The Client
An international sports technology, data and content organization
The Challenge
Our client received an adverse audit opinion. Since that time they released their financial leadership team and hired a new Controller and CFO.
As they approached year-end they noticed that the intercompany reconciliations were not aligning with the consolidated financial ERP system and its figures in place for those entities. The current ERP system was not configured properly, thus preventing access to certain quick solutions.
The Solution
Advanced Resources worked with the new Controller to map out a plan and sent in a consultant to initiate an intercompany reconciliation project.
Phase one of the project:
- Investigate each entity separately
- Find the root cause for the discrepancy in the reconciliation
- Produce solid financial results for each entity
Phase two of the project:
- Produce the resulting financials
- Work with ERP consultants to tie the entities to the consolidated financials to avoid further issues
As an added scope, Advanced Resources deployed one of our Revenue Audit consultants to assess the current sales accounting process and make recommendations for new procedures to avoid further contract revenue issues in the future.
The Benefit
By utilizing Advanced Resources’ services, we were able to help the Controller keep their job and avoid any further adverse opinions from their auditors, as well as mitigate risk of material damages.
