Disclosing material weaknesses in internal control over financial reporting is one of the more difficult and stressful times a public company will encounter. Whether or not the material weakness accompanies a restatement, the Company is publicly reporting that there is a reasonable possibility that a material misstatement in its financial statements will not be detected or prevented by its internal controls. Management faces tremendous pressure from its Audit Committee, external auditors, regulators, and investors to not only remediate the material weakness quickly, but ensure it never reoccurs. The SEC has taken enforcement action against public companies for not remediating material weaknesses in a timely fashion and for having recurring material weaknesses over several years.
We Are the Experts in Material Weakness Remediation
- We are experienced professionals with an established track-record of helping companies quickly remediate material weaknesses and prevent recurrence.
- We have an in-depth understanding of US GAAP, business processes, IT systems, financial reporting risks, and internal controls.
- We assess, recommend, and operationalize the right remediation plan to address the root cause of the material weakness.
- We roll up our sleeves to deliver hands-on support to your team, including project management, training, documentation, communication, and coordination.
- We are unconstrained from independence rules—we are not auditors; we leverage this freedom to collaborate exceptionally well with our clients’ auditors.
Why MorganFranklin
With a proven track-record of success, our experienced and engaged professionals assess, recommend, and operationalize the right remediation plan to address the root cause of the material weakness, ensuring quick remediation and lack of reoccurance.
