1. Financial statement preparation
Under both International Financial Reporting Standards (IFRS) and Accounting Standards for Private Enterprises (ASPE), for example, where any of the following apply:
- management has no time available due to the competing demands of running the finance function for the business;
- the financials have a broad readership (such as outside investors or they are to be used in a public document as part of a transaction) which demands a higher financial reporting bar;
- a need exists to establish enhanced internal controls over financial reporting;
- a desire for a higher level of quality control due to accounting for complex transactions or events;
- separating the preparation of the financial statements from the audit is required to protect the auditor’s independence and objectivity; or
- there is a need or desire to ensure best practices are adopted.
Financial statement preparation includes documenting the financial reporting and accounting positions taken by the entity in determining: accounting policies, recognition and presentation issues, as necessary. The goal is that all documentation created is easily auditable, to ensure the audit cost is managed.
2. Ad hoc projects
- Adoption of new accounting standards:
– Revenue from Contracts with Customers (IFRS 15);
– Leases (IFRS 16);
– Financial instruments (IFRS 9); or
– Amendments to Presentation of Financial Statements (IAS 1).
- Consultation on the accounting treatment for complex transactions or events.