Accounting for revenue

The new normal: FRS 115

Audit & Assurance Jeff Vibert

Head of Assurance services

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We use a single audit approach and methodology globally, which means we can offer you consistent, high quality services wherever you are in the world. Our audit process is an excellent business improvement tool that identifies and resolves any issues whilst adding value.

An experienced team

Our team has the knowledge and experience in all aspects of audit and assurance. We have worked on many internal and external audits. We have an excellent track record in undertaking:

  • one-off reviews of systems and controls
  • agreed-upon procedure reports
  • other regulatory and compliance audits, such as those involving grants.

At the heart of our approach is the belief that robust, independent audits identify the root causes of accounting issues. We deliver tailored and effective recommendations.

As part of our process, we take the time to understand your business. We then apply Grant Thornton’s global audit methodology that uses the latest technology to drive an effective audit process. During the audit, clients deal with the same team members through-out and are kept updated on any developments.

Our team delivers audit reports that are rigorous, accurate and deliver actionable insights.

Today's financial reporting requirements are increasingly demanding but our team is extensively qualified in all of the various requirements including IFRS, A GAAP, US GAAP and other global GAAPs. We can help you with any specific, country-related GAAP accounting issues, as well as in converting from one set of accounting standards to another.

At Grant Thornton, we use a single audit methodology across our global network. This means that our clients gain the same proven, high-quality approach wherever they are.

Horizon

Our audit methodology, Horizon, targets our audit efforts on those areas of your financial statements that represent the greatest risk.

Horizon features integrated quality-control processes, including policies and procedures for engagement quality-control.

Our methodology is underpinned by established processes and cutting-edge technology. We don’t concentrate on robotic verification; rather we ensure compliance and help to improve the way you do business – including systems and internal controls, managing risk, and establishing appropriate accounting policies.

Our cutting-edge audit technology

We also use proven and innovative technology as part of our audit process. For instance, the Horizon methodology is supported by the Voyager suite, which is an integrated set of proprietary software tools.  Find out more about our audit technology

A key element in our global audit methodology is the use of cutting-edge technology.

In particular, we use an integrated set of software tools known as the Voyager suite.

This suite of tools includes the following elements:

Voyager

Voyager is a tool that helps our audit teams identify financial statement risks, and evaluate the effectiveness of existing processes and internal controls in mitigating risk. The tool also helps our teams document, evaluate and test internal controls, and design improvement strategies.

TBeam

TBeam is a trial balance and workpaper generation tool that’s fully integrated with Voyager. TBeam helps our teams to:

  • automatically update lead sheets for changes to the trial balance
  • perform analytical procedures
  • evaluate misstatements and potential accounting adjustments
  • create standard and custom workpapers

Contact Jeff Vibert, our leader of assurance services, for more information.