This report provides findings from a pre-audit readiness review of an organization’s financial statements and other key processes.

Some key processes included in this review were revenue cycle, fixed assets, equity, disbursement cycle, taxes, general and financial reporting, accounts payable and accruals, accounting policies and procedures, significant judgements and estimates, and materiality considerations. Key findings included: revenue remediation and recognition needed to be completed before the general ledger could be finalized; equity and stock awards needed to be remediated before the general ledger could be completed; valuation and potential Section 409A impact issues would be addressed; limited documentation and policies exist for most of the current state processes; and detailed documentation and controls for audit purposes needed to be created for certain key audit areas.