Integral Financial Group
Clients
Client Success Stories

 

Back

 

A Virginia Based Government Contracting Provider
Restatement Services, Sarbanes Oxley, Revenue Recognition and SEC Reporting Services

Integral Financial Group was retained by a prominent Virginia based Government Contractor during its restatement efforts to analyze the Balance Sheet for material misstatements that would be addressed and corrected as part of the restatement, to assist in the drafting and preparation of restated financial statements and to lead more projects as remediation progressed. Ultimately IFG was tasked with overseeing the financial reporting process, revenue recognition for professional services and with providing Sarbanes Oxley implementation services.

During the restatement effort, IFG and Company’s management identified procedural and control issues which were analyzed and resulted in the updating of several policies, helping to ensure adequate controls designed to provide more accurate and timely reporting. IFG worked with senior management to facilitate the drafting, review and filing of the SEC 10K and 10Q reports, including the restated 2005 Form 10-K and the restated Form 10-Q for the first quarter of 2006. IFG also worked with the Company’s external auditors and external counsel to address and resolve specific comments or questions related to these restated filings. IFG served in an advisory function over specific technical accounting issues at the request of senior management, including accounting for Revenue Recognition, Leasing Arrangements, Variable Interest Entities, Multiple Element Arrangements, Stock-based compensation, Professional Services Contracts, and Equity method investments.

IFG led the initiative to automate and have increased visibility for project revenue and costs. This automation encourages easier and more accurate account reconciliations for multiple accounts and provides timely monthly gross margin analysis at the project level. IFG also developed an automated tool which allows for the timely and accurate reconciliation of specific receivable and payable accounts and generate complete Company vendor statements. These vendor statements are now easily reconciled to externally generated vendor statements, and discrepancies can be identified and resolved with greater efficiency and effectiveness.

As a result of IFG’s efforts related to the Company’s Sarbanes Oxley implementation efforts, the Company went from having 7 material weaknesses to none in a period of less than one year. Documentation was updated and test plans were designed and executed for all key controls. Finally, IFG assisted in the preparation of management’s final report over internal controls.

 

 

 

21000 Atlantic Blvd. - Suite 700 - Dulles, VA 20166 - 703.430.9400