Complex Accounting and Risk Management

Chess Consulting leverages its financial reporting, accounting, auditing, regulatory compliance, and risk management expertise to help clients interpret and apply relevant standards and regulations to complex accounting and financial reporting matters. We work closely with finance and accounting functions to reduce and mitigate risk, especially in support of major transactions and events including IPOs, mergers and acquisitions, and accounting system set-ups and conversions. In addition, we assist senior management and audit committees with the evaluation and mitigation of potential business process and control risks. We also help clients resolve accounting and financial reporting questions raised by the SEC and other regulatory authorities.

Our complex accounting and risk management services include, but are not limited to:

Accounting and Financial Reporting Technical Consultation
Accounting Restatements
Audit Readiness and Accounting Support
Enterprise Risk Management
Information Technology General Controls
Internal Audit – outsource and co-source
Interim CFO Services
IPO Readiness
M&A Support
Sarbanes-Oxley (SOX) and Accounting Controls

Internal Audit and Government Contract Compliance: Working Together to Gain Efficiencies and Increase Effectiveness

Over the years in working with varying clients and meeting Government Contract Compliance (“Compliance”) and Internal Audit (“IA”) leadership, we continue to find that in many cases these functions/organizations rarely communicate and seem to be fairly siloed with minimal coordination in achieving their missions. This can happen for any number of reasons; including for example, the additional time required for Compliance to coordinate and support IA assessments, the potential view that IA’s role and experience focus on financial statement reporting controls and wouldn’t be particularly helpful to Compliance, or fear of increased scrutiny resulting in unnecessary and unwanted attention from executive management. Although it is understandable that certain Compliance leaders are hesitant to work with IA, there is good reason for Compliance to consider increasing their coordination with them.

Considerations in Calculating Prejudgment Interest

Prejudgment interest is a form of compensation that seeks to convert financial harm suffered by a party in the past to a present value as of the date a judgment is issued (if interest is an allowable remedy) or a settlement agreement is reached (if interest is part of the agreement). Prejudgment interest, along with damages analysis, aims to achieve the overarching objective of making the harmed party “whole” as measured by the financial impacts associated with the claimed bad acts of the other party.

Financial Reporting Update: February 2023

Our Financial Reporting Update highlights key developments and issues that are relevant to finance and accounting personnel. This edition includes updates on the SEC, PCAOB, and AICPA.

Financial Reporting Update: May 2024

Our Financial Reporting Update highlights key developments and issues that are relevant to finance and accounting personnel. This edition includes updates on the FASB, SEC, AICPA and PCAOB.