Who are we?
Incorporated in 1980, Ipsum Consultancy brings over 37 years of hands-on experience in helping businesses overcome challenges, improve their financial performance, and achieve sustainable growth. We have been serving various industry sectors such as tourism, hospitality and leisure, construction, telecoms, manufacturing and financial services, etc.
Our services range from consulting to financial advisory, audit, risk management, taxation, and other services. Furthermore, our innovative approach help you improve efficiency and visibility as we analyze your end-to-end operations and transaction flow and set new processes, workflows, and operational controls accordingly, to meet your specific needs.
We also ensure full compliance with the new regulatory requirements set by the Ministry of Finance; you can rest assured that your business is protected and will not be subject to any major fiscal fines. Moreover, we help you capitalize on opportunities and optimize your financial operations making us a partner you can rely on.
We believe that our human capital is one of our greatest assets. Our team comprises experts in data mining, financial analysis, costing, budgeting, and internal and external auditing with both local and world-class credentials and renowned certifications including:
- Members of LACPA (Lebanese Association of Certified Public Accountants)
- Holders of CMA (Certified Management Accountant) a U.S.-based, globally recognized certification offered by the Institute of Management Accountants
- CIA (Certified Internal Auditors), a globally recognized certification for internal auditors
- Industrial Engineers for data mining
Our team strives for excellence and is committed to offer you first-class services. We put our accumulated experience, know-how, and industry best practices at your service.
New Regulations imposed by the MOF
The Lebanese Ministry of Finance has set up new regulations to improve data collection moving from the manual traditional way to an online platform.Companies and tax payers are now required to fill in their financial statements and declarations online and submit them to the Ministry. The new regulatory requirements will enable the Ministry of Financeto automatically collect and process all required data. Hence, Ipsum Consultancy ensures that yourposted financial dataand reports are complete and accurate, protecting you of from any major fiscal fines.
Our services cover different areas including financial advisory services, taxation, legal consultancy, risk management, financial operations and internal controls, and financial studies and reporting.
A robust internal control system is key for any business’ success as it paves the way for effective and efficient financial operations, ensures compliance with regulations, helps generating reliable financial reporting& statements, and contributes in safeguarding the organization’s assets.
Ipsum Consultancy’s Approach
Our approach helps you mitigate risks. For instance, we support you in protecting your business from internal and external potential risks by preventing fraud & misuse, ensuring high quality data, and avoiding any major fines from the Ministry of Finance. In order to help you set and implement an optimized internal control system, our approach consists of the following steps:
Understanding your business
We start by developing an in-depth understanding of your business, its complexities and peculiarities.
Assessing the current internal control system
Afterwards, we evaluate the current operational controls in place including various processes’ efficiency and effectiveness, internal controls activities and documentations, and technology in use as we review your IT system efficiency. Later on, we identify control efficiencies, gaps and risks.
Offering recommendations & enhancements
We discuss with you the identified control gaps and ourrecommendations, and propose enhancementsto business and IT processesthereby mitigating risks. These include:
- Redefining company’s transaction cycle
- Propose structures for segregations of duties and authority levels
- New frameworks for internal financial controls activities
- Internal controls over financial reporting
- Frameworks for regulatory compliance
- Anti-fraud controls both preventive and detective designed to counter fraud and misuse
- IT enhancements in terms of software and processes
Assisting you in implementing new processes & controls
We help you implement new controls and process improvements. We also develop control test and study tests’ results to ensure successful implementation providing you with peace of mind knowing that your business is well protected.
Sustaining & monitoring
We use information technology and data analytics to help you continuously sustain and monitor your internal control system.
Furthermore, we help you establish and maintain a robust accounting structure so that you can easily deal with taxation challenges.
We provide you with an array of ratio analysis and other relevant studies:
a. Ratio analysis:
Helps better understand your business financial position, and how well it is doing. Ratio analysis include Return on Investment (ROI), financial ratio analysis, Holding Cost including purchases and holding inventory cost, return on assets, cash cycle, inventory cycle, break-even analysis, etc.
These reports can be generated monthly, quarterly and yearly. We compare year-to-year, quarter-to-quarter, or month-to-month depending on your needs. We also suggest recommendations and improvements.
The going concern principle is the assumption that an entity will remain in business for the foreseeable future. Ipsum Consultancy helps you evaluate your business ability to continue operating as a going-concern.
c. Risk management
We help you manage potential risks to minimize their implications and the likelihood of incurring large losses. We also plan both precautionary and remedial actions which might involve implementing frameworks, processes, procedures, and other actions.
For instance, we ensure all fiscal reports are prepared and presented to the Ministry of Finance (MoF)as per the required standards and procedures. While preparing these reports, we detect and correct any potential errors or improper data that might expose your business to any major fiscal fines.
- Yearly audit report
- Yearly balance sheet and income tax preparation
- Vat quarterly reports preparation
- Tax on salaries quarterly and yearly reports preparation
- NSSF report
- Property tax
These reports can be conducted on annual or semi-annual basis with year-to-year comparison analysis.
With accurate forecasting, you define the required data, we collect all needed data, market analysis, effort between experts in financial analysis and industrial engineers, and can do demo visual to show prototype of how we will work (how we extracted data, credible data based om market research and statistics / do not mention industrial engineers.
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