Companies commonly need to correct errors in previously filed financial statements. Failure to correct reporting errors may result in the imposition of fines by the regulatory authorities. In this case both the company and the person who made the error may be liable.
To avoid such consequences, financial statements must be adjusted and all errors corrected, even if they seem insignificant. If an error is found, the accountant corrects it and submits a new adjusted statement to the respective government agency.
The VALEN team has extensive experience in accounting, can analyze your financial statements and, if necessary, provide a full range of services related to correcting errors and submitting adjusted statements.