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
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.
SOLUTIONS
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.
Deficiency Remediation Plan
RESULT
and progress in preparation of fiscal year audit.