Seamless Transition: Replacing the Head of Accounts for a Leading Auto Component Manufacturer

Background

A large multi-locational Tier 1 Auto Component company needed to urgently fill the gap due to sudden attrition of its Head of Finance and Accounts in mid-March. The promoters were seriously concerned about ensuring Audit completion as the board meeting date was already decided with external investors. Besides, since the auditors were a Big 4 firm, the audit process was significantly elaborate and required timely and systematic management.

Observations and Approach

An experienced resource CA with big 4 experience took charge of the Finance department with a mix of off-site and on-site work, under guidance of a CFO Partner

A clear execution plan was laid out to ensure the Audit work was carried out in a timebound manner.

Daily review of the plan ensured execution was meticulous and timely. 

Direct interaction with the Big 4 Auditors to ensure issues were addressed as and when they were raised.

The assignment started around last week of March and as scheduled the Audit was completed and signed off within stringent timelines.

Impact

While CFO Bridge directly helped timely closure of the audit, it also resulted in the Finance and Accounts team being more confident and empowered. The team continues to be highly effective, without replacing the high-cost Head of Finance Accounts.

CFO Bridge team also helped the company to revamp the MIS structure completely to make it more precise and effective, additionally also leading the entire budgeting process.