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.