities; conducting financial control risk assessment and review;
- Implementing internal audits and investigations;
- Conducting procurement and supply chain audits;
- Establishing and implementing new financial controls and accounting procedures; and
- Training clients’ local employees in the foregoing.