Financial Statement Restatements
Mistakes happen. If you find yourself looking at a potential restatement of the financial statements, it’s important to act swiftly and carefully to get the accurate information out there.
Pain Points:
- 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
Solution:
- 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
Benefits:
- 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
Client Profile:
Mastering the restatement process with finance experts
RoseRyan tracked and managed the entire restatement process for a benefits administrator.
Let’s Talk
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fax: (510) 456-3063
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Tailored financial advisory expertise out of Silicon Valley to solve evolving companies’ finance and accounting challenges.