Practus’ assisted the manufacturers in carrying out a logical reconciliation exercise and conducting audits and analyses of records and intercompany transactions.

Client NameIndustryOwnershipManagementNo. of EmployeesROI On FeeSizeProject Duration
A Manufacturing Space
Containers & Packaging
$150 million

5 months

About The Company

   The Diana Group, based in Nigeria (Africa), was established in 1965 and has a market capitalization of $150 million. It is an African manufacturing cluster made up of many group enterprises.​

Practus’ Role

  • Intercompany receivables and payables balances are reconciled using accounting principles.​
  • For 5 to 7 years, intercompany receivables and payables accounts were not reconciled.​
  • The task was exceedingly time-consuming, given that there were 49 group firms with unreconciled balances.​
  • The departures and resignations of several process owners and accountants from their organizations during the selected period for reconciliation hampered the entire endeavor.

Impact Role

  • Obtaining complete data from all of the group firms’ books of  accounts/records of intercompany transactions for the previous 5 to 7 years.​
  • Extensive auditing and study of documents and intercompany transactions.​
  • Executing a logical reconciliation exercise.​
  • At each milestone, regular communication with the client accounting teams is required for query resolution and validation of the reconciliation procedure.​
  • Weekly and monthly structured evaluations with key stakeholders and management.​