The leadership team of a rapidly growing oilfield services company was feeling pressure from its shareholders and auditors to improve performance in the approaching external audit. The company had recently implemented a new ERP system and needed to document the new processes in order to meet audit standards. More importantly, the company was positioning itself to either be acquired or to IPO in coming months. The CFO hired Trenegy to document the policies and procedures for each of the company’s major back office processes.
Trenegy conducted interviews with the process owners and involved parties from the different office locations and business segments to gather procedural steps, policies, and end to end overviews of each major process. The project team combined feedback received during these meetings with its knowledge of the crucial content sought by auditors to document the policies and procedure documents. The project team contacted the company’s auditor to confirm the contents of the documents were satisfactory, reviewed the document drafts with the process owners, and made final edits.
The policies and procedures provided the company with the necessary transparency, standardization, and documentation of its major back office processes to meet the demands of external auditors and shareholders. The company leveraged the documents to train employees on the post-implementation processes, increase compliance with the new company standards, and position itself more favorably for the external audit. These efforts simultaneously led to increased efficiency and support of the company’s growth and IPO strategy.