IPO-Readiness, Financial System Implementation, and Internal Audit

Industry: Technology and Social Networking

Scope: Financial System Implementation, Internal Audit Compliance, IPO-Readiness

Background:
In the midst of unprecedented company growth, this global technology and social networking company’s reporting needs expanded in both complexity and volume. With multi-national operations in over 40 countries worldwide, a standardized and automated reporting tool was mission-critical to produce GAAP-basis consolidated financial statements.

Financial data needed to be mapped from many different financial systems, including multi-currency transactions in 35 different local currencies. Joint venture and minority interest ownership of certain entities were also key issues for the consolidation of financial results.

In anticipation of its planned initial public offering, Groupon accounting staff had limited SEC expertise on staff. Also, the financial and systems controls needed to be reviewed and documented to analyze any potential gaps.

CTS Impact Solution:

Financial Systems Design and Implementation

  • Cloud-based financial reporting tool (Host Analytics)–Rapid design and deployment
  • Chart of accounts design
  • Integration with cloud-based general ledger system (NetSuite)

IPO readiness

  • S-1 registration statement preparation support and disclosures
  • Interim staffing–financial reporting and consolidations

Corporate Governance and Compliance

  • Risk assessment of internal control environment
  • Documentation of key controls and processes (Financial and IT)
  • Analysis of potential gaps
  • Remediation planning
2017-02-08T23:41:19+00:00