Client Profile – Heavy Manufacturing – DOD Contractor
The Need
- Financial restatement and required SEC filings
- Revenue recognition deficiencies for government contracts
- Request extension of filing deadlines for NASDAQ compliance
- Develop accounting policies and procedures for SEC reporting
- Interim support for vacancies in key management roles
The Solution
- Deploy experienced technical and SEC reporting consultants to lead specific initiatives addressing revenue recognition issues and begin the restatement process
- Provide experienced interim management support in key roles : CFO, Controller, SEC Reporting Director and Accounts Receivable Manager
- Develop, plan and then aggressively seek reporting extensions from NASDAQ to prevent delisting
- Develop accounting policies and procedures to standardize reporting and day-to-day operations
The Results
- NASDAQ provided the Client with a 180 day extension; this deadline was met and client was not delisted
- Client successfully restated its financial statements and filed all outstanding SEC Reports
Subsequent to the completion of the restatement and SEC filings, client re-engaged our team to assist with the reconstruction and roll-back of their inventory balances to prior years
