Because our Client had fallen behind in financial reporting due to a system implementation, the Client’s Executive Management requested ProNexus to immediately deploy a Loan Staff Controller to assist the Client’s existing Comptroller with preparing the books & records for the annual Year End Audit and on-going monthly reporting. The list of responsibilities that needed to be addressed included, but was not limited to:

• Ensure all General Ledger activity is properly recorded.
• Prepare/review account reconciliations as appropriate.
• Review payroll and ensure appropriate recording in the General Ledger.
• Review Accounts Receivable to ensure accuracy and completeness.
• Prepare any other fiscal reports as necessary.
• Prepare any other information as needed for the external auditors/executive management.

ProNexus Solution:

ProNexus deployed a Loan Staff Controller to assist with the outlined engagement, but we soon realized that things were much worse than had been explained to the Executive Director and to us. As we continued to analyze and assess the situation, it became apparent that the Client was severely behind (several years behind, not the “couple months behind” that we were told). Because of the intentional deception by the Comptroller to the Executive Director, the determination was made to terminate the sitting Comptroller.

The Executive Director then expanded the scope of the engagement to include:

• Deploy several Staff Accountants from our Loan Staff Group to work under the direction of the ProNexus Controller to reconcile voluminous deposit activities.
• Deploy an Accounting Manager from our Loan Staff Group to work under the ProNexus Controller to get bank reconciliations and account reconciliations current.
• Engaged ProNexus’ Retained Search Practice to find a new full-time Comptroller for the organization.

Success:

The ProNexus team rallied around the situation:

• ProNexus successfully deployed staff members to fill all the necessary roles of Staff Accountants and an Accounting Manager to get the financial backlog to current status.
• The ProNexus Controller assisted the Client Executive Team with interviews to ensure both the technical skills and cultural fit were an exact match, allowing the client to hire a new full-time Comptroller for the open position. 
• The ProNexus Controller assisted the newly hired Comptroller by ensuring that a thorough knowledge transfer occurred.

What appeared to be a simple engagement ended up being something much more complex. This is just another example of the flexibility and depth of talent offered by ProNexus.