At a Glance

The Alliance Group recently provided high-level interim accounting support to a publicly traded media and entertainment company in financial distress. In response to their urgent needs, we deployed two Senior Accountants to manage consolidated financial statements for monthly lender reporting, quarterly and annual SEC filings, and to handle other critical accounting functions.

Challenges

Our client was experiencing significant financial distress, characterized by high turnover, negative cash flow, and a record of delinquent payments. This instability led to the departure of key management and IT staff, including their VP of Accounting, and the maternity leave of their Director of Accounting. Moreover, the financial struggles caused service providers — including one managing SOX 404 internal control evaluations — to withdraw. The client was facing a preliminary material weakness in internal controls and urgently required financial expertise from professionals who could step in seamlessly and manage the challenges with resilience.

Responsibilities

Alliance’s Senior Accountants assumed interim leadership roles within the client’s finance and accounting department, providing stability and expertise at a critical time. Their responsibilities included:

• Coordinating with controllers from four subsidiaries to consolidate financial data in Sage Intacct.
• Supporting external auditors with various audit support requests.
• Preparing a GAAP checklist and conducting technical accounting research directly reviewed by the CFO.

Our Team’s Core Focus:

• Exceptional Client Service
• Technical Accounting Expertise
• Accounting Leadership

Our experts worked closely with the client’s team to ensure continuity in operations, bring clarity to financial reporting processes, and uphold compliance standards despite the company’s internal challenges.

Benefits

• Audit & Financial Reporting Support: Our team improved the clarity and efficiency of financial documentation, streamlining disclosure support to enable faster and more accurate future updates.
• Process Improvements: During our tenure, we identified essential updates to the client’s financial disclosures. Previous filings were tailored to an emerging growth company status, which was no longer applicable in the current reporting period. This adjustment helped maintain compliance and improve the accuracy of the client’s financial statements.

Key Deliverables

Our interim leaders managed and produced the following deliverables:

• Monthly Consolidated Financials – including Balance Sheet, Statements of Operations, Cash Flow, and Changes in Shareholders’ Equity.
• SEC Filings – 10-Q, 10-K, and other essential disclosures.
• Management Discussion & Analysis (MD&A)

Client Feedback

“I greatly appreciated the Alliance team members during their time with us. I was very pleased and appreciative of all that they did during this difficult time for us. They were 5-star!” – Chief Financial Officer

Our commitment to Exceptional Client Service, Technical Accounting, and Accounting Leadership was evident through our work with this client. The Alliance Group is proud to support organizations through periods of transition, bringing stability and expertise to ensure compliance and operational continuity.