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Overview
Financial statement restatements are disastrous, disruptive and costly events in the life of a public company. Restatements inevitably damage a company’s relationship with investors, and almost always involve the company with the SEC’s Division of Enforcement. This One-Hour Briefing provides an overview of how to deal with the restatement process. After review of the relevant accounting and SEC reporting issues in restatements a walkthrough of the key risks, issues and action steps required are presented to help legal and accounting professionals as they navigate through a restatement.
Please join Brian V. Breheny of Skadden, Arps, Slate, Meagher & Flom LLP and Carol A. Stacey, director at the SEC Institute Division as they discuss:
- Restatement examples – how restatements arise
- Initial steps to take when a potential restatement issue is identified
- Who needs to be included in the process - auditors, counsel, others
- Role of the audit committee
- Is an investigation needed, and if so, what is the process
- What to do when you conclude a restatement is necessary
- Communication with the SEC
- Communication with investors
- Publishing the restated numbers on Form 10-K/A and or 10-Q/A
- Liability issues and how to respond