The working group gathers the individuals and firms involved in taking the firm public, including investment banks, law firms, and accounting firms. The firm’s management team provides the working group with the necessary information and makes the decisions regarding the public offering process. The members of the group work individually and jointly in a number of areas to try to ensure a successful IPO. The initial planning for an IPO basically involves getting the firm’s legal, financial, and organizational details in proper form to minimize the probability of difficulties arising either during or after the IPO. The firm will hire auditors to review its past financial statements and past and current accounting practices. The auditors may require changes in accounting methods and a restatement of past financial data to bring them into regulatory compliance under SEC guidelines.