Advanced Accounting undertakes special accounting projects on an as-needed basis. Engaging Advanced Accounting provides a cost-effective approach to complete special projects while you concentrate on your core mission. Following are some of the special project services Advanced Accounting provides. Sarbanes-Oxley compliance
Advanced Accounting supports publicly held companies’ efforts to comply with Sarbanes-Oxley (SOX) section 302 and 404 requirements. We have a staff of experienced Accountants working to meet the aggressive schedules set by the SEC for compliance, and we can help your company as well.Under Section 404 of the Sarbanes-Oxley Act of 2002 public companies must include the following in their annual reports.
- A statement of management's responsibility for establishing and maintaining adequate internal control over financial reporting for the company.
- Management's assessment of the effectiveness of the company's internal control over financial reporting as of the end of the company's most recent fiscal year.
- A statement identifying the framework used by management to evaluate the effectiveness of the company's internal control over financial reporting.
- A statement that the registered public accounting firm that audited the company's financial statements included in the annual report has issued an attestation report on management's assessment of the company's internal control over financial reporting
Since we scale our approach to the requirement of our clients, we provide a cost-effective solution. Services and deliverables may include:
- The complete documentation of your company's internal control environment required for the assessment by management and the external auditors, or we can complement the company's internal efforts in this area.
- Educating management and/or the audit committee about their responsibilities.
- Ongoing monitoring to support quarterly/annual assessment and attestation needs.
- Training your internal audit staff to meet the SOX compliance goals.
- A comprehensive risk assessment.
- The development of the company's internal communication system to report on internal control changes made company wide - alerting management as required for quarterly and yearly reporting.
- The preparation of your non-listed company for potential acquisition by a listed company to comply with SOX.
- We provide ongoing post-compliance support through our Outsourced Audit function.
Many stock exchanges require a listed company to have an internal audit function and the Irish stock exchange is monitoring closely.
Instead of adding significant headcount, or in lieu of your current in-house internal audit function, Advance Accounting can perform your internal audit services. Benefits include:
- Reducing fixed overhead. Perform only those projects required with the right level of personnel.
- Reduce staffing efforts. Eliminate the need to worry about hiring, firing or adjusting headcount requirements.
- Reduce costs. Advance Accounting provides a cost-effective alternative to external audit by performing key functions, such as testing.
Advance Accounting works with existing internal audit departments to fulfill their requirements or meet special project requests.Due diligence
Clients seeking to purchase new capital equipment, property, or a business regularly engage Advance Accounting to perform financial due diligence on the proposed acquisition. Our work includes a review of historical and pro-forma financial statements, as well as a review of the financials of the proposed transaction. Development of policies and procedures
Advance Accounting develops policies and procedures to help businesses manage their accounting and financial management functions. We do this for emerging companies, as well as established organizations. Established businesses engage Advanced Accounting to review policies and procedures in place and recommend changes, additions, or, in some cases, an overhaul.Companies that acquire divisions or entire organisations need to merge the new entity into the existing table of accounts and bring financial reporting and planning processes of the new entity into conformity with the organization's existing financial and accounting framework.Establishing internal controls
Advanced Accounting consults with clients to establish appropriate internal controls to project cash flows, develop budgets, create financing plans, and improve business management and profitability. Accounting software selection and implementation
Advanced Accounting helps clients select the accounting software package that is best for their organisation. We then supervise implementation to ensure that it works properly and does what it is supposed to do.