Financial Statement Preparation and Audit Preparedness Whether you have had audits completed regularly or are entering the process for the first time, we can provide support through all phases of audit preparation including: - pre-audit planning, - reconciliation of critical balance sheet accounts, - preparation of audit workpapers and schedules, - evaluation of revenue and expenditure accounts including flux analysis and/or transactional review, - drafting financial statements and accompanying footnote disclosures, and - assistance with external auditor requests and communications.
As part of our process, we will make any recommendations for GAAP accounting and SEC reporting compliance and financial reporting to facilitate ease of the process in future fiscal periods and propose any required journal entries to align financial results with U.S. Generally Accepted Accounting Principles ("US GAAP"). We can also assist with transition from other modified bases of accounting (e.g. tax basis accounting, cash basis accounting, Small Business Reporting) to full accrual accounting under US GAAP.
Standard Adoption / Technical Accounting Whitepapers Organizations need a comprehensive action plan to interpret applicable accounting requirements and disclosures, identify key issues to manage, process revisions, adjust accounting systems, identify applicable data capture requirements, and revise internal controls. We can assist across a range of increasingly complex accounting areas, including matters such as business combinations and divestitures, goodwill and investment impairments, consolidations including foreign currency translation support, financial instrumentsand adoption of new standards such as revenue recognition and leases. We offer comprehensive plans for implementation and go-forward accounting, including financial statement disclosures, for enacting standards newly issued by the FASB or new to your organization as a result of changing business needs that may include policy drafting if none exist.
Public Company Transition Taking a company public via initial public offering ("IPO") or through acquisition is a complex and time-consuming process that results in rigorous reporting requirements. Our team has the IPO and SEC reporting expertise required to assist organizations with the preparation of documents vital to the IPO process such as S-1 and S-4 financial information, as well as handling the complex array of components essential to going public inclusive of preparing SEC annual and quarterly filings (10-Ks and 10-Qs) and implementing a robust internal control framework as required by Sarbanes Oxley. We can assist with pre-IPO assessments to develop appropriate timelines and goals to maximize success of an offering or a de-SPAC transaction. Further, we will collaborate with you, and your external auditors, on the execution of these plans as and when your organization determines the time is right to launch in the public market.
Interim Accounting Support For a myriad of reasons, companies may have insufficient resources to execute critical initiatives such as special projects or address technical accounting or compliance requirements. Whatever the reason, our professionals offer significant senior operating experience in the areas of financial operations, financial reporting, and financial planning and analysis. We assist with addressing the needs of companies that need interim or part-time support, as well as integration of newly acquired companies to transition new organizations to maximize the chances of success in a transaction.Using our technical accounting expertise and deep operational know-how, we provide you with integrated support during critical transition periods by becoming an extension of your team, whether participating in special projects or providing day-to-day execution. Our services are provided on a fractional basis so you pay for only the time you need.
Internal Controls over Financial Reporting ("ICFR")
Internal Control Testing / SOX 404 and J-SOX Compliance We collaborate with your team to achieve Sarbanes-Oxley & J-SOX compliance depending on where you may need assistance. We have actively participated in all aspects of internal control compliance requirements spanning from initial creation of an internal controls framework through assistance in evaluating a mature control environment. Our team can assist you in performing a risk assessment, documenting controls via risk and control matrices or process narratives/flows, testing and evaluation of design and operating effectiveness of identified controls, and developing remediation plans and recommendations related to control gaps. We review the existing control environment to optimize controls by eliminating duplicate or redundant controls and identifying areas with design gaps. Our team also has experience in ensuring controls contain necesserary Management Review Control ("MRC") and data input integrity (information produced by entity) and provide control training to corresponding responsible individuals. As part of this exercise, we proactively report project results and status as well as assist with responses to audit committees, governing boards, and external auditors.
Process Improvement and Optimization We conduct an assessment of people, processes, and technology from an operations and strategic perspective to accommodate enterprise growth plans for specifically identified processes such as revenue, accounts payable, receivables, or other business areas to align your organizational structure with business objectives. Through this assessment, we identify areas of improvement, training needs, and other process and system inefficiencies and work with you on the implementation of these opportunities. We work to establish best practices across industries or your organization to maximize both operational and financial results by creating an optimized business model for your organization either via a redesigned process, through training, creation of standard operating procedures, or an appropriate mix for you. Our team has experience across multiple industries to identify best practices that maximize both operations and financial results.