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Perspectives

Eight things an accounting adviser may do for you

Services to help you navigate 21st-century accounting

If you think accounting is an exact science, think again. Issues are nuanced. Multiple views exist. Conclusions depend on your unique circumstances. Accounting advisory services may foster open dialogue, thorough analysis, and full understanding to determine an appropriate conclusion. Learn what an accounting adviser may do for you.

Accounting for ambiguity

Far from the black-and-white world that many outside a company’s accounting function imagine, gray may be accounting’s primary color—many accounting questions are complicated, and there’s often a high degree of judgment required when applying the rules.

Documenting complex transactions and the related accounting conclusions may be extremely challenging given today’s standards for internal controls over financial reporting. At the same time, finance departments are expected to create value across the entire business, and finance leaders are expected to play a key role in many corporate decisions.

All of this makes it critical that accounting and financial reporting are handled efficiently and with an eye toward what’s best for the organization as a whole.

Accounting advisory services: From confusion to confidence

The accounting world is a tough place to go it alone, but having an accounting adviser may help. We’ve broken down eight things an accounting adviser may do to make it easier. Download our report to learn how an accounting adviser may:

  1. Bring an experienced perspective: Need to reach informed accounting conclusions on tough, frequently asked questions?
  2. Lead an open dialogue: Want open, early-stage conversations about topics that you might not feel ready yet to discuss with your independent auditor?
  3. Explain the nuances of accounting guidance: Want to understand the rationale behind the accounting impacts of the strategic decisions your company makes?
  4. Advocate for a chosen approach: Looking for help fleshing out your approach to a highly judgmental accounting issue, and articulating and supporting your positions to your independent auditor?
  5. Examine alternative angles: Want to dig deep to flesh out your point of view on an accounting issue at hand to achieve the preferred accounting treatment?
  6. Address thorny issues early: Need earlier identification and resolution of issues so that you may reduce last-minute fire drills?
  7. Improve internal controls: Looking for an extra layer of control that your independent auditor might appreciate? How about a fresh evaluation of your control environment as a whole?
  8. Improve audit readiness: Want to provide your auditor with a thorough and comprehensive analysis of your accounting position and gain the confidence that your approach to complex accounting issues is sound?

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While an organization’s independent auditors may be helpful in identifying applicable guidance and discussing the application of such guidance, in practice, there are limits to the amount, and type of assistance an independent auditor may provide.

Energize your accounting

The eight things an accounting adviser may do for you ultimately add up to one result: helping you prepare a better work product. That higher-quality product may reduce independent auditor interaction time and possibly the overall cost of the audit while providing relief from upward pressure on base audit fees over time.

Learn how tapping into the experience and knowledge of an accounting adviser may allow you to effectively address complex accounting challenges, spend less time on your audit, and devote more time and attention to your business.

Contact us to learn more about how our Accounting advisory services practice may help your business

 
 
 
 
 
 
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The services described herein are illustrative in nature and are intended to demonstrate our experience and capabilities in these areas; however, due to independence restrictions that may apply to audit clients (including affiliates) of Deloitte & Touche LLP, we may be unable to provide certain services based on individual facts and circumstances.

This article contains general information only and Deloitte is not, by means of this article, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This article is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication.

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