Practices                           

             

ACCOUNTING

The regulation of the Italian accountancy profession has been completely reformed by the legislative decree nr. 139 enacted on 28 June 2005 and published on the Italian Official Journal Gazzetta Ufficiale of 19 July 2005. The profession, which is subject to the general supervision of the Ministry of Justice, has been disciplined with regard to the following aspects:

• Purpose of professional activity and incompatibilities;

• Qualifications to access the practice;

• Corrective penalty;

• Registration requirements;

• Governance and organizational structure of the professional body.

Following the provisions of the law, the new profession is distinguished into two levels which differ for the purpose and level of professional activities. In details, the two levels require two different university degrees, thus creating a strict connection between the academic path and the professional activity concretely exercised by members.

For the basic level – Section B, Esperti Contabili – applicants must achieve at least a BA degree in economics and business administration (lasting 3 years), while for enrolling in Section A, Dottori Commercialisti, applicants must achieve at least an MBA degree in economics and business administration (lasting 5 years). Before entering the register, applicants are also required to gain technical experience, i.e. complete a three years training period with a registered professional or professional partnership, and succeed a specific State examination.

The new professional body resulting from the reform law is the Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili (CNDCEC), which is the competent authority and the only professional body of accountants in Italy, and will be operating effectively from 2008.

Four Partners of the Firm are Chartered Accountants and three of them are also Registered Auditors (Dottori Commercialisti e Revisori Contabili).

We provide the accounting services and support you require so you can concentrate on core competencies without sacrifing control. We offer the following services:

• Preparation of compiled financial statements on a monthly, quarterly or annual basis. We compile individual company financial statements, consolidated financial statements, and statements that present information, by division.
• Budget preparation consultation and reporting of budget vs. actual comparative data.
• Preparation of trend analysis tracking progress to your business mission and bench marking data.
• Payroll and sales tax compliance, including consultation and research necessary to resolve complex payroll and sales tax questions and issues.
• Monthly bank reconciliations and general ledger analysis.
• QuickBooks set-up, training and consultation.
• Property and equipment maintenance and depreciation schedules.
• Accounting transaction consultation.
• Our experienced accounting specialists are available to manage accounts payable, accounts receivable and other processing - in your office or ours.
• Development of accounting policy and procedures manuals.
• After-the-fact transaction processing using our Software for the small to medium size business that prefers to provide us with transaction data for entry into our accounting software.