Accelerated First Time Audit of Business Unit Carve Out
VIP SOLUTIONS CASE STUDY
BACKGROUND
Our client required a first time audit of a business unit carve out in preparation for sale of units to separate third parties. VIP was engaged to manage the client’s execution of these strategic initiatives.
OBJECTIVES
Determine appropriate & supportable allocation methodology for business unit carve out.
Prepare carve out financial statements, rollforwards and reconciliations for audit.
Prepare deliverables for multi-use: audit completion and diligence by prospective buyer.
SOLUTIONS
Prepared project plan with detailed tasks and timelines required for 90-day audit window and achieved commitments to deadlines.
Reviewed various allocation methodologies with company & determined appropriateness for each level of financial activity by business unit.
Coordinated balance sheet reconciliations, income statements, account analysis and footnote preparation with auditors and geographically-dispersed staff.
Prepared multiple reconciliations and analyses. Drafted financial statements with footnotes and schedules.
Assisted with stock valuation determinations for business units with multiple parent company transactions, both public and private.
Reviewed proposed audit adjustments and determined appropriateness for posting, noting or passing. All proposed adjustments were not significant to the financials.
Drafted presentation materials for sales packets and responded to questions from potential buyers in a restricted timeline environment.
first ever audit of carved out business units
in a 90 day window.