Systems and processes
Financial Accounting Advisory Services (FAAS) combines EY accounting, IT, analytical and process knowledge to help increase your efficiency, effectiveness and operational excellence. We apply advanced technologies, forward-looking frameworks and mathematical methods to support service delivery.
What EY can do for you
We continually identify or create new methods and technological advancements and apply them to the issues impacting the CFO’s agenda. The products — applications, tools and methods — of FAAS innovation help to create value for you.
IT infrastructure is changing rapidly and, combined with our data analytics capabilities, opens up new possibilities for gathering and processing large amounts of data and generating value from that data. This, in turn, helps clients to support management decision-making and secure improved financial oversight.
Our technology can be industrialized or customized depending your needs:
- Industrialized products are global tools that meet our quality risk management standards while being easily configured for client needs. For example, the EY Lease Accounting Navigator can help us analyze the impact of the new lease accounting standards under both IFRS and US GAAP.
- Customized tools can be developed for a specific geographic area or industry. For example, EY’s Lease Enabler supports clients reporting under IFRS 16.
- Customized developments can help clients meet specific challenges.
Some of the specific processes we have developed include:
- Advanced processes: These can be used to help you apply processes such as data mining, artificial intelligence and statistical analytics to your finance control portfolio. The results from this can identify control deficiencies.
- Financial statement close process (FSCP) support: FAAS teams can assess and implement technologies such as robotics-enabled FSCP to improve overall efficiency of the financial statement close process.
- Income tax and tax process re-engineering and reporting excellence: Working with our tax colleagues, our FAAS teams provide accounting support and finance reporting assistance related to income taxes.