Reconstruction of Accounting Records After a Cyberattack in a Publicly Listed Company
Client:
A publicly traded company listed on the Warsaw Stock Exchange (GPW).
Challenge:
Our client, a publicly listed company, fell victim to a severe cyberattack that resulted in the loss of all accounting data for a period of 22 months. This data loss threatened the company’s ability to prepare financial statements and comply with regulatory requirements. The reconstruction of accounting records became a top priority to restore full operational functionality and regulatory compliance.
Our Solution:
We undertook the complex task of reconstructing the company’s full accounting records using all available documentation. Our approach included:
Gathering available data sources – We worked with the client to collect all accessible records, including Hard copies of printed ledgers prior to the attack, paper-based accounting documents and contracts, Receipts from cash registers and other transactional records, Bank statements and payment confirmations.
Detailed reconstruction of transactions – Each document was meticulously analyzed and utilized to recreate accurate accounting entries.
Close collaboration with the client – We worked alongside the client’s finance team to ensure that the reconstructed data reflected actual business transactions.
Preparation of financial statements – After restoring the accounting books, we assisted in preparing financial statements in compliance with regulatory and legal standards.
Support during external audit – The reconstructed statements underwent an external audit, during which we provided the necessary explanations and documentation to validate the restored records.
Results:
Complete reconstruction of accounting books for the lost 22-month period.
Regulatory-compliant financial statements, which received a positive auditor opinion.
Full operational restoration and compliance with stock exchange regulations.
Protection of the company’s reputation through swift and effective recovery actions.
Conclusion:
This project demonstrated our ability to manage high-risk financial crises effectively and professionally. Thanks to our rapid and precise execution, the client regained control over its financial data, complied with all reporting obligations, and minimized the long-term impact of the cyberattack.
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