Insights > Preparing an Electric Vehicle Infrastructure Provider for an IPO

Preparing an Electric Vehicle Infrastructure Provider for an IPO


A technology solutions provider for electric vehicle charging infrastructure, was contemplating an initial public offering (IPO) and needed to complete its first-year audit. However, the company’s short-handed accounting department lacked the bandwidth and IPO expertise to complete the audit and prepare the S-X compliant financials needed for the transaction.

Riveron partnered with one client to prepare financial statements, proactively work with auditors, and improve their financial close.

How we helped

Riveron was engaged to assess the company’s readiness for an IPO and assist with the S-X compliant financial statement preparation, audit, financial data components of the Registration Statement, and other technical accounting matters.

Our team drafted the company’s interim and annual financial statements and related disclosures. To help improve the monthly close process, we created a calendar to formalize roles and responsibilities and track the status of close procedures. We also prepared the S-X compliant financial statements and the related management discussion and analysis (MD&A) to be included in the Registration Statement.

To support the audit, we coordinated the overall process, managed auditor requests, prepared deliverables, addressed auditor comments, and facilitated discussions between management and the external auditors. Our team also prepared and improved various general ledger account reconciliations, and we identified approximately 40 accounting adjustments during the initial three-year audit period. Additionally, we recorded prior period adjustments to the appropriate accounting period to produce accurate interim financials and enable comparative financial reporting.

Our team also guided in the adoption and implementation of new accounting standards, including revenue recognition (ASC 606) and lease accounting (ASC 842). In addition, we prepared detailed calculations to support the company’s stock compensation accounting and disclosure requirements (ASC 718).

Lastly, we facilitated the transition and training for the new senior accountant and chief financial officer, who each joined the company during the engagement.


With Riveron’s support, the company is well positioned to pursue an IPO based on S-X compliant financial statements, successful first- and second year-audits and an interim review, and numerous technical accounting policies that will be applied in the future. The company is also benefitting from an optimized month-end financial close process and more effective monitoring of operations and financial metrics to drive reporting and proactive decision-making.

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