Case Studies
Mid–market
SEC reporting provider of pharmacy
benefit management services
Treasury process documentation and account
reconciliation
Issue—Our client had an immediate requirement for
a consultant to perform and improve the reconciliation process
for multiple, high transaction volume cash accounts without interruption
to the financial reporting process. Furthermore, the client had
a need to document the improved processes for future compliance
reporting and training purposes. It should be noted that that cash
account activity has a substantial impact in the revenue recognition
process.
Action—While on site, our consultants
had to quickly learn and perform the reconciliation process without
the benefit of an incumbent treasury analyst. AdamsGrayson’s
consultant not only streamlined and documented the process, we
also oversaw and confirmed the transfer of knowledge related to
the improved process to a fulltime employee.
Result—45
days after the completion of the engagement we received a re-confirmation
from the Treasurer acknowledging that the improvements were performing
as intended and the person responsible for the reconciliation and
cash reporting process was, in fact, performing to the client’s
stated goals.
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$5B SEC Government Contractor
(Deltek environment)
Advisory services
in response to DCAA audit
Issue—Our client, a subsidiary of large SEC
reporting government contractor was required to respond to DCAA inquires covering the last three
years. The existing staff was technically capable of addressing these
issues but because of the volume of work, there simply were not enough
hours in the day to process all of the items in question by the stated
deadline.
Action—The consultant we immediately assigned
to this requirement is a senior level government contracting accounting
professional. He was capable of performing the necessary detail analysis
and uncovering the requisite documentation to counter DCAA’s
assertions. He quickly earned the client’s trust and took on
the added responsibility in communicating with DCAA auditors directly.
Result—Through diligent and diplomatic efforts
our consultant was able to recover, in one expense area alone, almost
90% of the costs DCAA originally disallowed. The amount was more
than enough to offset the total cost of engaging AdamsGrayson. The
engagement is ongoing.
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Nonprofit professional medical
society and teaching institution
Accounting policy review and documentation
Issue—Our 33,000 member nonprofit client had
received comments from their external auditor indicating that although
certain accounting policies had been recorded and memorialized in
written form, a comprehensive set of polices and procedures did not
exist. Management acknowledged the need to complete and compile a
full set of policies and procedures before the end of FY07.
Action—AdamsGrayson
provided a seasoned consultant who had the exact knowledgebase and
experience such that we were able to quickly gain the confidence
of the client during our first “discovery” meeting.
In addition, we quoted the deliverable for this project on a price-not-to-exceed
basis and quoted a specific completion date. The policy manual delivered
at the end of the engagement addressed all the key elements identified
by the external auditors, including but not limited to: a chart accounts
description with substantive explanation of purpose, use and content;
a list of standard forms and detailed explanation of their use and;
a description of all accounting procedures and financial policies.
Result—The
criticality of this engagement stems from the request of the associations
external auditors, thereby effectively creating two clients for AdamsGrayson.
In this particular case we not only satisfied the external auditors
through the organized content we delivered in the comprehensive accounting
policy manual, we completed the work ahead of schedule and under
budget.
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Interim CFO for a private, non-profit organization and federal grant
recipient
Interim CFO Services
Issue—This not-for-profit organization
supports DHHS pursuant to Title X initiatives and in performance
of its mission is a recipient of federal grants. The incumbent controller
had been with the organization for many years and upon retirement,
left a significant void of experience and institutional knowledge.
Action—The Director sought our assistance in a search for a new
controller. Upon further inquiry, AdamsGrayson and the Director determined
the organization needed the experience of a CFO. To be certain of
this, we suggested an interim CFO to continue to manage the accounting
and treasury areas, usher the organization through their annual audit
(pending) and to assess and document the requirements for the position.
Result—AdamsGrayson stabilized the environment and our CFO consultant
is preparing for the audit. Further, we have identified the requirements
for the fulltime position, which has been elevated to CFO. The client
is on the early phases of interviewing candidates and is considering
our consultant as one of the leading candidates.
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Case Studies
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