Following significant turnover within the accounting function, a private equity-backed CDMO with unclosed and unaudited financials needed to:
1
Restore timely and accurate financial reporting across multiple fiscal periods
2
Achieve audit readiness and complete two years of audits to meet debt covenant requirements
3
Rebuild and standardize core accounting processes to support ongoing scalability and stakeholder confidence
Approach
Monomoy deployed an experienced interim Controller to stabilize the accounting function and lead the audit readiness effort. Key actions included:
- Assessing interim financial results and implementing a structured close process for current fiscal year, including adoption of the lease accounting standard
- Partnering with the commercial team to review revenue contracts and establish a functional, auditable revenue recognition model
- Collaborating closely with external auditors to facilitate an efficient “catch-up” audit for the current fiscal year
- Proactively coordinating audit requirements to accelerate next year’s audit timeline and ensure timely, high-quality support
Results
The client was able to reestablish control over its financial reporting and meet critical lender and stakeholder expectations. By completing the audits within required timelines, the organization regained compliance with its debt covenants and improved confidence among key stakeholders. In parallel, the team remediated previously identified material weaknesses and implemented standardized, repeatable close processes across core accounting areas, positioning the finance function for greater accuracy, efficiency, and scalability going forward.