Large Financial Services Company
When the Securities and Exchange Commission required a large financial services company to restate prior financial statements and conduct a review of accounting practices, the company turned to ALTA for the experienced, highly trained IT staffing needed to accomplish this massive undertaking.
The SEC required the large financial services company to restate prior financial statements to eliminate the use of hedge accounting and, to the extent material, correct for errors in its accounting for deferred purchase price adjustments.
This process, which took several years, involved every line of business and entailed a comprehensive review of the financial company's accounting practices, including those related to derivatives, mortgage purchase and sale commitments, and investment securities, among others.
The largest part of the project involved reprocessing historical transactions, as well as demonstrating the accuracy of the accounting the financial services company used for those practices where the accounting practice was unchanged. This produced a complete re-audit of all aspects of the company's financial statements. This process required teams of contractors in the entire SDLC.
ALTA provided IT Staff to fill the needs of more than 100 work streams (business units) in many areas of the SDLC, including:
- Program management
- Business analysis
- Software development
- Change management
- Quality control management
- Technical writing
- Functional analysis - ERP and PeopleSoft
- Release management
- Production support
- SOX compliance analysis
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