In the past, there have been a number of cases – including some involving high-profile filers – where delays occurred during the IPO process, as evidenced by multiple filings, extensive U.S. Securities and Exchange Commission (SEC) comments, and even mid-offering restatements of prior periods. Had those companies prepared more thoroughly or extensively, they likely would have taken some or all of those delays out of play. This is why it is vital to pay close attention to the underlying business and IT processes, policies and internal controls, even when new product development, revenue generation and cost management remain top priorities. This approach is similar to how a well-run public company operates.
This questionnaire focuses on certain aspects of the IPO preparation process and specific areas management should address – common financial reporting challenges, the close process, Sarbanes-Oxley compliance and IT infrastructure.