THE CLIENT
An international public technology communications manufacturing and distribution company.
THE SITUATION
Avant Advisory Group was engaged to replace the senior CFO, VP Finance, and controllership positions following the reshuffling of those positions, senior management, and much of the board of directors. The $300 million revenues public Company faced significant shareholder and other litigation. It had multiple technical accounting, reporting and SEC issues and significant weakness in its internal controls, which required remediation.
THE SOLUTION
Avant provided interim CFO management and related services, performing complete CFO management responsibilities for the entire Company. We handled all financial reporting, including multiple company filings. Avant handled the entire audit process that included the restatement of previously issued financial statements to correct errors identified during the financial reporting process, coordinated the analysis of all accounting, SEC technical accounting issues. We coordinated remediation of various internal control weaknesses identified throughout the Company.
Avant prepared all projections and coordinated all diligence necessary to support the sale of significant company operations.
THE RESULTS
Credibility in financial reporting was restored among the audit committee, board of directors, and management. Financial reports and analyses were improved and multiple technical accounting, financial reporting, and SEC issues were resolved. Internal controls were improved throughout the Company. The CFO function was strengthened throughout for a now stabilized Company.