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Manufacturing – Finance/Audit

Company Size & Timeframe

  • $25 million in revenue
  • 5 days/week, 5 months
  • 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 financial accuracy
    • Stabilized staff concerns through training and counseling
  • Company Profile & Position

    • Private equity financed with some management ownership
    • Team: Interim Controller & Interim Assistant Controller
  • Situation

    • Termination of the controller and assistant controller; majority of staff was new
    • Previous three months general ledger was not closed; financial statements not produced
    • Sale agreement/bargain purchase not properly recorded
    • Year-End 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
    • Addressed sample order performance

Cerius Insights

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.”

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