Notice Of Deficiency
Categories: Credit
See: Deficiency Letter.
If you’re a CFO, you’d hate getting one of these. A Notice of Deficiency is not a bedroom thing among couples; rather, it’s an accounting thing wherein the auditors looked carefully through your books and found that the way in which you were reporting your numbers wasn’t…thorough. Or accurate. Or complete. So you were deficient in the way in which things ran. Not a good situation. If you do get one of these, you have to jump through all kinds of hoops to correct the problem and hope that the 2nd cull of the auditors doesn’t show sloppy tracking of expenses from traveling sales people, or poor database theft prevention techniques, or inaccurate amortizing of the grant of RSUs and/or stock options to employees. Yeah….a lot you gotta know as a CFO. Hey that rhymes!