Accounting and Auditing Advisory (US GAAP, IFRS and SASs)
Accounting, financial statements and relating auditing opinions will always be among the most fundamental disclosures in the business world. It is critical to 'get-it-right' as a misstep can lead to a restatement, adverse legal action and reputational damage. Oftentimes, an independent resource, such as Candela Solutions, for companies makes sense. This can range from helping with a footnote to a thorough draft-review of complete financial statements. We can also assist external audit firms in various advisory, support and training roles.
New Accounting Standard Updates
The convergence of U.S. Generally Accepted Accounting Principles (US GAAP) with International Financial Reporting Standards (IFRS) has been occurring for years. Companies are now bombarded with an onslaught of new and proposed standards. A constant parade of exposure drafts, projects, and new accounting standards shows no signs of letting up. Understanding and obtaining examples of both current and proposed accounting standards from the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) is important. Tap into our expertise regarding:
- New Accounting Standard Updates (ASUs)
- Effective dates and application flexibility
- FASB exposure drafts
- SEC regulatory trends
- Practical impacts for public and private companies
- Ramifications for accounting systems
- How to prepare for the external auditor
Auditing Developments
Understand auditing standards and potential impacts has deep implications for both companies and external auditors. This includes:
- Public Company Accounting Oversight Board (PCAOB) standards
- New and proposed Statement of Auditing Standards (SASs)
- Statements on Standards for Attestation Engagements (SSAEs)
- Interpretations issued by the Auditing Standards Board (ASB). The ASB is the AICPA's senior technical committee for auditing, attestation, and quality control applicable to the performance and issuance of audit and attestation reports for nonissuers
Refer to related in-house training session entitled IFRS: A Comparison to US GAAP
