Social media mogul engages Protiviti for IPO preparedness

 
 

 
  Client Challenge  
 
As a very young company still in start-up mode, our client understood that the transition from private company to public company requires extensive effort, time and planning to ensure a smooth transition around a very complex process. Protiviti was tapped to facilitate this well-known social media organization’s move toward public company readiness.
 
 
     
  POWERFUL INSIGHTS  
 
​In helping our client prepare for its IPO, Protiviti delivered measurable value across three key areas:
  1. First, our team performed a pre-audit and public company readiness (PCR) assessment that led to the selection of an external auditor, produced an action plan detailing plans for external audit, conducted a PCR assessment and developed a remediation plan.
  2. Second, Protiviti’s professionals performed a revenue recognition assessment, which included remediating an issue related to advertising products. We provided documentation supporting Staff Accounting Bulletin (SAB) 104 requirements, documented methods to account for historical revenue and assessed controls for the Oracle ERP implementation.
  3. Lastly, Protiviti performed a financial policy gap assessment, which included design and testing of both application and manual controls, design of data conversion validation controls, documentation of the system development lifecycle risk and control matrix, and documentation of IT general controls risk and control matrices.
 
     
  PROVEN DELIVERY  
 
​Protiviti helped develop a roadmap for the organization’s IPO and prepared the company for its first external audit. Protiviti also helped the organization successfully implement its Oracle ERP system.
 
Overall project results included:
  1. Implementing Fastpath Assure™ to manage and monitor segregation of duties (SoD) risks
  2. Developing a customized SoD conflict matrix to identify, understand and manage SoD risks
  3. Meeting compliance requirements for IPO readiness
  4. Implementing a security design that is scalable and manageable
How We Help Companies Succeed
We help 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 Sarbanes-Oxley compliance and other regulatory requirements while adding real value by improving finance processes and IT operations.
 
 
     
  Contact  
 
​Steve Hobbs
+1.415.402.6913
steve.hobbs@protiviti.com
 
Byron Traynor
+1.786.264.7166
byron.traynor@protiviti.com
 
Charles Soranno
+1.732.275.2792
charles.soranno@protiviti.com
 
Gary Callaghan
+1.571.382.7228
gary.callaghan@protiviti.com
 
Gordon Tucker
+1.415.402.3670
gordon.tucker@protiviti.com
 
Brad Rachmiel
+1.312.476.6425
brad.rachmiel@protiviti.com
 
 
     
  About Protiviti  
 
​Protiviti (www.protiviti.com) is a global consulting firm that helps companies solve problems in finance, technology, operations, governance, risk and internal audit. Through our network of more than 70 offices in over 20 countries, we have served more than 35 percent of FORTUNE® 1000 and Global 500 companies. We also work 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 International Inc. (NYSE: RHI). Founded in 1948, Robert Half International is a member of the S&P 500 index.