Explanation of Service – Provide accurate, timely and generally accepted accounting principles (GAAP) compliant Financial Statements that can be used by stakeholders to fund and guide the company.  Gather and compile the necessary information to support the financial statements.  Develop sound business processes that are necessary to facilitate a favorable and timely audit of the company’s financial records.  Act as the financial accounting, internal controls and best practices expert in the facilitation of internal or external audits to ensure favorable and timely results.

Tasks and Tactics –

  1. Provide GAAP technical consultation in such technical areas as:  accrual accounting, revenue recognition, consolidations, purchase accounting, warrant and convertible debt accounting, percentage of completion, cost accounting, SOP97-2, FASB123R, FAS142, FIN 48, SFAS144, etc.
  2. Assist external auditors in preparation of financial statements and writing footnote disclosures.
  3. Make company financial systems, information and reports ‘audit ready’ in anticipation of an internal or external financial audit.
  4. Perform internal operational or financial audit procedures, report findings and implement improvements.

Deliverables –

  • Accurate, timely and GAAP compliant Financial Statements.
  • Favorable and timely facilitation of internal or external audits.
  • Established high state of ‘audit readiness’ for information and processes.
  • Provide expert internal operational and financial audits leading to critical process improvements.

Purpose and Utilization of Deliverables –

Financial Reporting – the stakeholders will be provided accurate, timely, GAAP compliant financial statements that they can use to track the operating results of the company, make accurate business decisions and become more profitable.  Audit Preparation – by having successful audits that are clean and timely, the company will benefit from increased confidence from debt and equity stakeholders.  These key business partners will be less distracting in their oversight and more generous in providing funding.  By becoming ‘audit ready’ the company will establish important internal controls, business processes and reporting that will add structure and efficiency to the organization.