The challenge
Company C, a US-based clinical research organization, completed an acquisition of a significant business based in Europe. CFGI was engaged to assist with the integration of this business.
The CFGI solution
- Assisted management in the due diligence efforts for the acquisition target.
- Worked with management to develop an integration plan for the accounting and reporting functions for this business to ensure that all timelines and deliverables were clearly communicated across the organization.
- Prepared the accounting analysis to support the purchase accounting and disclosures required for the Company’s SEC filings. Drafted pro-forma financial statements to be included in SEC filings.
- Created a team of professionals to oversee accounting operations at three European locations to ensure an efficient transition to US GAAP and to ensure reporting deadlines were achieved.
- Supported the implementation of the Company’s Sarbanes-Oxley internal control compliance program at each new location.
- Continued to support the monthly and quarterly close procedures for several cycles until the integration efforts were completed.
The outcome
- Successful conversion to US GAAP and integration with new parent while meeting all reporting deadlines
- CFGI continues to assist Company C with quarterly close, transaction support , advising on technical accounting matters, and financial statement preparation
