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Restoration of accounting and tax records
When accounting restoration is required
There are several scenarios that necessitate the restoration of accounting records:
  • No accounting was maintained at all
    This is most common in small companies where accounting was handled by a single specialist
  • Accounting contained significant errors
    Such issues typically come to light during regular tax authority inquiries or on‑site tax audits
  • An audit revealed poor‑quality accounting data
  • Loss of accounting databases and primary documents due to force majeure events
    (e.g., fire, flooding, theft, phishing attacks, or office relocation)
Why accounting restoration is essential
Restoring accounting records is critical because:
  • Errors from previous periods directly affect the accuracy of current accounting and reporting
  • Inaccurate input data in financial and tax reports distorts information for owners and founders, and increases the risk of additional tax assessments, fines, and penalties
Stages of accounting restoration
Stage 1: Defining the timeframe and scope of work
Typically, restoration covers a period within the statute of limitations (3 years), but can extend further if needed. Work can be carried out either for specific accounting areas or comprehensively across all domains.
Stage 2: Analytical review
This stage involves:

  • reviewing the accounting database and primary documentation for completeness and compliance with legal requirements
  • conducting an inventory of fixed assets, material assets, and other property
  • reconciling calculations with counterparties and tax authorities
Stage 3: Restoring accounting data
Key activities include:

  • reconstructing primary documents
  • creating accounting registers and entries in the accounting system
  • preparing and submitting amended financial statements and tax returns
  • paying any outstanding tax arrears and penalties (if required)
Areas we analyse and correct during restoration
  • General accounting
    • reviewing accounting policies (including tax‑related policies)
    • assessing document flow for compliance with legal requirements
    • verifying the accuracy of accounting across key balance sheet sections (non‑current and current assets, equity, short‑ and long‑term liabilities)
    • monitoring compliance with cash handling regulations
    • reviewing adherence to currency control requirements
  • Taxation
    • Corporate Income Tax:
    — verifying the correctness of tax base calculation
    — analysing income, expenses, and primary documents for tax compliance

    • Value Added Tax (VAT):
    — checking tax base calculation and validity of tax rates
    — reviewing tax deductions, separate accounting, and tax agent obligations

    • Other taxes:
    — ensuring full calculation of additional taxes (property tax, land tax, etc.)
  • Payroll
    • verifying payroll calculations for compliance with labour laws and internal company policies
    • checking the accuracy of payroll taxes and contributions (personal income tax, social tax)
  • HR record‑keeping
    • reviewing the existence and compliance of local regulations governing labour relations and compensation (Internal Labour Regulations, Salary Policy, Bonus Policy, etc.) with current labour laws
    • auditing HR documents (employment contracts, civil contracts, staffing schedules, vacation calendars, time sheets)
Outcomes of the restoration process
Upon completion of the restoration, clients receive:
  • Accurate accounting and tax data reflecting the company’s true financial position
  • Practical recommendations to mitigate tax and accounting risks
  • Guidance on updating and aligning company policies related to accounting and taxation, including proposals for revising specific provisions
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