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A healthcare industry client acquired by a private equity firm needed immediate assistance with purchase price allocation and general accounting. We were brought in to assist with these matters after a significant period of time had elapsed since the acquisition. We identified the source of the issues with the purchase price allocation, along with areas of improvement to internal controls over their general accounting.
We embedded a team of subject matter experts to assist the client in sorting out the accounting issues and establishing controls around the process. In addition, we reviewed the purchase accounting and revised all calculations and support, including providing all documentation and support for other activities related to the acquisition, such as new debt and equity financing.
Our support team resolved the client’s accounting issues, working through the client’s internal staff turnover, system limitation and the absence of key internal controls over the accounting. We generated an opening balance sheet and support for related activities that adequately addressed their accounting and reporting requirements. The purchase accounting support was well-received by the client and their auditors.