1) Ensuring their accounts comply with the requisite audit standards
2) Providing a robust and clear perspective to audit committees and
3) Providing critical information for stakeholders.
Our Service Offerings include External Audit, Financial Accounting Advisory Services (FAAS), IFRS US GAAP conversion, IPO and other public offering, Corporate Treasury - IFRS 9 accounting implementation support etc.
Your key responsibilities
About the EY FAAS team
FAAS assists EY s advisory clients in solving their complex accounting and financial reporting issues in Indian GAAP, IFRS, US GAAP, or Ind-AS.
FAAS solutions are provided by a senior team generally, manager and above - with strong financial reporting skills, in-depth sector knowledge, and an advisory mindset.
The challenge of working in the FAAS team is very different from being part of the Audit or Assurance practice or even an industry role, although all of your experience to date will be relevant. Firstly, all assignments are project-based, and the primary skill-set required is one of problem solving not problem identification. In addition, you will very often find yourself working as part of a multi-disciplinary team, alongside EY professionals from the Transaction Support, Advisory, Valuations or Tax team. And at manager level and above, you will be responsible for an account portfolio, developing further opportunities to support our clients.
FAAS is strongly aligned to the accounts and Business Unit structure at EY, which is set up according to sector. This means that you will have the chance to improve your sector knowledge of particular industries. FAAS also has a strong network within EMEIA and the Global firm of EY, which means we can bring the best practices and experiences to bear for our clients in India. It may also offer opportunities for international exposure for FAAS India team members.
All this provides an excellent opportunity to build on the skills and knowledge you have developed to date in audit or in industry, and to increase the breadth of your experience in the financial reporting implications of transactions, business models, systems implementation and tax planning.
FAAS is a small and fast-growing team with excellent exposure to the firm s key clients, and gives excellent growth opportunities for the right candidates.
FAAS solutions include
FAAS solution
Description/examples of types of projects undertaken by FAAS
GAAP conversions
Conversion of financial statements from IGAAP to Ind-AS
Reverse conversion for overseas acquisition (IFRS to IGAAP).
Consolidation implementation accounting manuals
Accounting support for client when selecting new consolidation system for example, elimination entries required or multi-currency reporting
Preparation of accounting manual for group with multiple entities/jurisdictions IGAAP or IFRS
Transaction support and financial reporting
IFRS impact assessment for cross-border acquisition
EBITDA impact of acquisition
Carve-out and demerger accounting
Accounting policy alignment pre- or post-acquisition
Tax and tax reporting
Accounting solutions (IGAAP and IFRS) related to tax planning/structuring
IPO preparedness
Overall assessment of company s readiness from financial reporting/governance perspective for IPO process
Project manage production of financial information for IPO process
IFRS training, ad-hoc support and on-call services
Accounting support for new business models
Tailored training programme for specific company/industry
White paper/accounting advice on specific transaction
