CPA Support

Situation: A private technology company, located in Atlanta, Georgia, had completed a merger with a public company. The stockholders of the private company received common stock in the public company in exchange for their holdings in the private company. According to the SEC rules, because the relative valuation (given) of the private company was high as compared to the acquiring company the private company was required to prepare three years historical audited financial statements. These statements were required to be prepared under Generally Accepted Accounting Principals and the staff of the private company did not have the experience or skills necessary to prepare for the three-year audit. Additionally, the CPA firm needed to be independent of the preparation of the books and records to insure that their activity qualified as an independent audit.

IntegraGroup's Role: The private company engaged IntegraGroup to function as their senior accounting staff in the preparation for the audit. We provided two experienced individuals to work with the company's staff accountants. IntegraGroup coordinated the entire audit process, analyzed and adjusted the books and records, prepared all the required supporting schedules, prepared the financial statements including all footnotes and answered the auditors technical accounting questions.

Conclusion: This engagement was completed ahead of schedule and at a savings of $10,000 to the client.