Corporate Tax

A $2.0 billion manufacturer, operating in 30 countries, determined that their internal tax group was unable to calculate its worldwide income tax provision eight days before their scheduled earnings release.

The Challenge

  • WilliamsMarston was contacted by the Company with only eight days until the scheduled earnings release
  • Highly complex company with vast quantities of data for the consolidated group
  • Minimal existing work product that could be leveraged to calculate the income tax provision
  • Tensions were high from the distinct possibility that the earnings release and Form 10-K filing would be delayed
  • The Company needed to remediate the material weaknesses and regain the trust of their auditors

The Solution

  • WilliamsMarston immediately assembled a team and started on-site that day, working around the clock
  • Met with key individuals on the Company’s finance and tax team, working cohesively to gather the necessary data
  • Developed a detailed worldwide income tax provision calculation using proven methodologies and proprietary tools resulting in a tax provision that withstood intense audit scrutiny
  • Coordinated with the Company and their auditors to rapidly remediate the Company’s material weaknesses in tax
  • Assisted management with the implementation of key recommendations including new processes and internal controls to ensure their issues were resolved, including training and updating SOX documentation

The Result

The Company issued both their earnings release and their 10-K filing within the originally scheduled deadlines. The Company successfully remediated the material weakness 12 months earlier than anticipated.