Restatements and Related Services
Restatements and Related Services
Service

Restatements and related services

KPMG understands each organization is unique; our team provides high-quality advisory services tailored to your needs. We leverage the processes, approaches, and tools we have developed as a result of our experience in addressing a wide range of technical accounting and financial reporting matters prone to errors, and with assessing and conducting complex, multi-year restatements.

You need someone who can respond quickly—and accurately—to provide knowledge, experience, and resources. Whenever and wherever you need them.

And that’s what you can expect when you choose KPMG Restatement Services. Our team will work closely to assist you in navigating these challenging circumstances, limiting business disruption.

Services We Provide

  • SEC communications: We can assist in drafting written communication between companies and the SEC staff, including pre-clearance submissions to the Office of the Chief Accountant, comment letters responses to the Division of Corporation Finance, and supporting responses to inquiries from the Division of Enforcement.

  • Evaluation of accounting errors: Little R? Big R? Current period adjustment?  All restatements are not alike. When a potential error is identified, time is crucial. We assist companies in gathering the relevant data and facts necessary to identify and evaluate the full extent of the errors under the accounting standards and related SEC guidance to determine how, and in which periods, the errors must be corrected.

  • Financial statement restatements: We have significant experience with, and knowledge and insight about, large-scale and complex restatement environments. We have a complete understanding of the demands of internal and external stakeholders, and can assist you in navigating through these demands. We assemble a multidisciplinary team of accounting, tax, valuation, forensic, internal controls, business process, and IT professionals who will work collaboratively to assist you in the many aspects of a restatement—from the accounting, tax, and financial reporting aspects to the investigation and remediation services that may be required.

  • Retrospective adoption of new accounting standards: Revenue recognition. Leasing. Financial instruments. Healthcare and Wall Street reform. Given the vast volume and deep significance of the topics currently under deliberation, there’s a good chance unprecedented accounting change and far-reaching, new regulatory requirements will be coming down the road very soon. Or they are already here, significantly impacting how you account for various transactions. Our total approach to conducting accounting implementations follows separate phases, which include helping you quantify the transition adoption requirements and / or options to inform how and when to adopt a new standard.

  • Expert testimony: We provide accounting advisory and expert witness testimony services involving complex accounting and financial reporting matters, such as revenue recognition, stock compensation, merger and restructuring reserves, business combinations, and consolidation accounting.

Who We Serve

  • Public companies (CFOs, CAOs, CEOs, General Counsels)
  • Boards of directors 
  • Audit committees
  • Legal counsel

Learn More about Restatements