Few companies have experience dealing with the fallout from the need to restate and often underestimate the work involved
Inexperience in dealing with financial statement restatements may cause delays in publishing accurate information, which can add to the negative impact
The process is often long, complicated and burdensome, putting a strain on resources
Limited internal capacity for the ongoing heightened scrutiny from external auditors
A dedicated, experienced team that manages the entire process from discovery through restatement
Thorough root cause analysis of the underlying reasons that led to the error
Verification and correction of all affected accounts
Careful preparation of amended SEC filings
Committed, expert support for the external audit process
Assessment of internal controls over financial reporting and required remediation
Clear communication with key stakeholders (internal and external)
Timely resolution—restated financial statements are issued as quickly as possible
The start of restoring reputation and shareholder value
Remediation of underlying issues reduces the likelihood of needing future restatements
The restatement process puts a relentless strain on in-house finance teams. Experienced pros can assist with project management, navigate all aspects of the process, correct the accounting, ensure compliance with regulatory requirements, assess internal controls and remediate underlying issues.
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