Contract award
A $700K expectation became a contract over $2 million
- Situation
- A contractor was pursuing work sized to what its financial statements appeared to support. The balance sheet was heavily understated: assets, work in progress and accrued positions were not recorded properly.
- What we did
- We reviewed the underlying records, identified the material misstatements, corrected the accounting, and reissued financial statements that reflected the real financial position of the business.
- Outcome
- With accurate financials in hand, the contractor was awarded work exceeding $2 million, against an expectation of roughly $700,000 based on the previous numbers.