Organisations that effectively manage their financial reporting risk and are ‘audit ready’ benefit from:
- Avoiding unnecessary stress and time associated with audit overruns, which can prove costly
- Justification for the choice of accounting options for business performance, and
- Clearly and effectively communicating business outcomes.
Choosing how to report financial performance is a challenging, and often daunting, exercise when presented with the many accounting options provided by accounting standards. Often the simplest application of accounting standards does not always result in the best commercial outcome for the organisation.
BDO’s IFRS Advisory experts advise organisations to determine the easiest or best commercial option for the business.
Our audit ready services consist of:
- Reviewing financial statements with a ‘fresh eye’
- Assisting with discussions with an organisation’s auditors
- Preparation of position papers
- Developing accounting policies
- Evaluating significant judgements, alternatives and their impact
- Lease calculations and disclosures.