5 Years of Missing Historical Data for Pre-IPO Audit

Client Profile

Industry: Life Sciences
Entity Type: Pre-IPO
Ownership Structure: Venture Capital Backed
Geographic Footprint: New England
Number of Employees: 90+


A venture-backed, wholly-owned subsidiary of a public company spun off and began to prepare for an IPO with no accounting team. The company needed assistance with five-years’ worth of GAAP accounting, accounting for all equity transactions, collaborations, and accounting for Contract Research Organization (CRO) agreements.


Our accounting advisory team asked the right questions and dug deep to review historical transaction records. We identified and assessed the company’s prior period accounting policies and transactions for which it had not previously accounted (or for which it incorrectly accounted).

CBIZ obtained missing information and documented the fact patterns needed to complete the following: audit readiness; financial accounting and bookkeeping; GAAP financial statement drafting for the S-1 filing; technical accounting support; accounting for convertible debt; accounting for preferred stock; stock-based compensation, including setup of accounting and reporting functions in Carta; adoption of ASC 842, including some complex embedded leases; foreign exchange transactions; and tax provision preparation.


The company successfully completed its S-1 filing and current year audit, along with a successful IPO, with the help of the financial statements, technical memos, financial reporting support, and audit readiness assistance provided by our team. Additionally, we helped the company create a solid GAAP reporting foundation for future years.

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Technical Experts Fill in 5 Years of Missing Historical Data to Prepare for Pre-IPO Audithttps://www.cbiz.com/Portals/0/Images/IP-CS-LifeSciences-PreIPO.jpg?ver=9F0T4Qq0VaP7v_84VhppSA%3d%3dCount on Our Expertise in Advance of Your IPO2021-09-10T17:00:00-05:00

Count on Our Expertise in Advance of Your IPO

NoneTechnology & Life SciencesAccounting Advisory & OutsourcingYes