Recent events highlight the rapid pace of change in the world of manufacturing today. Uncertainty is the norm, and manufacturers need to be nimble. Companies that can adapt to shifting trends and changing regulations are more likely to be positioned to take advantage of opportunities.
Many U.S. manufacturers must consider changes to their business model, especially in connection with their global supply chains. Efforts to develop resilience could lead manufacturing companies to shift at least some of their overseas operations to the U.S. At the same time, regulatory issues and health care costs could affect the pace of this transition.
As the trusted advisor to a wide range of manufacturing operations, we help our clients get the information they need to run their business effectively. We take the time to understand our clients’ business and accounting needs and offer a wide range of integrated services to meet the specific needs of each business we serve.
Simply put, our clients rely on us to generate savings and efficiencies in a rapidly changing economic climate. Many of our clients operate nationally and have expanded, or are in the process of expanding, into international locations.
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- Assurance Services: Audit/Review/Compilation, Agreed-Upon Procedures, Employee Benefit Plan, IFRS Assessment and Conversion, Public Company, SOC Reporting
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EXPERIENCE IN ACTION | Manufacturing Case Study
Rapid Changes Led to Future Success
- SOX reporting compliance
- Establishing an internal audit function
- Improving internal controls
- Bankruptcy support
When a large domestic oilfield manufacturing company completed an IPO, its management hired Weaver for assistance in complying with financial reporting requirements of the Sarbanes Oxley (SOX) Act. We provided critical support as the company establishing the control design structure and monitored its progress in implementing improvements.
Rapid growth pushed the company into Accelerated Filer status two years later. With Weaver’s assistance in iteratively improving the control environment, the company’s management was ready for this change and for the auditors’ opinion on ICFR. The year also brought a significant change in Audit Committee membership and a focus on establishing an internal audit function; Weaver staff worked with the company to implement an internal audit plan.
2020 brought about many challenges to the oilfield manufacturing industry, leading this company to drop below Accelerated Filer status thresholds and face bankruptcy. Recognizing the swift market change, Weaver developed a plan to adjust the project scope. Even before we were asked, our staff continually identified areas in which we could reduce the company’s compliance costs.
As it emerges from bankruptcy with a stronger balance sheet, the company is looking ahead to being back to Accelerated Filer status with another new Audit Committee and a renewed focus on internal audit.
Through all of these fluctuations, Weaver provided critical support as the company responded to rapid changes in the industry and positioned itself for future success.
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Brad Jay
Partner-in-Charge, Middle Market Manufacturing, Distribution and Retail Services
Brad Jay, CPA, CGMA, has more than 26 years of public accounting experience, with a focus on financial…
Jody Allred
Partner-in-Charge, Large Market Manufacturing, Distribution and Retail Services
Jody Allred, CPA, CISA, CGMA, has more than 20 years of experience in public accounting, a deep background in both…