Pulling together to the finish line
A benefits administrator made a troublesome discovery: two years’ worth of financial statements needed to be restated because of errors. The detection led to a nine month-long effort and required more than 300 correcting journal entries in order to issue new, audited financial statements within the SEC deadline. While the restatement process can be incredibly complicated to begin with, this company experienced turnover during this time, with departing key executives, turnover in the accounting team, and the replacement of their external audit firm. The pressure was on to be timely and thorough so that the re-issued information would meet the auditor’s and the SEC’s expectations.
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