IFRS Project Consulting
As changes to financial reporting, IT systems, business processes and perhaps entity controls evolve throughout the IFRS conversion time frame, it’s critical that internal controls, especially those related to NI 52-109 and SOX 404 certification, are maintained, redesigned and operate effectively throughout this project. For most companies the experience of the SOX project is still fresh, and many of the same project oversights, support, monitoring and testing are applicable to IFRS.
This would include:
• Documentation and testing of processes.
• Changes in certification process.
• Internal or external staff and Project leads.
Resource planning and training – Companies will need to focus on staffing for the IFRS project, as well as appropriate training for financial professionals. Furthermore, other stakeholders (banks, investors etc) will need to understand the changes brought about by IFRS. Senior financial people will be called upon to interpret results. The last thing a company wants to have happen is to let all of the SOX hard work and success be eclipsed by financial reporting problems related to IFRS.
Is your organization adequately staffed and has the resource to complete the transition to IFRS, and ensure that SOX compliance is maintained? Perhaps you should considered temporary resources with the requisite skills, training and expereince to assist with this project. Please contact Edelkoort Smethurst Schein CPA’s LLP for further information about planning and implementing this project.
Edelkoort | Smethurst | Schein CPAs LLP is located in Burlington Ontario servicing the Golden Horseshoe and Greater Toronto Area and beyond. The firm is fully licensed with CPA Ontario to provide assurance, tax and accounting services as well as registered as tax preparers with the Canada Revenue Agency (CRA) & Internal Revenue Service (IRS). The firm is also registered as an IRS Certified Acceptance Agent.
All blog posts published on this site are for informational purposes only and do not constitute professional advice. Readers should contact a professional to discuss their individual situation. Neither the author or the accounting firm shall accept any liability for any reliance placed on the information posted.