Finance and/or accounting risk is not simply a material misstatement of a Company’s financial statement. Finance or accounting risks typically arise from, but are not limited to, the following issues/situations:
- Poor oversight of junior resources and/or inappropriate delegation of authority to employees that are not prepared,
- Accounting policies are incomplete, inaccurate, not documented or clear, etc.,
- Training is not adequate,
- Insufficient resources with the responsibility of assessing new accounting literature and its impact on the Company,
- Poorly planned and executed projects to design, implement, and go live with new accounting or payroll systems,
- Inadequate internal controls (SOX compliance) such as not identifying material weaknesses, improperly designating “significant or key controls”, etc.
- Accounting resources have not been recruited to fill key positions.
Hilltop can assist with many of these situations by providing deep experience to our clients, as well as, less experienced accountants that can supplement our client’s staff. Further, we have a number of former auditors who understand the need for proper management, well documented and updated policies, providing help with training, implementing new technology, designing/implementing the appropriate controls for any new business process and related technology, etc.