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It is important that a company works closely with its auditor when evaluating how to recognise and disclose a material error.In most cases it is also the auditor that determines what is considered material.When a publicly traded company determines it needs to amend its financial statements, it must file SEC form 8-K within four days to notify investors of nonreliance on previously issued financial statements.It also needs to file amended 10-Q forms for the affected quarters and possibly amended 10-Ks depending on how many accounting periods are affected by the erroneous data.Errors may also be discovered by third parties during standard examinations of a company’s business practices and reporting standards.One example includes errors discovered during a Securities and Exchange Commission (SEC) audit of a company’s financial dealings.One change is the wording for compilation and review reports along with new documentation requirements (including engagement letters) and other changes.If you are a CPA who performs compilations and reviews, you will need to update the reports to reflect the new SSARS 19 wording.
When a tax refund is requested, the Revenue Department will perform a tax audit on the company’s activities before any refund is paid.
Using Intuit Statement Writer 2011 it is easy to modify the wording for a compilation (or review) report and save the revised report as a template for reuse in the future or for other clients.
I created a new course for Intuit Academy, “Intuit Statement Writer 2011 – Your Financial Statement Solution” which includes details of exactly how to modify the compilation (or review) report for the new SSARS 19 wording and save it as a template for reuse.
In some cases it will also be necessary to file revised VAT returns.
Shareholders may file a complaint with the legal department of the Ministry of Commerce.