Region: Philadelphia
Industry: Pharmaceutical,Life Sciences,Manufacturing
Service Line(s): Accounting Services
Developed the most comprehensive annual budget/operating plan in the company’s history, served as complete interim Accounting departments, and provided 10-Q and 10-K review services.
Company Background:
Lannett is a leader in the manufacture of generic pharmaceuticals as well as a one-stop, blend to bottle, DEA Class 1-5 manufacturer.
Business Challenge:
Lannett needed assistance managing turnover in its accounting department while simultaneously creating an Internal Audit function and implementing new controls, policies and procedures to ensure its compliance with Sarbanes-Oxley.
AC Lordi Consulting Solution:
Working with Lannett’s senior financial management, we installed interim teams to effectively perform the functions of the Cost Accounting, General Accounting and Reporting departments and implemented a training program for new permanent hires to ensure a smooth transition. During this process and ongoing risk assessments, AC Lordi identified several additional areas for improvement and executed on our recommendations after communicating with the CFO, Controller, and other key stakeholders. These process improvements included creating a comprehensive annual budget model, writing standard operating procedures, and examining accounts receivables. We also reviewed the company’s 10-Q and 10-K filings.
Value Delivered:
Lannett now operates a streamlined accounting function that has realized substantial cost savings as a result of the numerous process improvements that AC Lordi implemented. Our interim teams allowed the company to get the resources it needed while smoothly transitioning to a permanent team.