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Building an Audit-Ready Reporting Foundation

Building an Audit-Ready Reporting Foundation

A rapidly growing AI company engaged SolomonEdwards to strengthen its historical financial reporting, improve audit readiness and build the processes and controls needed to support a future transition to public-company reporting requirements.

Challenge

As our client advanced toward public-company readiness, it needed to build and validate multiple years of historical financial information while strengthening its reporting processes, documentation, and controls. The existing accounting environment had been designed to meet private-company AICPA standards and required significant enhancement to support the increased rigor, transparency, and compliance requirements associated with PCAOB audits and SEC reporting.

Solution

SolomonEdwards worked with the accounting team to strengthen the company’s historical reporting foundation and advance its financial reporting processes toward public-company standards.

Our team:

  • Populated, reconciled and validated historical financial data across multiple reporting periods.
  • Identified historical reporting gaps and improved supporting schedules and documentation.
  • Strengthened consistency between the general ledger, financial statements and disclosure support.
  • Enhanced documentation around significant accounting judgments and audit evidence.
  • Improved financial reporting review controls and process documentation.
  • Helped establish reporting practices designed to support future PCAOB audit and SEC reporting requirements.

Outcome

Our client established a more complete, consistent and supportable historical financial reporting foundation, improving readiness for future PCAOB audits and SEC reporting. Financial information became more standardized and traceable, while stronger documentation and controls reduced reporting risk and improved audit support.

The enhanced reporting infrastructure also created a more scalable foundation to support continued growth and the company’s eventual transition to public-company reporting requirements.

Industry

  • Technology
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Deployment

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