“Is there a solution to this? Yes, there is, at least, a solution for every single issue. It may require some effort but there is a solution.”Elisa Turullols
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Few minutes later, there I was going, on a nearly impossible mission: to convince General Manager and one of the founders of a medium size company that the financial statements, in particular the profit and loss account, had to be adjusted significantly. Otherwise we had no other option but to issue a qualified audit opinion.
The company was at risk of heavy losses in contract liabilities, thousands of contracts had to be reviewed, there was only two or three months time to do it and it was just me…..
The root cause of these contract liabilities? an aggressive growth strategy with no monitoring on the terms agreed with clients. Growth at all costs?