On May 12, 2021 CFO Consulting Partners sponsored a virtual presentation and panel discussion for the Philadelphia chapter of the Financial Managers Society (FMS). The session was entitled: Zeroing In On The New Normal and presented economic, legal/regulatory, and banking industry outlooks for the balance of 2021 and for 2022.
The presenters and panelists were:
Managing Director & Chief Economist
Ramirez & Co.
Ned Hogan, Esq.
Stevens and Lee
CFO Consulting Partners
(609) 309-9307 ext.702
Links to presentations:
This Thursday! Network with your peers and participate in #VirtualTrivia to benefit Fuel the Fight, an organization born out of the #COVID pandemic that uses 100% of donations to buy meals from local restaurants which are delivered to health care workers or others in need.
February 25 at 5pm – Virtual – Open to Members & Non-Members
Sponsored by: Baker Tilly US, Bannockburn Global Forex, CFGI, CFO Consulting Partners, Clear Thinking Group LLC, Fidus Partners, F.N.B. Corporation, Milestone Partners, Murray Devine Valuation Advisors, Stifel Financial Corp., Texas Capital Bank, Troutman Pepper, Value Management Inc., White and Williams LLP
Mark Alvino, CFA, David DeMuth, Hillary Flouris, CPA, Lauren Harrington, Diana Kenneally, Joseph Marchese, Brian McAuley, Michael Miller, Kevin Murray, Brandon Schmoyer, Dimitrios Skambas, Amy Vulpio, Erica Wilson, Kaitlin Wilusz Long, ASA, CFA
Brandon Raphael, Matthew Arden, Shane Carroll, Matthew Cole
Stephanie McAlaine, Jen Simons, Bretany Pilko, Barbara Sredenschek TMA Philadelphia/Wilmington Chapter
Alan Gottlieb and David DeMuth, of First American Title & CFO Consulting Partners, will be moderating the Industrial and Logistics discussion for the spring quarterly meeting on February 17, 2021. There will be three speakers for this discussion:
Tony Grelli, Founding Partner, Velocity Ventures
Matt Nunn, Principal, Trammell Crow Company
Richard Gorodesky, Senior Managing Director, Colliers International
Hope you are well, and we wish you a healthy and happy New Year.
Wanted to remind you of our audit readiness service. We can help your clients prepare for your review or audit by providing your clients with a full set of financial statements and supporting workpapers. Click HERE for our one-pager.
By way of a quick overview, we are CFO Consulting Partners, helping small and midsized public and private companies achieve financial success since 2006.
The Talk Show Factory News Network
Cordially invites you to attend an online panel presentation:
The Experts’ Guide to Cost Reduction & Capital Recovery for your Business
On Zoom Video
December 15th, 9:30 AM to 10:45 AM
Who should attend: Business owners and the professionals that represent them.
CLICK HERE TO REGISTER:
Business owners must be more careful than ever to preserve capital and protect bottom lines. Please join us for this important event as our experts provide tactics for businesses to reduce costs.
The impact of recent tax law changes that are opening new opportunities to reduce taxes.
Tax credits that are available to generate working capital.
Cost-reduction strategies to reduce overhead substantially.
Methods to reduce rental costs through lease re-negotiations.
Allan Tepper, Sr., Managing Director, CFO Consulting Partners
John Johansen, CPA, ABV, CFP, MBA: TaxFirst
Edward Flanagan, CPA / MBA | Senior Principal Consultant, Expense Reduction Analysts
Kim M. DiGiacomo, Senior Advisor, Stryde Savings/Growth Management Group
Click HERE for a download of the Financial Services and Insurance Group Overview PowerPoint or view the presentation below:
This is the third of a series of three short newsletters on how to stay ahead of finance process issues and prevent these challenges from becoming more significant problems. Each newsletter has addressed a different aspect of these challenges: Producing Data, Garbage In, Garbage Out, and The Audit: Don’t Get Scared, Get Organized (today’s topic).
As noted in the first two newsletters, a strong finance team is critical to the success of any company. One of the roles of the finance team is to prepare for and manage the external audit of the company’s financial statements. Several of the points covered in the previous newsletter, regarding controls over spreadsheets and data management, will also be helpful in preparing for the audit, but we recommend some specific steps below.
Challenge – The External Audit Takes an Inordinate Amount of Time to Complete
Many companies have experienced this, and it is human nature to blame the auditors, but there is usually more going on here. Here are some of the symptoms:
- Documentation requested by the auditors is difficult to locate or does not agree with the accounting records. Documents that do not support recorded amounts are considered errors by the auditors, so they need to expand their testing and the expanded testing often finds more errors.
- The audit takes much longer than planned, so accounting firm staff are reallocated to other commitments and replaced by staff new to the audit.
- Once problems start Auditors are no longer committed to deliverable dates and are reluctant to commit to new dates, audit cost overruns become obvious and a sore point in the relationship with the auditors.
- Audit fatigue sets in on both sides and it becomes very difficult to manage the process.
Action Plan, Step One – Prepare Well in Advance for the Audit
- Review issues experienced in the prior audit and take steps to correct them before the audit begins. If certain transactions, or a class of transactions, have been challenging to audit in the past, or are new to the company, consider performing an ‘internal audit’ of those transactions so the issues with their documentation can be addressed before the audit begins.
- Request a detailed timeline from the external auditors that includes key deliverables to and from them. Last year’s listing of schedules ‘Prepared by Client’ is a good place to start.
- If the audit includes multiple locations, make sure the reporting from the auditors at the other locations to the auditors in the center is included. The auditors at the center, particularly at the staff level, may not see this as ‘their problem.’
Action Plan, Step Two – Proactively Manage the Audit
- Insist on frequent (and brief) meetings between key audit firm and company personnel to assess progress. These meetings should be more often than once a week during the “heat” of the audit, daily 15 minute ‘stand-up’ meetings are a good idea during this period.
- The objective of these meetings is to timely find and address issues (e.g., exactly who is to give what to whom).
- On a weekly basis these meetings should seek to reaffirm that all parties remain committed to the ultimate deliverable of a signed audit opinion on the required date. Auditors may be reluctant to raise a concern about timing of completion in these meetings, as it can be a difficult conversation, but it is important to identify any potential problem early so it can be addressed.
A Company can achieve an effective and efficient audit by starting to plan well in advance of when the audit work is to be done and proactively managing the process from start to finish.