From incomplete records to audit-ready IFRS statements for an SME
Anonymised owner-managed trading business (Port Harcourt)
Published June 25, 2026
A Nigerian SME had bank statements and tax filings but incomplete ledgers following accounting-staff turnover. Opening balances could not be tied to the previous year’s informal spreadsheet records, and several bank accounts had never been reconciled.
We reconstructed transactions from the bank statements, reconciled each account, rebuilt the ledgers, and resolved balance-sheet differences. A trial balance was produced, adjusting entries were posted, and IFRS for SMEs financial statements were prepared with appropriate disclosures about the basis of preparation.
The completed statements and organised working papers were suitable for subsequent reporting, tax filing, and presentation to the company’s bankers. Management retained a documented chart of accounts and monthly close checklist for the periods that followed.
Measurable outcomes
- Two years of transactions reconstructed and bank-reconciled
- Trial balance and IFRS for SMEs statements completed from incomplete records
- Balance-sheet differences investigated and resolved before sign-off
- Records organised for subsequent reporting periods