TaxSearch was contacted by a newly appointed CFO of a Fortune 500 company who was recruited to address major financial and reporting issues at the company. The business had gone through a major period of M&A activity with roughly 250 acquisitions over a ten-year period.
Due to a lack of financial controls, the company had two financial restatements and was cited for three material weaknesses. TaxSearch was brought in to both evaluate the status of the tax function and help rebuild the department starting at the Chief Tax Officer role. The company desired to build a new, world-class tax department to ensure the organization would be completely compliant with past and future tax reporting regulations.
Within eighteen months, the tax department was able to remediate the financial restatements and the material weaknesses. The company was able to survive this difficult period and both the stock price and health of the company was able to make a major turnaround with the help of TaxSearch.