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The CFO should follow the Financial Restatement Checklist Template when an error in a submitted financial statement is discovered (by internal or external audit, or other means). The CFO is responsible for investigating the source of the error, the nature and extent of the error, as well as implementing corrective action to ensure the error is corrected and not repeated in future statement preparation.
The CFO should ensure a thorough investigation is conducted into the statement error and the need for restating. The CFO should set clear objectives for the investigation ensure they are listed on the FS1040-1 FINANCIAL RESTATEMENT CHECKLIST.
The CFO is also responsible for properly completing the actions listed on the Financial Restatement Checklist, in order to resolve errors. After each financial restatement process, the effectiveness of the FS1040-1 FINANCIAL RESTATEMENT CHECKLIST should be reviewed to ensure all the required (or potentially required) actions are correctly listed.