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Case 7.5m Accrul

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Case 7.5m Accrul
The Company recorded a $7.65MM severance accrual, of which $2.6MM relates to the normal quarterly accrual update and $5MM relates to future lay-offs expected to occur in 2017, due to the consolidation of the Consumer and Mortgage lines of business. EY obtained and inspected the client support for the accrual calculation (i.e., accrual calculation spreadsheet, projected severance payments report, and payroll files). Further, we inquired of Ron Rouse regarding the assumptions used to calculate the additional $5MM accrual. We did not identify any material exceptions as a result of our testing.
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