protiviti assists healthcare operator with financial reporting in ipo filing
DESCRIPTION
An operator of long-term acute care (LTAC) hospital facilities with 1,200 licensed beds in the Midwest undertook IPO efforts at the direction of lead investors. Given insufficient public company reporting experience across existing accounting and finance staff – coupled with an aggressive S-1 filing timeframe – management and the private equity investors realized the company needed focused technical accounting and financial reporting assistance in order to complete its stock offering on schedule. Protiviti was recommended by the company’s external auditor and selected to support the company’s S-1 effort.TRANSCRIPT
Protiviti assists healthcare operator with financial reporting in IPO filingPublic Company Transformation – Healthcare & Life Sciences
Client ChallengeAn operator of long-term acute care (LTAC) hospital facilities with 1,200 licensed beds in the Midwest undertook IPO efforts at the direction of lead investors. Given insufficient public company reporting experience across existing accounting and finance staff – coupled with an aggressive S-1 filing timeframe – management and the private equity investors realized the company needed focused technical accounting and financial reporting assistance in order to complete its stock offering on schedule. Protiviti was recommended by the company’s external auditor and selected to support the company’s S-1 effort.
P O W E R F U L I N S I G H T SProtiviti assembled an engagement team of financial reporting compliance and technical accounting experts and set up a project management office to ensure the project was competed successful on a timely basis. Our team worked swiftly to execute the following:
• Develop technical memoranda supporting various SEC and GAAP positions• Assist in the identification and disclosure of critical accounting policies and estimates• Evaluate recent accounting pronouncements and their potential impact on the client’s financial statements• Complete SEC and GAAP compliance checklists in order to identify the appropriate financial statement
presentation and required footnote disclosures• Assemble the S-1 registration statement financial information, including summary, and selected
financial schedules
During the entire process, members of our team interacted extensively with, and coordinated the actions of, the company’s chief financial officer, controller, external auditor, legal counsel, and lead underwriters and investors, managing every aspect of the filing on behalf of our client.
P R O V E N D E L I V E R YProtiviti helped ensure that the client’s IPO filings were done with diligence and documented thoroughly. Our team’s technical accounting research included white papers, analysis and supporting documentation in the areas of Segments, Materiality, Acquisitions, Cheap Stock, Interest Rate Swaps, Minority Interests, and Discontinued Operations. We customized and delivered an earnings-per-share (EPS) calculation tool at the specific request of the controller, and provided a shell for the financial statements, footnote disclosures and the SEC filing document. As a result of our work, the client was able to prepare all filings within deadline, in a manner satisfactory to the key investors.
©2014 Protiviti Inc. An Equal Opportunity Employer M/F/D/V. PRO-PKIC-0914-165Protiviti is not licensed or registered as a public accounting firm and does not issue opinions on financial statements or offer attestation services.
ContactsSteve Hobbs+1.415.402.6913 [email protected]
Gary Callaghan +1.571.382.7228 [email protected]
Charles Soranno +1.732.326.4518 [email protected]
Brad Rachmiel +1.312.476.6425 [email protected]
Ken Conway +1.602.683.4134 [email protected]
Gordon Tucker +1.415.402.3670 [email protected]
About ProtivitiProtiviti (www.protiviti.com) is a global consulting firm that helps companies solve problems in finance, technology, operations, governance, risk and internal audit, and has served more than 40 percent of FORTUNE 1000® and FORTUNE Global 500® companies. Protiviti and its independently owned Member Firms serve clients through a network of more than 70 locations in over 20 countries. The firm also works with smaller, growing companies, including those looking to go public, as well as with government agencies.Protiviti is a wholly owned subsidiary of Robert Half (NYSE: RHI). Founded in 1948, Robert Half is a member of the S&P 500 index.
How We Help Companies SucceedWe help pre-IPO and newly public companies establish scalable, sustainable processes to support their growth objectives. At Protiviti, our approach assesses a company’s ability to operate effectively and efficiently as a public company, including its overall ability to produce accurate financial filings on a timely basis, the scalability and efficiency of its IT operations, and its compliance with the various aspects of Sarbanes-Oxley and other applicable listing requirements. We also assess the potential impact on resource requirements and help with compliance with Sarbanes-Oxley and other similar requirements while adding real value by improving finance processes and IT operations.