Business Case Study 1 – Pharmaceutical Industry

INTERIM EFSS FINANCE CONSULTANT – US PHARMACEUTICALS

BACKGROUND:

A US pharmaceutical company was relocating from Oxford to London. In addition to many staff choosing not to relocate, the manager responsible for all European statutory accounting was going on maternity leave. An Interim was needed to complete the accounts for the UK, Ireland, France, Spain, Italy, Germany and Switzerland.

REMIT:

The finance function was suffering from a lack of leadership as many key staff had exited the business. In addition, the accounts needed to be completed quickly against a further background of EU realignment.

DELIVERABLES:

1. Working closely with the Director of Tax and the International CFO, completed the statutory accounts for the UK, Ireland, France, Spain, Italy, Germany and Switzerland within the agreed timeframe.
2. Reconciled the local accounts to US GAAP, explaining all variances for the benefit of the board of directors, in order to speed up the signature process.
3. Staff morale was clearly very low, but the Interim Executive identified that the team was capable, enthusiastic and committed. The team predominantly needed mentoring and guidance until a permanent General Ledger Manager was recruited.
4. Throughout the assignment a full audit plan was maintained and completed. Risk and audit processes were reassessed during the transitional phase, whilst simultaneously completing the statutory accounts and advising on new entities which were to be established in Brazil, Sweden & Denmark

RESULTS:

1. The financial consultant successfully identified and made recommendations on global transfer pricing and ultimately addressed governance deficiencies and control weaknesses inherent across the business and its operations, which the Group Board had previously been unaware of.
2. All statutory accounts were completed on time, signed and delivered to the relevant authorities in advance of the required deadlines.
3. The finance department was transformed into a cohesive team, through close collaboration, on-going knowledge transference and regular feedback.

FEEDBACK:

“Michael was professional and courteous. He contributed to the development of several junior staff and navigated a complex business realignment”