Restatement

SEC Squinting at Overseas Earnings

Tammy Whitehouse June 14, 2011

Companies that keep offshore earnings abroad to avoid U.S. taxes have some explaining to do to satisfy not just tax authorities, but the Securities and Exchange Commission. The agency is scrutinizing such disclosures carefully these days, SEC staffer Mark Shannon said at the recent Compliance Week 2011 conference, to make sure companies are explaining offshore earnings to investors properly. Details inside.

Restatements by Small Companies Could Revive SOX 404 Debate

Tammy Whitehouse May 24, 2011

The number of non-accelerated filers restating financial reports jumped nearly 14 percent last year, while restatements at larger companies continued their three-year decline. That divergence is prompting some to wonder whether small filers' exemption from internal control audits is to blame. "It's an amazing coincidence if there isn't some kind of cause," says Don Whalen, director of research at Audit Analytics. More details inside.

After 3 Years of Decline, Restatements Turn Up in 2010

Tammy Whitehouse May 10, 2011

After declining for three years, the number of accounting restatements rose by 8 percent in 2010. Driven primarily by problems with accounting for debt and an increase in restatements among non-accelerated filers, the total number of financial reporting do-overs climbed to 735, based on analysis from Audit Analytics. More details inside.

Restatements, Weaknesses Drop Again in 2009

Tammy Whitehouse February 02, 2010

Restatements and material weaknesses took a sharp dive in 2009, but it’s not entirely clear whether that means companies are making fewer mistakes or just catching and reporting fewer mistakes.In 2009, only 75 companies with markets capitalizations of at least $250 million restated their financial statements, according to data from...

Data Says Audits Reduce Restatements, Speed Disclosures

Tammy Whitehouse December 03, 2009

Companies that file clean internal control reports without an audit opinion logged restatements at a 46-percent greater clip than companies with auditors, according to a recent analysis in response to possible Congressional action.Audit Analytics looked at the restatement history of companies that filed 2007 financial reports to look for differences...

Financial Statement Consulting Firm Finds Itself Restating

Tammy Whitehouse August 04, 2009

Huron Consulting, a company earning its bread and butter by helping other public companies file clean financial statements, is now restating its own financials back to 2006.The company filed a Form 8-K with the Securities and Exchange Commission advising investors to look for new financial statements for 2006, 2007, 2008,...

Compliance Week Podcasts ...

Every week we chat with leading thinkers in compliance, auditing, risk management, public policy and more. These short (10-15 minutes) interviews are free to all. Follow Compliance Week podcasts on iTunes.

Compliance Week LinkedIn Group

Compliance Week now has a companion group on LinkedIn, where members can network and discuss the compliance and governance news of the day. Open to all compliance professionals, free to join.

Survey of the Week

Deloitte is conducting their annual Look Before You Leap: Managing Risks in Global Investments survey to better understand the approaches companies are taking to address compliance and integrity-related risks in emerging markets.