Deficiency Remediation

Case Study

Deficiency Remediation

S+H Consulting Team

Distribution

INDUSTRY

1,500

EMPLOYEES

$650M

ANNUAL REVENUE

Background

During a period of significant transition, our client’s audits identified six material weaknesses and significant deficiencies which impeded management’s ability to confidently represent their results from operation.

Objective

Evaluate deficiencies communicated by external auditors.
Assess remediation required to improve deficiencies.
Implement work plan to improve deficiencies.
Communicate progress, status and completion to management and Board.
Implement monitoring procedures to maintain compliance.

Solution

Implemented global close calendar to address recurring need for post-close entities.
Implemented global reconciliation standard and completion tracking tool.
Implemented inventory management processes to maintain alignment of GL with perpetual inventories.
Implemented technical accounting processes for stock-based compensation and acquisitions accounting.
Implemented prior-period close process.

Gained auditor and board approval of remediation plan and progress in preparation of fiscal year audit.