Client Challenge – Client Onboarding

• Began Engagement & Onboard with a $3.2B fund manager in Oct 2023, with an agreed first quarter of reporting responsibility of Q1-24, not engaged for the 2023 audit.
• Engagement included:
  • 14 Main Fund Vehicles
  • 10 Feeder and Parallel Vehicles
  • 40+ Co-Investment Vehicles
• Received word from the client in Nov 2023 that their prior admin would not honor their existing contract and was asked to speed up the full onboard period from 6 month to 3 months and assume responsibility for 2023 audit, in a year where Petra was not engaged with the client.

The Solution

• Initiated a revised onboard strategy to support the new conditions.
• Created an onboarding planning matrix organizing FTE assignments, workflow strategies, deliverable indicators, review/sign-off processes, progress tracking and timeline expectations.
• Conducted a large-scale reallocation of FTE resources to effectively double the size of the engagement team until the conclusion of the audit.
• Conducted planning and process check-ins with the client 2x weekly.
• Coordinated and scheduled audit/tax kick-off calls and framed process and procedure

Key Results

• Effectively and efficiently carried out the proposed plan and ahead of schedule.
• Completed full implementation in time to satisfy the client’s annual audit and tax requirements.
• Quickly gained the trust and confidence of the client via our abilities, experience, and a timely completion of a project.