Remediation and Restatements Services

Accounting restatements addressing deficiency material weakness

Change is a business reality. It’s also vital to your company’s future. But change can create risk in financial reporting. Deloitte can help you analyze current processes and provide implementation services. And if remediation or restatements become necessary, we can help you take prompt, decisive action to get back on track.



Common triggers of financial statement challenges

Many business conditions impact financial accounting processes and reporting. External factors such as labor shortages, supply constraints, and rising commodity prices may challenge accounting and financial reporting processes. New technologies can affect more than just data organization and can have a ripple effect on processes and controls. Strategic shifts such as business acquisitions or new product lines often bring processes that existing systems and controls weren’t originally designed to handle. Then there is the impact of new standards and regulations with nuances that drive complexity into the overall accounting and finance process.

Changes like these highlight the importance of adjusting processes and systems so the organization can anticipate and respond to issues as they arise. If cracks have already appeared in the lines of defense meant to keep risk under control, the result could require the remediation of processes and systems or worse, a restatement if the issues aren’t caught in time.

Key considerations for mitigating restatement risk

In the face of disruption, how can you build a more resilient accounting organization? Consider reducing restatement risk along three dimensions:

  • An agile and capable team
  • A strong controls and governance framework
  • A playbook for proactive remediation

Resiliency also includes the ability to respond to a remediation situation quickly and methodically. With that in mind, consider a framework to rapidly respond and address the root cause of the remediation event.

How Deloitte can help

We can help your business plan for or respond to complicated accounting and reporting challenges. Our services include assisting management in the following areas:

Our approach

Planning for or reacting to an accounting event such as a restatement, investigation, or material weakness requires knowledge and experience. To help your company expedite a remediation (with or without a restatement), we take a coordinated but accelerated six-step approach.

  • Assess the situation, gauge the scope, and get the appropriate people involved
  • Develop a communication strategy for all stakeholders (including the board, auditors, investors, regulators, and banks)
  • Determine the nature, cause, and ripple effects of the error
  • Rapidly identify and prioritize remediation tasks
  • If necessary, prepare and file the restated financial statements
  • Repair and improve the processes that led to the remediation

Latest news and insights

Contact us to learn more about our services

 Accounting and reporting services
 Governance, risk, and controls
 Controllership transformation
 Something else (please specify below)
Yes No

Let's talk

Hogan Miller
US Remediation & Restatement Leader
Partner, Accounting & Reporting Advisory Services
Audit & Assurance
Deloitte & Touche LLP
+1 713 982 2586

Sean Torr
Risk & Financial Advisory Managing Director and Accounting & Reporting Market Offering Leader
Deloitte & Touche LLP
+1 615 259 1888


The services described herein are illustrative in nature and are intended to demonstrate our experience and capabilities in these areas; however, due to independence restrictions that may apply to audit clients (including affiliates) of Deloitte & Touche LLP, we may be unable to provide certain services based on individual facts and circumstances.

Fullwidth SCC. Do not delete! This box/component contains JavaScript that is needed on this page. This message will not be visible when page is activated.

Insert Custom CSS fragment. Do not delete! This box/component contains code needed on this page. This message will not be visible when page is activated.

Deloitte Platforms Navigation. Do not delete! This box/component contains JavaScript that is needed on this page. This message will not be visible when page is activated.