Kral Ussery LLC, Certified Public Accountants
TX Office: (817) 416-6842
NV Office: (702) 565-2727

Accounting & Audit Readiness

Offering advice and assistance on US GAAP, IFRS, IT and Audit Standards:
  • Technical Accounting Research & Memos
  • Auditor Liaison Role for PCAOB Audits
  • IT General Control Assessments
  • Accounting Support
  • Financial Reporting Close Process
  • SOC Reporting Preparedness

Technical Accounting Research and Memos

Keeping track of the myriad of GAAP and SEC requirements and seemingly endless changes requires diligence and resources. We can fulfill or supplement the duties of the accounting policy group for companies in flux or maybe too small for a full-time staff. Whether it is a one-time engagement to determine the proper GAAP treatment or SEC disclosures for a transaction, or you need a more complete resource for review of 10-Ks and 10-Qs or CPE training for your staff, we can fill these needs.

Our diversified KU teams can focus on:

  • Migrating financial statements and disclosures to SEC compliant financial statements
  • Revenue recognition
  • Lease accounting
  • Derivatives and credit losses
  • Variable interest entities
  • Implementation of new accounting standards
  • Business combinations
  • Goodwill analysis and impairments
  • Business combination purchase price allocations
  • Stock based compensation
  • Intangible asset impairments

Pre-transaction GAAP Analysis

Entering into a complex transaction without a full understanding of the accounting treatment can be disastrous. From embedded derivatives to beneficial conversion features and deemed distributions to contingent consideration, complex transactions can result in unexpected accounting and disclosure requirements that could burden a company for years to come. We have extensive experience in reviewing proposed transactions for potential accounting and disclosure implications and we can assist in structuring transactions so that the GAAP and disclosures align with the intent of each transaction.

Auditor Liaison Role for PCAOB Audits

As many CFOs and Controllers know, audits can be difficult. This is especially true for audits conducted in accordance with standards of the Public Company Accounting Oversight Board (PCAOB). While the external auditors obviously are familiar with these standards, the financial statement preparing team seldom is thus creating stress as to why the auditor is asking for certain information and perhaps why they are challenging the accounting or financial statement presentation. Having KU on your team can help reduce this stress.

IT General Control Assessments

IT general and application controls can be evasive to identify and define, partially due to a variety of frameworks. While key frameworks we work with are COSO's Internal Control - Integrated Framework and ISACA's Control Objectives for Information and Related Technologies (COBIT framework), we are familiar with many more, including industry specific and cybersecurity frameworks.  IT general controls (ITGCs) should address access to programs and data, program changes, computer operations, and program development. Categories of ITGCs include:

  • logical access, access controls and rights
  • change management controls
  • IT governance, including vendor management and procuring SOC reports
  • end-user computing
  • network and infrastructure security
  • software 
  • physical hardware 
  • computer operations 
  • data security
ITGCs are an integral part of ICFR and thus must be assessed for SOX-404 purposes and understood by the external auditor for their planning purposes. We can help with the design of ITGCs as well as test the operating effectiveness of these controls. We also perform ITGC risk assessments and training of these important controls.

Accounting Support & Financial Reporting Close Process

Keep us in mind for technical accounting and financial reporting support, either on an 'as-needed' basis or for interim needs.  Refer to our Interim Roles & Performance services to learn more.

SOC Reporting Preparedness

System and Organization Controls (SOC) reporting is popular for organizations to build trust and confidence with their stakeholders. We provide independent internal assurance services to help ensure that the external audit effort associated with SOC attestation efforts progresses smoothly. This entails:

  • Training on the applicable criteria
  • Advisory on the design of controls
  • Testing to confirm the operating effectiveness of the controls
We understand the criteria and applicable standards for your external auditor to render an opinion thus helping to ensure a successful external examination.

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