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Material Weaknesses and Restatements: Is Tax Still in the Hot Seat?


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While material weaknesses and restatements are on the decline overall, accounting for income taxes continues to be a challenge for corporate tax departments. In some cases this can lead to tax-related material weaknesses or restatements.

Tax and financial executives regularly look for trouble spots as part of their effort to improve controls and financial accounting accuracy. Regulators, too, are focused on this area. Accounting for income taxes continues to be on the SEC’s agenda when discussing critical matters and is one of the top areas of focus in its reviews of public company financial filings.

In a new report, Deloitte provides an analysis of these trouble spots, including:

  • Sources of material weaknesses and portion of which are tax-related.
  • A comparison of leading causes for tax-related material weaknesses between 2008 and 2009.
  • Sample disclosures for tax-related material weaknesses.
  • Strategies companies use to remediate tax-related material weaknesses.
  • Trends in overall restatements and underlying tax issue related to tax restatements.

Download the full report at the bottom of the page to learn more.

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