by Deloitte & Touche LLP
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.
While an organization’s independent auditors can be helpful in identifying applicable guidance and discussing the application of such guidance in practice, there are limits to the amount and type of advice an independent auditor can provide due to applicable independence regulations.
Here are eight things an effective accounting adviser may do for you.
Bring an experienced perspective: Need to reach informed accounting conclusions on tough, frequently asked questions?
Lead an open dialogue: Want open, early-stage conversations about topics that you might not feel ready yet to discuss with your independent auditor?
Explain the nuances of accounting guidance: Want to understand the rationale behind the accounting impacts of the strategic decisions your company makes?
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?
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?
Address thorny issues early: Need earlier identification and resolution of issues so that you may reduce last-minute fire drills?
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?
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?
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.
For additional information contact:
Audit & Assurance Managing Director
Deloitte & Touche LLP