Audit and Accounting Advisory

White collar defense and professional liability

FRA is highly skilled at helping our clients respond to regulators’ investigations and navigate challenges when they arise. Our team recommend strategies to respond to regulators’ investigations, inquiries and subpoenas; independently assess issues; recommend the best approaches for, and assist with, preparing responses to PCAOB charging letters and SEC Wells notices, as well as with communications with regulators regarding accounting, audit and independence issues; and act as expert witnesses.

Monitorship and independent consultancy

We are uniquely positioned to provide services as a monitor or independent consultant. We apply proven methodologies derived from hands-on experiences such as serving as the co-monitor for a "Big Four" international affiliate’s remediation of its quality control system and other areas in response to a PCAOB sanction. We review and evaluate compliance with regulatory requirements, required undertakings and remedial measures, and can serve as a consulting resource to other third party monitors or independent consultants.

Audit and regulatory advisory

We work with stakeholders to prepare for inspections by audit regulators, assist in responding to inspectors’ questions, and advise on remediation of inspection findings, including findings for engagement-level inspection results and firm-wide systems of quality control. Our team also performs independent assessments of the quality of audits by reviewing audit work papers and offering independent analysis of accounting and auditing issues.  

Financial statement misstatements, inadequate disclosures and restatements

FRA’s team has extensive experience leading forensic accounting investigations for financial reporting matters and financial accounting restatements. Our work includes analyzing financial statement misstatements and adequacy of financial statement disclosures and determining financial restatement adjustments. We work with boards of directors, audit committees, regulators, management, legal counsel and other stakeholders to provide independent analysis of accounting and auditing issues and internal controls, and respond to regulators’ subpoenas and requests.

Technical accounting and auditing

We are particularly well positioned to provide independent technical accounting expertise in the context of litigation, internal investigations and white collar defense matters. We help clients interpret complex accounting and auditing standards and auditor independence rules and make recommendations. Our independent analysis of the application of generally accepted accounting principles (GAAP), international financial reporting standards (IFRS), and auditing and independence standards promulgated by the PCAOB, the SEC, and the International Auditing and Assurance Standards Board (IAASB).

Independent internal controls assessment and remediation

We are experts in assessing the effectiveness of internal control systems, and can assist in all stages of control issues, from evaluations to proactive measures through remediation and monitoring. Our team of former internal and external auditors, with specific experience with the Sarbanes-Oxley Act section 404 and in COSO, COBIT, and other internal control frameworks, performs internal controls effectiveness reviews and can uncover controls that are not effectively designed and provide improvement recommendations.  

Expert Witness Services

Our seasoned team includes experienced testifying and consulting expert witnesses, who regularly consult, prepare and submit expert reports, and provide testimony on topics including technical accounting and financial statement disclosure; and technical auditing standards and independence rules and standards.