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Services

Find out more about what services we can provide.

1 - International Financial Reporting Standards Expertise

Wayne and Susan are experts in the application of IFRS and AIFRS, both have been advising and training on IFRS since before its formal adoption by Australia in 2005.

Our services include:

  • Preparation of technical advice on the application of IFRS
  • Responding to queries from auditors
  • Assistance responding to queries from regulators
  • Drafting accounting policies
  • Training

Complex areas where our advice is commonly sought are:

  • Accounting for business combination and corporate reorganisations
  • Impairment of assets and assistance with preparing models that comply with the requirements of IAS 36 Impairment of Assets
  • Share based payment transactions and remuneration plans
  • Revenue recognition under IFRS 15 Revenue from Contracts with Customers
  • Accounting for complex financial instruments

2 - Accounting and Auditing Expertise for Legal Matters

Wayne and Susan have prepared numerous expert reports for use in court proceedings dealing with both the application of accounting standards and auditing standards. We provide independent expert evidence drawing from our considerable experience in providing technical accounting, auditing and governance solutions for clients.

We have experience in critiquing opposing experts’ reports, conducting expert conclaves and the coordination and preparation of joint expert reports. We can work directly with litigators to build the case or provide an independent expert opinion.

We have provided litigation support in matters involving issues such as audit negligence, disputed accounting treatments and misstatements in financial reports.

Wayne has given expert evidence in Federal Court of Australia, Supreme Court of New South Wales, International Court of Arbitration and the CALDLB. Wayne has provided evidence in a ‘hot tub’ setting.

Susan has given expert evidence in the Supreme Court of Western Australia.

3 - Support for Boards and Audit Committees

Wayne and Susan, through their involvement in many litigation matters, are uniquely placed to advise boards and audit committees on financial reporting and monitoring financial performance.

Our governance services include:

  • Governance health checks
  • Consultation as to appropriateness of accounting policies
  • Consultation as to controls over financial reporting
  • Assistance with auditor selection and evaluation
  • Training for non-accountants and litigators on application of accounting and auditing standards

4 - Technical Support and Training for Auditors

Wayne is a registered company auditor and offers significant expertise in respect of application of auditing standards and audit quality. He has worked as an auditor for over 30 years for most of the large global audit firms on three continents in the following industries:

  • Manufacturing
  • Construction
  • Hospitality
  • Financial Services
  • Natural Resources

Wayne has led and been part of national and international peer review programs for a number of the major accounting firms.

Susan was a Technical Accounting Partner at both EY and BDO, having a background in audit, advising ASX 200 companies. In her roles at EY and BDO, she provided guidance on audit assurance matters.

Our roles as expert witnesses in matters involving audit failure and assisting audit practices in responding to ASIC Investigations gives us a unique perspective on audit quality and the practical application of auditing standards.

As financial reporting has become more complicated, audit quality is at the forefront of regulators agenda, however audit fees are being constantly challenged by clients. Many smaller audit practices simply cannot afford to employ full time technical partners, if indeed they could source that talent. Basford Consulting offers tailored solutions for small to medium sized audit practices to maintain audit quality by having access to our specialised services.

Our services include:

  • Technical support on application of accounting standards
  • Technical support on application of auditing standards
  • Peer review / quality review programs
  • Training of partners and staff on accounting and auditing standards
  • Presentations to clients for accounting and regulatory updates

5 - Tailored Training on Accounting and Auditing Topics

Basford Consulting offers practical, tailored training on the application of accounting and auditing standards. This training is delivered virtually and face to face. We are as comfortable providing training to an audience of 10 as 500. We enjoy tailoring our training to be specific to the industries that our clients are in, examining the key areas relevant for those attending the training session.

Training is available to:

  • Accountants preparing financial reports
  • Auditors
  • Directors
  • Financiers
  • Lawyers
  • Analysts

6 - IFRS Advice For Major Transactions

The application of IFRS becomes critical when undertaking major transactions, including acquisitions, restructures and IPOs. Wayne and Susan have extensive experience advising on the application of IFRS to major transactions, setting out the accounting benefits or pitfalls of a particular structure or arrangement.

We work collaboratively with lawyers and tax advisors to ensure a solution that meets our client’s needs.

Wayne has extensive experience on IPOs, including capital raisings on NASDAQ, ASX and NSX. Being completely independent of any accounting or auditing firm allows us to perform “IPO ready” services which include:

  • Reviewing accounting policies for compliance with accounting standards
  • Restating historic results to be in line with IFRS
  • Drafting accounting policies
  • Drafting accounting position papers
  • Advising the due diligence committee on the application of IFRS
  • Drafting proforma financial statements.