Case Studies
OR
Standard Operating Procedures – Import/Customs
Background: In order to manage its global import function consistently, and to manage the enterprise risk associated with Import activities, this CTS Impact client needed to establish formal standard policies and operating procedures.
Strategic Sourcing Analysis and Program Design
Background: To leverage its massive purchasing power for the procurement of raw materials, this CTS Impact client needed to formalize its sourcing process for certain goods and services through a strategic sourcing program.
Software Evaluation, Design & Implementation-Workday Financials and Workday HCM
With the rapid expansion of this investment management firm into new lines of business including investment banking and insurance, reporting requirements grew in both size and complexity. To address its future reporting needs, the current financial system (Great Plains) needed to be replaced.
Internal Controls Review and SOX Compliance – Post-Fraud
Background: In the aftermath of a material accounting fraud, this CTS Impact client was required to restate several years of financial data. In conjunction with this effort, an extensive review of its internal controls was required, including remediation of material weaknesses in its controls over financial reporting at both the field operations and at the corporate level.
SOX 404 Compliance – Financial and IT Systems
Background: In order to manage a global Sarbanes-Oxley 404 corporate compliance program, business tools needed to be developed and maintained to analyze and track progress, manage resource utilization and control costs. The diverse program encompassed a team of 30 professionals across numerous legal entities in over 50 countries. Due to the varying levels of detail to meet the information requirements of the constituents (e.g. field operations, Steering Committee, Audit Committee), status reporting presented some unique challenges.
SAS 70 & SOC 1 Reporting Readiness
Background: In preparation for its SOC 1 review, this CTS Impact client needed to develop its approach and prepare for its subsequent review.
IT Governance Policy Development and Compliance
Background: With over 850 business units globally, this de-centralized IT function needed to establish formal IT governance standards and guidelines as part of its Enterprise Risk Management program.
IT Security and PCI Compliance
Background: In a technology-centric operation, this CTS Impact client had identified significant internal control weaknesses which required disclosure in its annual report to the SEC. Due to the dynamic nature of the client’s environment, numerous applications, hardware, networks and other technical infrastructure were in place due in part to informal IT governance.
Internal Audit – Operational, Financial and IT Systems
Background: As part of its annual operational audits of this CTS Impact client’s 850 manufacturing facilities, field audits were performed globally on a rotational basis, driven by an annual risk assessment.
Project Management – Global SOX 404 Compliance
Background: As a result of a spin-off and subsequent IPO, this CTS client needed to demonstrate compliance with SOX 404 requirements. Previously, this company was an operating subsidiary of another larger firm, and did not have in-house expertise. Moreover, little formal documentation existed to substantiate its internal controls in place.
Forensic IT Analysis
Background: In the wake of several financial reporting errors and inconsistencies, this CTS Impact client needed to investigate the root cause of these issues on a confidential basis. Once identified, new standard operating procedures were needed to enhance the internal controls to prevent re-occurrence.
Forensic Accounting and Litigation Support
Background: As a result of deteriorating financial returns from one of its joint venture investments, this CTS Impact client needed to scrutinize the operations of its partner at a more detailed level.
Disaster Recovery and Business Continuity Planning
Background: Although certain business practices were in place, this CTS Impact client lacked a formal disaster recovery program to manage its enterprise-wide risk. Once designed, the operational effectiveness of the controls needed to be evaluated.
Acquisition Integration – Business and Systems Integration
To further diversify its vast real estate portfolio, this CTS Impact client expanded into a new segment; hotels, via acquisition of 3 major portfolios within an 8-month period. With acquired hotel assets of over $2.5 billion, this client needed specific hotel accounting experience to manage this back office integration and standardization.
IPO-Readiness, Financial System Implementation, and Internal Audit
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.