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A healthcare industry client acquired by a private equity firm needed immediate assistance with purchase accounting and general accounting. We were brought in to assist with these matters, but it was well after the acquisition had occurred. After reviewing the work of internal staff, we found a significant deficiency in the purchase accounting, in addition to a lack of control over 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 the debt financing and other items associated with the acquisition.
Our support team resolved the client’s accounting issues, despite being hindered by internal turnover at the company and system deficiencies that made it difficult to “reset” the opening balance and discern what had been done previously. The purchase accounting support was well-received by the client and their auditors, as the client had demonstrated that they were struggling with recording the accounting activities.