What to do when the numbers aren’t adding up

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When a leading manufacturer discovered discrepancies in its financial statements, it turned to PwC to investigate and assist with the restatement process.

Restatements can be drawn out and expensive and require ongoing coordination and communication with many different parties, and working with auditors through the restatement process can prove challenging and complex. Many companies simply don’t have the resources in-house to manage such an unfamiliar process. That was case for a national manufacturer whose audit committee initiated an investigation after it found its sales team creating side agreements in revenue arrangements that were not being accurately reported.

PwC’s solution

To conduct accounting advisory work to uncover the depth of the problem and resolve it by:

  • Sorting through thousands of documents and interviewing stakeholders to ascertain the scope of the restatement.
  • Extracting and formatting the data necessary to assess the appropriate accounting and financial reporting to complete the restatement.
  • Assisting with communications to the SEC as well as restated interim and annual statements.

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Impact on client’s business

  • The company is no longer at risk of being delisted.
  • It’s financial reporting is back on schedule with the SEC.
  • It’s back on a growth path, with revenues up almost 50 percent in the current year.

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The only thing riskier than being caught in a crisis is not knowing a crisis exists.

Contact us

Michelle Krupa

Partner, PwC Deals, PwC US