Virtas Partners was engaged by a PE-backed health technology company to be interim Controller and provide technical accounting support.
Client Need
Our PE-backed health technology client engaged Virtas to come in as interim Controller while they performed an extensive search for a full-time replacement. They wanted us to perform an evaluation on their percentage of completion related contracts to support the preparation for the financial statement audit. This resulted in a review of all customer contracts. Once a Controller was hired, he left the company after 4 weeks, and we were brought back in be interim controller for the next 6 months. The company also did not have adequate resources to complete and maintain balance sheet reconciliations or to manage a Big 4 financial statement audit process cycle. Virtas was engaged to project manage and help to facilitate the audit process.
Tailored Solutions
- Developed revenue recognition models for each revenue stream of the business
- Designed and helped implement internal control processes to support revenue recognition
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Designed and implemented custom ASC 606 Contract Templates for each client contract (Over 300 clients)
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Tailored an audit plan for the company’s financial statement audit process cycle (2021-2024)
Value to client
- A steady hand as interim Controller. Ability to quickly jump back in once new Controller resigned unexpectedly
- Clean audit opinion which gave the client access to new lines of credit
- Corrected revenue misstatements which resulted in a reduction of approximately $10M. This gave visibility to management and the board and allowed them to right size the business and its costs.
Capabilities
- Interim Controllership
- Technical Accounting
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Clean audit opinion which gave the client access to new lines of credit
- Audit Readiness
- Project Management for Audit Process Cycle
- Responsiveness to short and long term staffing need