EY financial accounting advisory services - Your partner in finance
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The document outlines the financial accounting advisory services provided by EY, emphasizing their commitment to helping clients navigate complex financial challenges and regulatory changes. It details the service portfolio aimed at improving financial reporting, enhancing accounting processes, and ensuring compliance with evolving regulations. EY's approach includes tailored solutions to address specific client needs and foster transparency and efficiency within finance departments.
EY financial accounting advisory services - Your partner in finance
- 1. Financial Accounting Advisory Services Your partner in Finance
- 2. This is our motto, clear and simple. It is our strategy, and it embodies the spirit of our four-box model. How do we help clients make better decisions? By understanding them. We listen to your needs, analyse the business drivers impacting your business and help you shaping the finance tools or processes of the future. We help you by turning uncertainty about the future into certainty; we help to create and improve transparency, optimize (accounting) processes and controls, while always keeping an eye on the big picture. We stay one step ahead of regulatory changes and help clients adjust to new reporting requirements triggered by transactions. We offer bespoke solutions that we adjust to specifically address the challenges that our clients face. In short, we advise. This brochure answers the most frequent questions about our FAAS service portfolio. EY‘s Financial Accounting Advisory Service, your partner for an effective and efficient finance department
- 3. Your partner for an effective and efficient finance department Our service portfolio CFOs and finance departments are under pressure. They are more involved in Business Strategy and planning than ever before while at the same time shareholders and regulators are demanding more and more detailed information. This combination places high demands on the time and resources available to CFOs and their teams making effectiveness and efficiency critical to success. With an effective and efficient finance function now critical to business performance, our service portfolio is aligned to assist you to address the accounting and financial reporting challenges facing their business in four key areas encapsulated under the financial accounting advisory agenda: • Financial Accounting & Reporting Excellence • Accounting Processes & IT Enablement • Regulation, Governance & Financing • Other Audit, Attest & Accounting Services Your Financial Accounting Advisory Agenda Achieve best-in-class accounting and reporting • Financial accounting excellence • Accounting compliance service Improve your accounting through IT and process enhancement • Consolidation and reporting • Advanced processes and data analytics Meet regulatory, governance and financing- related needs • Transaction accounting • Corporate treasury • Corporate governance and regulation Address other audit, attest & accounting impacts • Audit remediation • Data intelligence • Training services for business professionals
- 4. Achieve best-in-class accounting and reporting Understand the issues Finance functions face two key issues in today’s environment: • A worldwide convergence of accounting regulations with ongoing accounting changes creating efforts and unprecedented complexity and • Ongoing globalization and value creation strategies resulting in complex cross border M&A activities and continuous asset portfolio management. In order to be successful in this environment, organizations must proactively understand and assess the impact of any decisions taken on their financial performance. This includes putting increased effort into financial management such as assessing and accessing technical IFRS expertise when it is needed, and identifying the need for clear and consistent accounting policies and guidelines. How can we help? We typically advise clients in the following areas: • Assessing the impact of new accounting standards on their finance function and business operations • Accelerated local GAAP and IFRS conversions • Supporting, designing and implementing accounting policies • Contract accounting support • Developing tools and solutions for implementing new accounting standards and supporting decision-making 1 2 3 4 Financial Agenda Achieve best-in-class accounting and reporting Improver your accounting through IT and process enhancement Meet regulatory, governance and finance-related needs Address other audit, attest & accounting Impacts Effective and Efficient finance department
- 5. Improve your accounting through IT and process enhancement Understand the issues Expanding an organization geographically or technologically adds operational complexity which implies greater cost to the business. In this context companies often rethink their approach to operations to achieve economies of scale which can increase pressure on the finance function to improve its effectiveness. Increased demands from analysts and other stakeholders mean that greater accuracy, precision and transparency from financial statements and forecasts are an expectation of the finance function of today. Further following the implementation of new IT infrastructure or new ERP modules optimization or validation of financial statement close processes are increasingly requested. In order to achieve this best practices for accounting processes and control procedures are to be developed including related topics like shared service center concepts and outsourcing arrangements. It also requires the implementation of a common set of rules, definitions and procedures to ensure global consistency. It also means improving routine financial processes to produce accurate and up-to-the-minute financial business information. How can we help? EY advises clients in the following areas: • Assessing, transforming and reorganizing the finance and control function • Aligning accounting processes and harmonizing key metrics following new acquisitions • Improving the financial statement close process, including the design and implementation of advanced closing and reporting • Evaluating and re-designing internal controls • Accounting and financial support on consolidations 1 2 3 4 Financial Agenda Achieve best-in-class accounting and reporting Improver your accounting through IT and process enhancement Meet regulatory, governance and finance-related needs Address other audit, attest & accounting Impacts Effective and Efficient finance department
- 6. Meet regulatory, governance and financing-related needs Understanding the issues Since the credit crunch of 2007-09 the post-crisis economy is characterized by a growing change process across world economies. Recent turmoil around the solvency of certain Eurozone countries and budgetary challenges in large economies such as the US have created a new market dynamic whereby capital markets are expected to reflect volatility and more challenging financing conditions for some time. Both regulators and governments are looking for higher standards of corporate governance, greater reporting transparency and are placing more focus on compliance and risk management practices. For companies these economic conditions have several practical implications. As stakeholder confidence becomes increasingly important companies must revisit the effectiveness of their corporate governance structure and communication with internal and external stakeholders. From an operational point of view, the finance function is increasingly involved in proactively managing volatility in commodity trading or raw materials market and exposure to foreign exchange. It also supports efforts to exploit alternative sources to refinance debt or raise equity in order to fund acquisitions, organic growth or restructuring. How can we help? We typically advise clients in the following areas: • Supporting the design and implementation of new regulatory requirements • Providing industry-specific attest services, for example in the telecom, energy and utilities sector • Implementing a corporate treasury function • Benchmarking the corporate governance effectiveness and audit committee oversight and enhancing the financial accounting governance process • Navigating the IPO or refinancing process, including assisting on-going stock listing matters and financial communication 1 2 3 4 Financial Agenda Achieve best-in-class accounting and reporting Improver your accounting through IT and process enhancement Meet regulatory, governance and finance-related needs Address other audit, attest & accounting Impacts Effective and Efficient finance department
- 7. Address other audit, attest & accounting Impacts Understanding the issues Following their audit, company management often receives recommendations regarding process and control improvements, suggestions of best practices or the need for remediation of deficiencies and failures. In certain sectors or jurisdictions, in addition to the audit, companies are subject to additional statutory reporting requirements, such as net user charges or resource consumption. These efforts mostly help harmonize existing accounting processes and know-how. Often, companies require external support to augment either a lack of resources and/or technical expertise within its organization. How can we help? We typically advise clients in the following areas: • Supporting the remediation of audit findings • Delivering focused open house and customized client based training on financial reporting, accounting, soft skills and related matters • Benchmarking services • Interim management in controlling, accounting and finance function. “As business advisors our focus is on helping our clients to navigate the ever-changing accounting and reporting landscape and deliver tailored, innovative solutions seamlessly and effectively on a global scale.” FAAS team Belgium 1 2 3 4 Financial Agenda Achieve best-in-class accounting and reporting Improver your accounting through IT and process enhancement Meet regulatory, governance and finance-related needs Address other audit, attest & accounting Impacts Effective and Efficient finance department
- 8. EY | Assurance | Tax | Transactions | Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization and/or one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. © 2014 EYGM Limited. All Rights Reserved. ey.com/be Your EY FAAS contacts Martine Blockx Partner +32 (0)2 774 94 31 [email protected] Nicolas Valette Partner +32 (0)2 774 95 21 [email protected] Well-equipped and with a reliable compass in hand, you can tackle any journey and reach any destination – no matter how complicated the route or how ambitious the goal. Your EY FAAS experts give you the right tools to guide your company successfully through all obstacles.