Type of Service: Technical Accounting, Finance Transformation
The CEO of a nonprofit engaged CFO Consulting Partners (“CFOCPs”) to identify and mitigate internal control weaknesses over financial reporting, and to develop an internal control manual for approval by the Board of Directors. In addition, the CFO asked CFOCPs to streamline accounting processes to be more efficient and to prepare pre-audit work papers and final drafts of the financial statements, including footnotes.
The Board of Directors approved the internal control manual, accounting processes were streamlined, and the books are now being closed in a couple of days. Further, the auditors completed the audit in an efficient manner, with no management comments.