Prepare a short brief
Sector, location, structure being considered and the decision date help us scope the work accurately.
Due Diligence & Risk
Financial Auditing
Independent financial due diligence and audit support aligned with Iranian Accounting Standards and IFRS.
Iranian companies report under Iranian Accounting Standards, which differ in important ways from IFRS — particularly around inflation accounting, foreign-currency translation, and related-party disclosures. Our financial team rebuilds the target's numbers into a format your board and lenders can read, and flags the adjustments that matter for valuation.
What’s Included
Quality of Earnings
Normalisation of reported EBITDA for one-offs, related-party transactions, and FX distortions.
- Run-rate adjustments
- Owner add-backs
- Subsidy normalisation
- FX impact analysis
- Working-capital review
Tax Position Review
Verification of corporate tax, VAT, and payroll positions with the Iranian National Tax Administration.
- Tax certificates
- Assessed vs. declared
- VAT reconciliation
- Withholding compliance
- Open assessments
Debt & Cash Walk
Bridge from reported cash and debt to net debt usable in an enterprise-value calculation.
- Bank confirmations
- Off-balance-sheet items
- Shareholder loans
- FX-denominated debt
- Working-capital normalisation
IFRS Conversion
Translation of Iranian-GAAP statements into IFRS-equivalent format for foreign-investor consumption.
- Revenue recognition
- Lease treatment
- Impairment testing
- Deferred tax
- Pension liabilities
Forensic Review
Targeted procedures where related-party flows or undisclosed liabilities are suspected.
- Journal-entry testing
- Vendor-master review
- Cash-flow tracing
- Inventory verification
- Whistleblower follow-up
Statutory Audit Liaison
Coordination with the target's Iranian statutory auditor and the Securities & Exchange Organization.
- Auditor briefing
- SEO filings review
- Management-letter follow-up
- Subsequent-events review
- Board reporting
How We Engage
Each step ends with something you can review before the next one begins. Timing depends on document availability and third-party responses.
- 01
Engagement Scoping
Define materiality, look-back period, and key value drivers.
Review point: agree the output before moving on.
- 02
Information Request
Issue a structured data request and chase outstanding items.
Review point: agree the output before moving on.
- 03
On-site Procedures
In-person review of ledgers, contracts, and physical assets at the target.
Review point: agree the output before moving on.
- 04
Red Flag Memo
Interim findings memo so deal terms can be re-negotiated early.
Review point: agree the output before moving on.
- 05
Final Report
Detailed financial DD report including adjusted EBITDA, net debt, and working-capital target.
Review point: agree the output before moving on.
| Area | Your side | Our side |
|---|---|---|
| Objectives | Define the decision you need to make and your constraints | Translate the objective into a written scope and question list |
| Documents | Supply records, authorisations and access to counterparties | Request, organise and flag missing or inconsistent evidence |
| Third parties | Appoint licensed lawyers, auditors or banks where required | Coordinate inputs and keep a shared issues log |
| Decisions | Approve each output and take the final commercial decision | Explain findings, limitations and remaining open questions |
Name decision-makers
Tell us who approves outputs and who can authorise access to records, sites or counterparties.
Check sanctions and licences
Confirm your own compliance position early; we cannot provide sanctions clearance or legal opinions.
Get a Defensible Financial Picture
Commission an IFRS-equivalent financial DD report before you fix your offer price.
Financial DD in detail
Separate accounting profit from cash available to investors
Start with a reconciliation between financial statements, tax filings, bank movements and management accounts. Inflation, exchange-rate movements, related-party pricing and overdue receivables can make reported earnings a poor guide to sustainable cash generation. Financial due diligence is not a statutory audit opinion. Specify whether the engagement covers earnings quality, working capital, debt, accounting-policy differences or forensic procedures, and have any required audit performed by an appropriately licensed independent auditor.
What you receive
Deliverable
Format
Quality-of-earnings report with adjusted-EBITDA bridge
Format: PDF · EN
Net-debt and working-capital schedules
Format: Excel
Tax exposure memo (NTA open assessments)
Format: PDF
FX-translation analysis (IRR/USD, NIMA & free)
Format: Excel
IAS 29 inflation-accounting restatement
Format: Workbook
Linked data pack to source files
Format: Excel + index
Evidence to prepare
- Financial statements, ledgers and tax filings for the agreed period
- Bank confirmations, debt terms and aged receivables
- A bridge from reported earnings to normalised cash flow
Engagement timeline
Phase 1
Kickoff & data request
1 week
Phase 2
Numbers rebuild
3 weeks
Phase 3
Management Q&A
2 weeks
Phase 4
Report finalisation
1 week
Total — 7 weeks typical
Planning estimates only. Confirm the schedule in the proposal; authority decisions, document availability and bank acceptance may change it.