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CASE STUDY: GLOBAL HOSPITALITY COMPANY
Embark helps a global hospitality company by providing experienced audit support, improving efficiency, and reducing audit risk.
About the client
The client is a global hospitality company that invests, develops, and manages an international portfolio of full service, luxury, and resort hotel properties.
Services provided
Audit support and readiness
Account reconciliation preparation and review
Assist with month end close process
Provided interim assistant controller and accounting senior resources
Purchase price allocation review and tie out
Our solutions
Embark's Accounting & Reporting team provided complete and accurate audit support to the client.
Index
The Big Wins
1. By taking care of all of the audit-related tasks, Embark frees up the client's controllers and their teams to focus on other important tasks.
2. By providing comprehensive and accurate audit support, Embark helps to minimize questions from auditors. Embark has been assisting with their audits since 2017.
How Embark helped
Embark team handles all audit related requests, such as:
- Establish timeline of audit support with auditor
- Obtain and organize regular PBC files
- Rent rolls and lease support
- Bank reconciliations and bank statements
- Debt agreements and amendments
Run GL details at interim & year end for significant accounts for auditor to make audit selections
- Coordinate with property accountants to obtain selection support
- Provide review of support to ensure proper accounting and sufficiency of audit evidence
- Assist in resolution of support discrepancies
Financial statement reporting
- Draft or rollforward financial statements
- Tie out financial statements to underlying supporting documents
- Draft ASU disclosures
- Complete disclosure checklists
- Assist client in going concern review
- Obtain and provide auditor with financial statement support files
- Address financial statement comments from audit team
Results
- Provided the client with ex-Big 4 senior associate, manager, and director level review of audit support and financial statements prior to external auditor’s review
- Allowed controllers and their teams to focus on all of their other pertinent tasks while Embark handled audit requests
- Ensured support provided by client is complete and accurate, resulting in less questions from the auditors
Our clients are happy. We’re happy. Everybody’s happy.
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We have had great experience with highly competent people in all projects we have engaged them for. In my experience the competence of the folks has been hard to replicate consistently with other companies.
Melanie Merritt, Corporate Controller of Helmerich & Payne, Inc.
The team is on top of it. They have been understanding and flexible with pricing and timing the engagement. The team, at all levels, is very competent in regards to the project. They stay in constant communication and engage us in a very personal yet professional manner.
Terry Nwosuocha, CPA - Senior Director of Financial Reporting & Accounting of SecurityScorecard
Amazing supportive attitude supported by a deep and broad knowledge and skill. Our requirement is always 1000% fulfilled by Embark team.
Bruce Suzuki, Lyseon North America Inc. (LNAI)
Embark sends the best people, so much so that it makes us think that these people grow on trees. We know they don't and we are grateful for all Embark does for our team.
Brandon Walls, CPA - Vice President, Controller of Ashford Hospitality Trust
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