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Case Study – Interim Controller for Year-end Audit Process

November 8, 2016 By CFO Consulting Partners

Issue

The Controller of a $1 billion (in assets) mortgage finance company departed at the beginning of its annual audit process. The audit, however, could not be delayed. The company needed an Interim Controller who could come up to speed quickly, manage the accounting function and lead the year-end audit process.

What We Did

We managed the staff with no loss of momentum, and we worked closely with the front, middle and back office units of the Company to obtain and provide timely audit documentation to the auditors. Units worked with included Loan Servicing, Credit & Risk, Legal, Accounting, Treasury and Technology. In addition, we provided accounting guidance for securitization and mortgage servicing transactions. During the audit, we were able to get all teams focused on the deliverables while the personnel were in the midst of closing several significant year end transactions. We tapped into other team members at our firm to provide timely accounting guidance and documentation.

Outcome

Financial Statements were issued on a timely basis. The auditors proposed limited audit adjustments, and had no significant audit comments. We also received favorable feedback from the CFO and Audit Partner. Both the CFO and CAO appreciated “our firm stepping in and providing guidance and direction”. The Senior Audit Partner and Manager stated ” that we were a great addition to the client and thanked us for facilitating a successful audit”. The result demonstrated the ability of our firm to step in to a difficult situation on short notice and to lead a function with no loss in momentum. We also met our principal deliverable in a timely manner, which was the production of the annual financial statements and the applicable workpapers.

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