An extra set of eyes when you need it.
Resource constraints, a lack of in-house experience, and the simple pressures of your daily workload: there are plenty of things that can prevent you from adequately researching and documenting accounting issues. In today’s reputation economy, protecting your firm’s name and marketplace standing has never been more important. Just one PCAOB inspection deficiency or accounting restatement can damage the reputation you’ve worked so hard to build.
From the newly appointed CFO who is proficient in U.S. GAAP but is new to IFRS, to the engagement team that lacks the technical expertise related to the consolidation rules for VIEs under ASC 810, we are here to help them.
We'll help you see more clearly!
Experts in both U.S. GAAP and IFRS, our professionals are licensed CPAs with experience at Big 4 firms as auditors of SEC registrants. Many of our professionals also have industry experience working in the accounting policy departments of large multinational companies. Plus, as professional educators, we have the unique ability to make sense of complex accounting rules, passing this knowledge on to your employees.
We offer a wide range of Advisory services, from informal consultation on specific accounting topics, such as implementing the new leases standard (ASC 842 and IFRS 16), to financial statement or accounting policy reviews. We can also assist you in developing a comprehensive training plan for your accounting and finance teams.
Probably better termed “on-the-job” or “one-on-one” training, we can guide you through the myriad of complex accounting standards. Whether you are a lone wolf in the accounting policy department responsible for implementing a newly issued standard, or head of an engagement team struggling with a technical accounting matter, we can help.
Examples of accounting-related advisory services include:
- Determine how specific accounting standards, like IFRS 9 Financial Instruments, apply to your organization
- Research accounting guidance for specific transactions, such as qualifying for hedge accounting under ASC 815
- Assess the impact of new accounting standards, like the new leasing standards (IFRS 16 and ASC 842)
- Examine your financial statement presentation and disclosure for compliance with U.S. GAAP or IFRS
- Determine whether your accounting policies comply with the accounting standards
- Consult on the conversion from U.S. GAAP to IFRS, or vice versa
- Supplement your policy or engagement team’s technical accounting knowledge
Did you know that 4 out of 10 audits are deficient based on our review of PCAOB inspection reports? We can help accounting firms identify possible audit inspection findings before they are found by inspection teams, offering you a chance to fix the issue before it becomes a problem.
As former Big 4 auditors and the current training partner of 3 of the Big 4 firms, we are in a position to assess the quality of your audit documentation and recommend areas for improvement. We can even provide remediation training, if needed.
Training-related advisory services
As a professional training firm, we know a thing or two about learning and development, and navigating the NASBA requirements for CPE compliance. We have designed comprehensive training programs for some of the largest accounting firms and companies in the world. On a smaller scale, we can:
- Assess your current training program and recommend areas for improvement
- Propose additional relevant course offerings
- Create measurable learning objectives
- Review the instructional design of your existing training and recommend ways to increase participant interaction and knowledge retention
- Determine the best delivery method for your training: instructor-led training, eLearning, or a blended solution
- Improve your post-course assessments with appropriately written test items
- Assist with the initial application and ongoing compliance with NASBA requirements
- Support with the awarding of continuing professional education (CPE) credits
Even the best professionals need assistance now and then, and GAAP Dynamics is here for you! If you are struggling to understand an accounting issue or want to revamp you training plan, schedule your free consultation today.