Rapidly changing regulations, increased scrutiny of company financials, complex, nonrecurring business transactions, and a shortage of experienced finance and accounting professionals, strain the capabilities of many finance organisations. This amplified stress increases an organisation's exposure to mistakes, lost synergies and the inability to maintain base-level financial processes, and has led to more than 5,200 financial restatements in the United States since 2004.
The risk of these errors is typically higher during the adoption of new accounting standards; embarking on significant business transactions; implementation of new IT/enterprise resources planning (ERP) systems; restructurings, acquisitions and divestitures; and expansion into new markets or new businesses.
Protiviti’s Financial Reporting Remediation & Compliance consultants help companies reduce their risk of non-compliance, while limiting exposure to financial restatements and other costly non-routine situations. Protiviti provides the critical functional and project management expertise necessary to cost-effectively prepare for and manage non-routine situations such as restatements, mergers and IPOs. Protiviti’s team proactively monitors new accounting rules, alerts clients to changing requirements and offer assistance with addressing complex accounting or reporting challenges, including the conversion to International Financial Reporting Standards (IFRS).