Implementing an industry-specific onboarding program for a large regional firm
Our client is a large regional accounting firm that tailors to auditing investment companies like private equity funds, hedge funds, venture capital funds, etc. The problem? New hires coming out of college don’t have a lot of experience with the specific accounting requirements for investment companies under ASC 946 or the specific auditing considerations. Auditors of investment companies don’t need to know how to perform and document inventory counts…they need to know how to audit investments measured at fair value under ASC 820!
They needed to get their new auditors up to speed on both the accounting requirement and the auditing considerations quickly!
Utilizing an extended enterprise solution, hosted on our online learning library, the client licensed our Investment Management Industry Fundamentals course collection. This collection includes 9 CPE-eligible self-study courses covering all of the accounting topics relevant to investment companies accounted for under ASC 946, including:
- An industry overview
- Fair value
- Transactions with service providers
- Transactions with unit holders
- Financial reporting
This solution gives their professionals a strong baseline and foundational knowledge that is complemented by the firm’s own internal audit training – specifically geared toward the investment management industry.
The client has seen big improvements in the industry knowledge of their new hires, which translates into less time in the field trying to get new team members up to speed! They’ve made this eLearning series an integrated part of their blended learning on-boarding training, which includes a mix of live in-person training and our virtual eLearning courses.
What’s next? In the coming year, we plan to implement pre-course assessments and enhanced post-course assessments to further quantify and define knowledge gain and knowledge gaps, specifically for the members of this firm who take the training.
Are you looking for a blended learning solution for your organization? Let’s talk!