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Biotechnology company collaborates with Solaris to address critical gaps in financial leadership, ensuring SOX compliance, SEC filings, and accurate accounting during quarter-end reporting.
Biotechnology company engaged Solaris to fill a critical gap during their quarter-end reporting period. Without a Manager of Reporting & Internal Controls, the client faced urgent challenges, including maintaining compliance with SOX controls, preparing SEC filings, and documenting complex accounting treatments. Solaris provided interim financial leadership, delivering tailored solutions to address regulatory requirements, strengthen internal processes, and meet quarter-end deadlines with efficiency and precision.
The Challenge: Addressing Gaps in Financial Oversight and Reporting
The company faced a critical resource gap in their reporting and internal controls function, which left essential responsibilities unaddressed during quarter-end. They required assistance drafting accounting memos for complex transactions, as well as documenting the potential impact of new accounting pronouncements. Their SOX control processes were flagged for improvement due to documentation gaps identified by auditors. With quarter-end and 10-Q reporting deadlines looming, immediate action was necessary to ensure compliance and prevent delays in SEC filings.
The Solution: Comprehensive Financial and Compliance Support
Solaris stepped in to fill the vacant role, partnering directly with the VP of Finance to manage critical responsibilities. The team prepared detailed accounting memos addressing ASC 842 lease analysis, ESG-related reporting, and asset impairments. SOX control reviews were conducted with a focus on standardizing and improving templates and procedures, closing the documentation gaps identified in prior audits. To meet SEC filing deadlines, Solaris oversaw financial reporting tasks, performed reconciliations, and assisted with drafting and reviewing 10-Q disclosures.
"Solaris was a vital partner during our quarter-end, stepping in to ensure strong financial reporting and internal control compliance.” - VP Finance, Biotechnology
The Impact: Improved Processes and Regulatory Compliance
With Solaris’ interim support, the company successfully completed their quarter-end close, meeting all SEC filing deadlines with accurate and compliant reporting. The enhanced SOX control documentation and improved templates established a stronger framework for internal controls. The accounting memos provided clear guidance on complex issues, positioning the client for smooth transitions in future periods and ensuring readiness for evolving financial reporting standards.
Interim Management & Technical Accounting
By stepping into a critical interim role, Solaris provided the expertise and leadership needed to address immediate challenges and long-term improvements. The company emerged from the quarter-end period with stronger processes, clear regulatory compliance, and confidence in their financial reporting capabilities.
