SOX Check Shows Accounts Out of Order
As a billion-dollar steel company prepared for Sarbanes-Oxley compliance, the employees noted that a significant number of balance-sheet accounts had not been reconciled in years. Upon further investigation, the company identified thousands of balance sheet accounts that no longer reflected the company’s true financial state and would have to be reconciled within four months.
The company initially hired one Kforce consultant to work on the reconciliation project -- but it soon became apparent that the task was too monumental and over the next two months, the company added eight more Kforce consultants. Three months after the project began, the Kforce team finished its task. The team had reconciled all account balance discrepancies, consolidated thousands of accounts into several hundred, and created policies and procedures to help prevent the situation from recurring.
Prior to the reconciliation project, the company was unable to substantiate its current financial position. With the assistance of numerous Kforce consultants incurring countless project hours, the company can now report accurate financial data. By completing the task before deadline, the Kforce consultants were also able to give the company breathing room before required reporting. Since then, the company has retained several of the original Kforce consultants for continued account cleanups.