Aviation advisory. Innovation delivered

Transcription

1 Aviation advisory Innovation delivered

2 Why Grant Thornton At Grant Thornton, we understand that the key to a successful offering to the aviation sector is the ability to provide cross-functional specialist services through an integrated team. Our aviation advisory team consists of experienced professionals across four key areas: financial forecast modelling; assurance/internal audit; business process improvement; and IT design and implementation. What sets Grant Thornton apart Our Aviation team consists of experts that are experienced in working as a cohesive unit. Engagements are delivered in a highly efficient manner through effective communication and efficient governance structures. A focus on aviation advisory means that we are not constrained by self-review issues faced by firms offering primarily audit services. This means that we are ideally placed to not only review existing operations, but to make value added recommendations and execute change. Our team has worked with the world s leading aircraft leasing companies and airlines.

3 Financial modelling We use a best practice, standardised approach for our model build/review engagements. Our deliverables are robust, well-structured and easily understood. Our team has the technical expertise and industry experience to provide transparency on maintenance related cashflow forecasts, calculation of intangibles, lease buy/hold analysis, fleet analysis and securitisation. Design/review of models relating to: maintenance reserves; maintenance rights intangibles/lease premium intangibles; lease/buy/hold analysis; securitisation; credit risk; portfolio management (trading/appraisal); fleet planning; and Key Performance Indicator (KPI) dashboards. Where a model is required to be maintained by the business on an ongoing basis, we work with the business to embed the processes required to operate the model as part of business as usual activity, including: roll-out/training to client; documentation of: governance; run processes; change processes; and roles/responsibilities.

4 Assurance/internal audit Our team are uniquely placed to take a genuinely risk based, top-down approach to our assurance/audit engagements by using our modelling expertise to determine materiality of inputs around key processes, such as maintenance reserve/reimbursement cash flow forecasts. The result is a more efficient, and crucially, more effective review. SOx 404 review: top-down, risk-based approach consistent with PCAOB AC no.5; balance control with operational efficiency; identification of themes to address issues at strategic level; best practice qualitative/quantitative methodology for materiality scoping; ELC reviews in accordance with 2013 COSO; specialist resources for ITGC; and third party Service Organisation Control (SOC) type one and two report review. IFRS and US GAAP accounting policy advice. Aviation specific advice, such as policies for: maintenance reserves revenue recognition; maintenance rights intangible; lease premium intangibles; deposit premiums; and impact of changes in accounting standards, such as impact of proposed changes to IAS 16.

5 Business process improvement Our process improvement knowledge of best practice within the aircraft leasing industry enables us to challenge the business on existing processes and offer improved alternatives. Change is defined, agreed and implemented within a controlled environment, ensuring we deliver what the client asks for. design and implementation of both captive and commercial leasing platforms - for new entrants or lessors looking to scale-up. We provide industry leading knowledge on target operating models, key processes and supporting technology. Our benchmarking capabilities ensure that we understand where clients rank with the competition; design and review of pricing process as the market becomes increasingly competitive, lessors need greater transparency over their pricing processes to ensure lease rates are competitive and meet target returns. We provide best practice methodology to capture: macro influences (fuel prices, interest rates etc.); maintenance status; risk (concentration risk, geographical risk etc.); and commercial considerations (recent corporate deals, history with customer). review and assessment of financial operations to drive efficiency through automation and provide improved business intelligence/management information; and advise on outsourcing of financial operations and the implementation of shared services.

6 IT design and implementation Our technology experts work closely with business process improvement to seek out efficiency through automation. These improvements are often gained from our understanding of potential integration between different systems e.g. contracts management system and general ledger. management of data migrations including: the establishment of a controlled environment; guidance on preparation and sign-off of robust business/technical documents; and assurance over the accuracy/completeness of data at each stage of migration from source systems to staging tables and finally target systems. advise on system selection and procurement to meet clients needs. We ensure procurement process is speedy and competitive, with vendors participating in a beauty parade, ensuring our clients maximise value for money. Key systems include: contract management; portfolio management; maintenance reserve management; document management; and workflow management. advise on system integration for increased automation, such as: invoicing; posting to the general ledger; and notification of actions through workflow.

7 We are Grant Thornton Grant Thornton is Ireland s fastest growing professional services firm. We deliver solutions to all business challenges. Clients choose us because the breadth of financial and business services they need is available, delivered innovatively and always to the highest standards. At Grant Thornton we are committed to long term relationships. We are different. We are Grant Thornton. Paul McCann Managing Partner T +353 (0) E paul.mccann@ie.gt.com Tim O Connell Director, Head of Aviation Advisory T +353 (0) E tim.oconnell@ie.gt.com Over 1,000 people operating from offices in Dublin, Belfast, Cork, Galway, Kildare, Limerick and This publication has been prepared only as a guide. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material in this publication.

8 2016 Grant Thornton Ireland. All rights reserved. Grant Thornton refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Ireland is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another s acts or omissions. Please visit for further details