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Business consulting services
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
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Business process solutions
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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Business risk services
The relationship between a company and its auditor has changed. Organisations must understand and manage risk and seek an appropriate balance between risk and opportunities.
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Cybersecurity
As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
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Forensic and investigation services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
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Mergers and acquisitions
Globalisation and company growth ambitions are driving an increase in M&A activity worldwide. We work with entrepreneurial businesses in the mid-market to help them assess the true commercial potential of their planned acquisition and understand how the purchase might serve their longer- term strategic goals.
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Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery
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Transactional advisory services
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
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Valuations
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
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IFRS
The International Financial Reporting Standards (IFRS) are a set of global accounting standards developed by the International Accounting Standards Board (IASB) for the preparation of public company financial statements. At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting from IFRS 1 to IFRS 17 and IAS 1 to IAS 41.
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Audit quality monitoring
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
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Global audit technology
We apply our global audit methodology through an integrated set of software tools known as the Voyager suite.
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Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
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Indirect international tax
Using our finely tuned local knowledge, teams from our global organisation of member firms help you understand and comply with often complex and time-consuming regulations.
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Innovation and investment incentives
Dynamic businesses must continually innovate to maintain competitiveness, evolve and grow. Valuable tax reliefs are available to support innovative activities, irrespective of your tax profile.
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Private client services
Our solutions include dealing with emigration and tax mitigation on the income and capital growth of overseas assets.
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Transfer pricing
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
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Tax policy
Tax policies are constantly evolving and there are a number of complex changes on the horizon that could significantly affect your business.
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Outsourcing Changes to the Outsourcing legislation, specifically when offshoringSignificant changes to the dynamic of the financial services sector in recent years have shifted the paradigms in how we work. The increased digitisation of the workforce, changes in business models, globalisation, and remote working capabilities have led to a new approach to the delivery of services.
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Asset management Inflation and tax planningThe recent onset of rapid inflation is an unwelcome development that is having a widespread impact on US businesses and tax planning.
The Global Public Policy Committee (GPPC), a global forum of representatives of the six largest international accounting networks, has released 'The Auditor's Response to the Risk of Material Misstatement Posed by Estimates of Expected Credit Losses under IFRS 9' (the Paper).
This Paper is addressed to the audit committees of systemically important financial institutions. It represents the consensus views of the GPPC members regarding key considerations for auditors of globally systemically important banks. The views contained in the Paper may also be of wider interest to other financial institutions.
Implementing IFRS 9 to a high standard
The introduction of the requirement to estimate expected credit losses (ECL) under IFRS 9 ‘Financial Instruments’ marks a significant change in the financial reporting of banks. Given the importance of banks in global capital markets and the wider economy, it’s important that participants in capital markets have confidence that banks are implementing IFRS 9 to a high standard, producing estimates upon which financial statement users can rely. Bank management teams, audit committees and auditors all have crucial roles to play.
Systemically Important Banks (SIBs)
This Paper seeks to advance the objective of high-quality audit procedures over estimates of, and disclosures regarding, ECL in accordance with IFRS 9 and ISA 540 for material portfolios at Systemically Important Banks (SIBs). The Paper begins by discussing certain concepts that are fundamental to the audit of estimates of ECLs, followed by the following sections:
- accounting policies
- procedures and internal control
- information systems
- models
- reasonable and supportable judgments
- financial statement disclosures.
Additionally, each of these sections discusses the implications for the bank, and implications for the auditor. With regard to implications for the auditor, each section focuses on the importance of the auditor’s (a) sufficient knowledge, (b) evaluation of the bank’s judgments, (c) testing for accuracy and consistency, and (d) assessment of the bank’s estimate for bias.
Finally, the paper includes a list of questions audit committees may wish to discuss with their auditors.
Get in touch
If you would like to discuss any areas of this paper in more detail please contact:
Graham Dyer
T +1 312 602 8107