Case Study
Audit Preparation & Reconciliations
Manufacturing
INDUSTRY
350
EMPLOYEES
$250M
ANNUAL REVENUE
Background
Our client’s accounting function was overburdened, leading to audit delays, financial statement adjustments, and audit adjustments. They needed support cleaning up reconciliations and preparing audit schedules to ensure an accurate and timely audit.
Objective
- Perform reconciliations of all Balance Sheet and P&L accounts
- Prepare supporting schedules to present to auditors for audit
- Organize recurring and regular tasks and activities
- Develop and review processes for out-of-the-ordinary transactions
- Prepare financial statements and footnotes for management
Solution
- Quickly assessed client staff proficiencies and deficiencies
- Prepared digestible, consistent reconciliation schedules for all assets, liabilities, equity, and related P&L accounts with related supporting documentation
- Created ongoing accounting processes and procedures and process documentation in order to train staff
- Reviewed financial statements and footnotes with client management
Addressed all prior-year audit deficiencies and reconciled all accounts in order to prepare client for timely audit completion without further adjustments.
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