I Pity the Fool Who Doesn’t Get the A-Team

Public companies may be tempted to work alongside a large-scale national firm in the hopes that their size guarantees a successful experience. Unfortunately, this is not always the case. Take a look at how Wolf was able to rescue this public company from a firm unfamiliar with their industry through exceptional assurance services from industry experts.

Background

The client went through an initial CPA firm selection process and chose a large national firm. Both the firm’s assigned partner and manager had years of experience in the client’s industry, and had many similar clients. The team that showed up to actually conduct the audit had no experience in the industry, and didn’t understand the client’s specific issues.

The client’s accounting team found themselves being asked how convertible debt worked, what “SaaS” meant, and why in-process R&D was on the balance sheet. And when the work actually began, the audit process was glacially slow. In trying to track down the audit manager, the client’s CFO discovered that they had left the firm, and that a brand new manager had been assigned. The partner, meanwhile, was nowhere to be found.

Challenge

The client’s CFO was now not only worried about getting their 10-K filed on time, but also the unnecessary “wear and tear” on their accounting team. The CFO believed they were making the safe choice by going with a large national firm, but soon realized that being a small fish in a big pond wasn’t the right place for them.

Outcome

Wolf was engaged after the filing of the 10-K, and immediately had the assigned audit partner and manager deeply involved with the client’s engagements. The client’s CFO knew from the outset that she could pick up the phone and get in touch with either of them quickly. Even better, she knew she didn’t have to worry about being told “sorry, we can’t help,” or being hit with surprise bills.

In addition, Wolf’s entire audit team understood the important industry issues, as well as the specific recent developments in the client’s business before they got into the field. This made the audit much smoother, and made the client’s accounting team very happy.

Takeaway

At Wolf, all of our clients get the A-Team.