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2014 Restatements Show Further Declines

Tammy Whitehouse | April 21, 2015

Restatement data for 2014 suggest companies are getting better at financial reporting -- producing fewer erroneous reports, with less damaging effects, and correcting mistakes more quickly when they find them, the latest report from Audit Analytics shows. Contrary to all the good news, however, restatements among accelerated filers are not falling.

“What we’re seeing here is the positive effects of Sarbanes-Oxley Section 404 and internal controls,” Don Whalen, general counsel and director of research at Audit Analytics, which produced its most recent report showing restatement numbers overall are declining, as are indicators of...

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