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A utility company’s external auditors discovered significant control deficiencies and material weaknesses after the client’s separation from a public company. The spinoff created a much lower materiality threshold for the auditors. The situation required a thorough review and remediation of controls to prevent recurrence of such deficiencies.
We conducted a comprehensive control remediation review, which entailed verifying and documenting new controls and offering guidance on further implementation plans.
Our comprehensive review and recommendations allowed the client to satisfy its auditors and strengthen its control environment. Moreover, our final report served as a strategic tool the CFO continued to use to evaluate and maintain the control environment as new policies and procedures evolved.