Nobody likes to think about it, but errors on prior year financial statements may come to light when you least expect them. When they happen, you will not only be required to identify the nature of the error(s) and determine the necessary financial statement adjustments, but also to determine how to account for the transaction(s) properly going forward. It will also be necessary to determine the root cause of the error and to identify the related weaknesses in internal controls over financial reporting that led to not preventing or detecting the error in the first place. All of this needs to be meticulously documented, and may be time consuming and resource intensive.
Through our years of experience in technical accounting consultation, auditing, and designing and remediating internal controls, we can help you:
- Identify the error(s)
- Quantify and correct the errors
- Assess materiality
- Create documentation
- Interface with audit firms
- Assist audit committees
- Determine the root cause and identify the related internal control weaknesses
- Design or re-design processes and internal controls in order to prevent and detect errors in the future
- Provide training to strengthen subject area knowledge
