Finance/Audit

Interim Controller - Manufacturing

Finance/Audit

Obtained
unqualified audit report
Decreased
time to complete financials each month
Financial
reporting current
Increased
accuracy
The Cerius Interims were professional, diligent and hard-working. They were helpful in getting us through a difficult transition phase and I would happily recommend them without reservation to any company in need of accounting help.
Company Profile
Manufacturing
$25 million in revenue
Private equity financed with some management ownership
Position/Timeframe
Team: Interim Controller & Interim Assistant Controller
5 days/week, 5 months
Situation
Termination of the controller and assistant controller, majority of staff was new
Previous three months general ledger was not closed or financial statements produced
Sale agreement/bargain purchase not properly recorded
YE Board of Directors financials and audit preparation not started
Lack of internal controls, staff training, reporting
Ledgers not reconciling or up to date
No template to generate financial statements
Implementation
Generated 8 months of financials
Created, reconciled and posted bargain purchase agreement
Generated needed trial balances on time
Created appropriate audit schedules
Guided company to satisfactory completion of the annual audit
Updated sales and operating forecast
Improved month end reporting process
Reviewed and recommended improved internal controls
Created separate holding company general ledger to eliminate comingling of entries/balances
Trained full time replacement Controller

Results

  • Prevented company from being in default of covenants
  • Obtained unqualified audit report
  • Brought financial reporting current
  • Decreased time for future month & year-end closes
  • Increased accuracy of financials
  • Stabilized staff concerns and issues through training and counseling