FAAS leverages a number of inter-disciplinary skill-sets to offer core services in the following areas:

 
Design and Implementation of Business Processes and Control Systems

Although many organizations are structured along functional or departmental lines, the business activities and workflows that these organizations undertake on a routine basis typically require the involvement of people in different departments or functions. For example, in a retail organization, an order might be generated by the sales function, be processed and shipped by the warehousing function and be recorded in the financial records by the finance function. Taking a broad, process perspective rather than a narrow functional view allows the organization to assemble an "end to end" view of the chain of activities, identifying the tasks that enhance value and weeding out those that hamper efficiency.

Apart from enhancing the efficiency of business activities, this approach allows an organization to more easily identify the points at which risks (of loss or error) exist, and embed relevant controls to manage and mitigate these risks.

Using best-practice process analysis and process-mapping methodologies, FAAS works with organizations in realizing the above benefits.

Project Implementation Support in the Selection, Deployment and Operation of Financial Reporting Systems

Many growing businesses are still challenged by their inability to "manage with information". While record-keeping may have been simpler and easier in their formative start-up years, as operations grow in volume and complexity, the need for more formal financial recording and reporting systems becomes increasingly apparent.

With the ready availability of a myriad of financial applications in today's marketplace, many businesses are uncertain of what to acquire. Oftentimes, organizations end up, on the one hand, investing in systems and features that are well beyond what they actually need. At the other extreme, some organizations fail to adequately and realistically assess their current and future requirements, and invest in systems which they soon outgrow.

To help avoid these pitfalls, FAAS works with organizations in assessing and defining their operating requirements and reporting needs. We then help them select and implement applications that meet those needs and support their strategic goals. 

Where organizations lack the required internal capacity, we also offer complimentary CFO / Controllership support services to help them effectively manage their financial operations and maintain their accounting / reporting systems.

Sarbanes-Oxley & Bill 198 (National Instrument 52-109) Readiness and Support Services 

Corporate failures in recent years have led to important changes in corporate governance legislation in Canada and, globally. The Sarbanes-Oxley Act in the US and  National Instrument 52-109 in Canada have heightened the responsibility and accountability of corporate management teams, audit committees and boards of directors for ensuring the effectiveness of company-wide systems of internal control,  and for fairness in financial reporting and disclosures.

With the principal executive officer(s) and the principal financial officers (s) of many listed companies (in Canada and the US) now required to expressly certify the proper functioning of their internal control procedures and systems, organizations are undertaking extensive projects to ensure that:

¤        Adequate controls exist;

¤        That these controls have been properly documented;

¤        That the controls have been tested and found effective; and

¤        That their internal control systems provide a reliable basis for making the required certifications.

 
FAAS's ASSESS methodology for CEO / CFO compliance, provides a simple but effective framework that has been used to assist organizations in preparing for regulatory compliance. The methodology encompasses the following components:

Establishment and Operation of Risk Management, Compliance and Internal Audit Functions


With renewed focus on controls and compliance as key factors for business success, many organizations are taking steps to establish and monitor effective internal control systems. For some organizations, the solution lies in establishing "in-house" compliance functions or enhancing existing functions. For other organizations, a more efficient solution is to outsource all or portions of these activities to external service-providers. Still other organizations are finding that an effective mix of a core internal team, supplemented with specialist external resources, is the option that best meets their needs.

Whatever your organization's circumstances, FAAS can help you properly assess and address your needs.  Activities that we can assist you with include:   

      ¤        Developing an internal audit charter / mandate suitable to the needs of your organization;

¤       Helping you assess your control environment, conduct risk assessment(s) of your operations and address the related components of the COSO (Committee of Sponsoring Organizations) framework on internal controls;

¤        Mobilizing and /or managing teams to perform and report on internal control reviews in the areas of Operations, Finance and Information Technology;

¤        Training Internal Audit personnel.

Learning and Development

Many organizations believe in and foster a culture of continuous learning and self-development. FAAS works with organizations in helping their people grow professionally and personally, by providing learning and development support in the areas of Finance and Accounting, Internal Controls and IT Audit.

Our training approach involves:
 

¤        Conducting a Needs Diagnosis / Training Needs Assessment;

¤        Establishing the Course Objectives and Desired Outcomes;

¤        Defining the course content;

¤        Delivering the program; and

¤        Assessing the effectiveness and impact of the learning experience.

 
Donor Project Support

With some of our professionals / associates possessing rich prior experience working in emerging markets, FAAS is able to partner with donor organizations and funding agencies in undertaking project audits and evaluations in Canada and internationally. We also provide direct support to development agencies and projects in many of the service-areas previously outlined.