At CMF, we have noticed an uptick in carve outs and public offerings. These fast-moving situations can be complex and audit readiness is a necessity for CFOs and auditors alike. Complexity can arise from the fact that:
- The manpower and bandwidth required of management and audit teams are substantial
- Carved out divisions typically do not have stand-alone balance sheets and certain corporate expenses might not have been passed down to the division, impacting stand-alone operating margins
- Public registrants have accelerated quarterly and annual close requirements, which puts increased pressure on the close process and finance department operations
- Technical accounting issues are new and pervasive to the organization
How Can We Help with Audit Readiness? The Answer: CMF’s Audit Ease™
- Project Management and Visibility: CMF has experience working cross-functionally with the following groups: corporate finance, divisional finance, HR, legal, and internal and external audit; we know how to identify issues, map out resources, develop a plan, and manage it to completion
- Technical Knowledge: CMF can create divisional stand-alone and proforma financial statements and footnotes and MD&A; we have strong technical capabilities to craft white papers and develop new, stand-alone accounting policies that are in accordance with GAAP
- Experience: We have worked issues through the national offices of all major accounting firms
- Contingent Resources: CMF has Technical, Controller, Analyst and Project Management resources available to augment a company’s existing finance department
We surface issues as soon as possible and resolve them in cooperation with the company and the auditor, enabling internal staff to focus on day-to-day operations, auditors to focus on efficient and timely completion of audits, and shareholders to have the confidence that it will all come to closure soon.
Sell full newsletter here.