Management Put in Tough Position with Board Due to Unanswered Questions

Problem Recognition

A later-stage software company had engaged a national firm for their audit work for the last several years. Prior to starting the year’s audit, there was a change with the partner servicing their account. During the audit, a share-based compensation issue came up, but the client could not get in touch with the audit partner to discuss the issue and the company’s proposed resolution. As a result, the audit was delayed and deadlines were missed. This unanswered question put the management team in a difficult position with its board and investors, as they lacked clarity on how the issue would be resolved, when the issue would be resolved, and what the auditors would require to finalize their audit opinion.

Solution

After receiving that kind of client service, the management group—with the full support of the board— decided they needed a more responsive firm. They embarked on a search for a firm that not only possessed the technical expertise they needed, but one that would also delivery timely and responsive guidance.

Result

After interviewing a number of different firms, the company decided to engage Wolf & Company due to their responsiveness in the proposal process and ability to make decisions at a local level. Wolf has the depth of resources required locally, as well as in the international markets where the company has operations. Wolf provided a client service model that gave the company direct access to decision makers, so when an answer was needed, the company knew they could pick up the phone and get a Wolf decision maker on the line, providing the timely responses the client needed.