Deficiency Remediation

VIP SOLUTIONS CASE STUDY

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.

OBJECTIVES

1

Evaluate deficiencies communicated by external auditors.

3

Assess remediation required to improve deficiencies.

VIP Solutions Case Study

Implement work plan to improve deficiencies.

VIP Solutions Case Study

Communicate progress, status and completion to management and Board.

VIP Solutions Case Study

Implement monitoring procedures to maintain compliance.

SOLUTIONS

VIP Solutions Case Study

Implemented global close calendar to address recurring need for post-close entities.

VIP Solutions Case Study

Implemented global reconciliation standard and completion tracking tool.

VIP Solutions Case Study

Implemented inventory management processes to maintain alignment of GL with perpetual inventories.

VIP Solutions Case Study

Implemented technical accounting processes for stock-based compensation and acquisitions accounting.

5

Implemented prior-period close process.

Deficiency Remediation Plan

Deficiency Remediation Case Study

RESULT

Gained Auditor and Board approval of remediation plan
and progress in preparation of fiscal year audit.