Case Study: How Solaris Supported Quarter-End Success with Interim Financial Leadership

This case study examines how Solaris was able to successfully provide support to a biotechnology company during their quarter-end by providing an interim management solution.

Context:

Our client needed support for a Reporting & Internal Controls position to cover essential responsibilities during a transitional hiring period. The engagement coincided with a quarter-end close, which required urgent assistance with SOX controls, SEC reporting, and accounting research and documentation.  Solaris effectively took charge of these high-priority responsibilities, ensuring seamless execution and compliance with regulatory requirements.

Issues:

1) The client lacked a Manager of Reporting & Internal Controls, creating a gap in oversight during a crucial reporting period.

2) Key financial reporting memos required drafting to document the accounting treatment of certain complex transactions and to document the company’s consideration of upcoming financial reporting standard updates.  

3) The client required support in performing and improving the documentation of their quarterly and annual SOX control reviews having documentational gaps pointed out by their auditor.

4) Quarter-end and 10-Q reporting deadlines were approaching, adding pressure to meet SEC deadline requirements on time.

Solutions:

1) Solaris immediately filled the vacant role, providing dedicated support to all matters relating to internal controls and financial reporting. Working directly with the VP of Finance, Solaris managed all ad-hoc tasks and addressed critical accounting needs.

2) Solaris formalized essential accounting policies and memos to address outstanding items, including ASC 842 lease analysis, review of the SEC’s final rule on ESG reporting, and an asset impairment analysis.  

3) Solaris conducted comprehensive SOX control reviews, standardizing, and improving existing templates and procedures used in prior periods for in-scope controls and applications.  

4) Solaris played a pivotal role in the  client’s quarter-end close by preparing financial reports, conducting reconciliation reviews, and assisting with 10-Q updates, ensuring a smooth SEC reporting process.

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