Patrick Farrelly has over a decade of experience managing and developing audit strategies for some of the most high-profile clients at a Big 4 accounting firm, and has been involved with many global transactions. Patrick was the lead audit senior manager for a large financial institution with over $1 billion in assets and a multi-national mass media and information firm. Internationally, he helped transition regional audit services from a London, UK office to one in Madrid, Spain.
Among his numerous accomplishments, Patrick has managed and developed audit strategies for large SEC filers in both the financial services sector and the entertainment/media sector. Additionally, he’s led client meetings with CEOs, CFOs, and controllers to discuss the results of their audit procedures and deliver advice to improve policies and procedures.
Patrick has extensive experience with SEC 10-K, 10-Q, 8-K, Call Reports, FINRA & SIPC-7 filings, SEC comment letters, and vast knowledge of Sarbanes-Oxley (‘SOX’) 404 and internal controls over financial reporting. He has drafted and reviewed accounting policy memos for new technical accounting standards including Revenue from Contracts with Customers (ASC 606), ASU 2016-13 – Financial Instruments – Credit Losses, and Leases (ASC 842). Additionally, he has considerable experience reviewing purchase price allocation (ASC 805) models and methodologies for marketing and advertising companies.