Audit Readiness

Case Studies


A prominent retail company experienced successive qualified auditor’s reports, long-standing unresolved audit deficiencies, escalating audit fees and decreasing confidence in financial reporting.


  • Integration, streamlining and centralization of accounting and finance functions of a newly acquired business had stalled, unfavourably impacting the company’s accounting and reporting functions
  • The company’s financial controller resigned leaving the company without a finance lead
  • The company was not prepared for the impending year-end audit and needed assistance with the elimination of backlogs in recordkeeping and general ledger account reconciliations.
  • The company’s board of directors authorized ERG to assign an interim financial controller
  • Met with the former financial controller to transition pertinent knowledge and assess the finance function
  • Met with auditors to discuss material issues and concerns that may impact the audit including technical accounting issues and application of newly adopted accounting standards
  • Reviewed audit list of requirements with auditors, developed a completion timeline and assigned responsibilities
  • Deployed and managed necessary to resolve recordkeeping and account reconciliation backlogs
  • Assisted with the integration and centralization of finance functions
  • Implemented improvements to accounting and reporting processes, and resolved internal control weaknesses based on the results of our comprehensive finance operations review
  • Enhanced documentation of the company’s workflow, accounting policies and procedures
  • Oversaw the year-end independent audit of the company’s financial statements and internal controls
  • Assisted with the placement of a full-time financial controller

The company achieved satisfactory independent audit resulting in an unqualified audit report and an auditors’ management letter citing only low risk internal control points.  The accounting and financial reporting functions were streamlined, and the company’s accounting policies and technical accounting documentation were enhanced.

Enterprise Resource Group (“ERG”) is a Bahamas-based boutique consulting firm specializing in end-to-end enterprise support services.

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