Audit Preparation for a 100-Year-Old, Family-Owned Manufacturer
Riveron’s client, a family-owned manufacturer with $130 million in annual revenue, has been in business for more than 100 years. Upon renewal of a line of credit, the company was notified that the bank was requiring a full-year audit, for the first time in their company history. Since no audit had previously been required, company books were not consistent. None of the company accounting personnel had ever been through an audit.
We were asked to lead a complete overhaul of company books, with support from the Chief Financial Officer. Working directly with auditors, we also provided support, guidance and alternative procedures when the client was unable to locate required supporting documentation.
Benefit to Our Client
Serving as primary contact for the auditors in all accounting and financial reporting matters, we operated as an extension of the company’s management team, to provide requested schedules, as well as underlying analysis and support. We also identified several significant items lacking sufficient documentation, so the company could proactively resolve issues. As a result, the auditors were able to complete the audit in a timely manner, and satisfy bank requirements.