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Posts Tagged ‘fired cpa’s’

CPA firm replaced by GMA

 

Case study 1. 

 

A grocery store with $24 million of yearly revenue engaged Mr. John (Giancarlo) Meazzo, M.A GMA’s President, for his services as a “turn around” interim CFO.  In this six months engagement Mr. Meazzo replaced a medium size CPA firm that had provided accounting services for over eight years.   The CPA firm failed in providing timely financial statements; the accounting practices did not follow standard accepted ones;  e.g. sub-ledgers nor reconciled to general ledger; significant balance sheet items not recorded, journal entries system lacked structure, etc.  In his customary initial client finance system review, he developed a list of over 25 problems with the accounting and financial systems.   Within 6 months the accounting was brought in-house; developed key policies and procedures; installed equipment inventory system; reconciled equity section that was not supported by sub-ledger (membership based company); set up all the schedules necessary to maintain account analysis, sub-ledger to ledger reconciliations; trained staff.   At the conclusion of the engagement, all systems including internal controls have been optimized and perfected, financial statements current; reduced CPA fees by 80%.     

 

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