Financial restatements for public companies in 2014 suggest that financial reporting continues to get more accurate and more reliable, but nagging indicators of control lapses still persist and will likely keep regulators and the auditors busy for quite some time.
The latest report on financial restatements from Audit Analytics pegs the total number of restatements in 2014 among U.S. registrants at 831, down 4.2 percent from 867 the year before. That number has now floated somewhere in the mid-800s for the past five years. Various indicators of the seriousness of restatements also have remained low.
