Chess Consulting leverages expertise in financial accounting, SEC reporting, auditing, regulatory compliance, and risk management to help clients apply standards and regulations to complex transactions and reporting matters. We also support senior management and audit committees in establishing, evaluating, and testing internal controls and related business processes.
Audit Readiness and Financial Accounting Support
Successful external audits depend on accurate financial reporting, strong documentation, and effective internal controls. Inadequate preparation can lead to delays, increased costs, and audit findings. Chess Consulting helps clients prepare audit-ready account reconciliations and supporting documentation, as well as technical accounting white papers with well-supported conclusions to facilitate efficient audits.
Accounting and Financial Reporting Technical Consultation
Complex accounting and financial reporting requirements under U.S. GAAP, IFRS, and SEC rules require sound judgment and technical expertise. Misinterpretation can result in audit challenges, restatements, or regulatory scrutiny. Chess Consulting assists clients with complex accounting matters, such as revenue recognition, equity arrangements, business combinations, carve-outs, discontinued operations, and restatements.
Interim CFO Services
Unexpected leadership changes or financial challenges can disrupt critical finance operations and strategic decision-making. Without experienced support, organizations may struggle to maintain stability and reporting continuity. Chess Consulting provides interim CFO and controller services, offering seasoned financial leadership to stabilize operations, address cash flow or restructuring challenges, and support organizations while permanent finance leadership is identified.
IPO Readiness
Transitioning to a public company requires significant enhancements to financial reporting, governance, and internal processes. Insufficient preparation can delay offerings or create ongoing compliance risks. Chess Consulting supports IPO readiness through project management, accounting policy assessments, S-1 and MD&A preparation, and process evaluations, helping companies establish the financial reporting and governance foundation needed for success as a public entity.
M&A Financial Due Diligence
Mergers and acquisitions involve significant financial and operational risk for both buyers and sellers. Incomplete or unclear financial information can undermine deal value and negotiations. Chess Consulting provides buy-side financial due diligence, including quality-of-earnings and working-capital analysis, and supports sell-side readiness to help clients achieve an efficient and successful transaction.
Merger and Acquisition: Financial Due Diligence
Internal Audit - outsource and co-source
An effective internal audit function strengthens risk management, internal controls, and regulatory compliance. Government contractors operate in a unique risk environment that requires a strong understanding of regulatory requirements, the contract lifecycle, and underlying business processes and controls. Chess Consulting provides the deep government contract expertise needed to support an internal audit with objective assessments and risk-based insights.
Sarbanes-Oxley (SOX) and Accounting Controls
Public companies and IPO candidates must maintain effective SOX-compliant accounting and financial reporting controls. Weak controls can result in material weaknesses, regulatory scrutiny, or investor concerns. Chess Consulting assists organizations with the design, implementation, and assessment of SOX and IT general controls, helping ensure the accuracy, integrity, and reliability of financial reporting.
On November 12, 2025, the Financial Accounting Standards Board (FASB) published ASU No. 2025-08, Financial Instruments – Credit Losses (Topic 326): Purchased Loans, aiming to improve guidance on accounting for purchased loans. The ASU addresses stakeholder concerns about the accounting for acquired financial assets, specifically that prior guidance related to the distinction between purchased credit-deteriorated (PDC) and non-PCD assets created unnecessary complexity and reduced comparability. The amendments in this update expand the population of acquired financial assets subject to the gross-up approach in Topic 326 and are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The amendments to this update should be applied prospectively to loans that are acquired on or after the initial application date. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued or made available for issuance.
The IPO market has accelerated in 2025. In Q3, the US achieved its strongest IPO quarter since Q4 2021, with filings and new share issuances surging sharply following a relatively subdued Q2. In addition, PE-backed IPO listings more than doubled year over year, with US PE-backed IPOs accounting for over two-thirds of total listing value.
Our Financial Reporting Update highlights key developments and issues that are relevant to finance and accounting personnel. This edition includes updates on the SEC, FASB, and AICPA.
On July 30, 2025, the Financial Accounting Standards Board (FASB) issued updated guidance in ASU 2025-05 – Financial Instruments – Credit Losses (Topic 326). The change addresses a concern many entities, especially private companies, have raised: estimating credit losses on short-term receivables and contract assets often requires more time and effort than the end result justifies.