Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

Restatement study will show second year of decline in 2016

Tammy Whitehouse | April 21, 2017

In a second year of incremental improvement in financial reporting after a stubborn leveling off for several years, restatements in 2016 fell by 11 percent.

The newest analysis by Audit Analytics will show the total number of restatements fell from 756 in 2015 to 671 in 2016, the lowest total number since 2002, before the Sarbanes-Oxley Act was adopted. That was the second decline following restatement numbers that held relatively constant in the mid-800s for about six years.

The annual Audit Analytics study is not yet published, but the final data will show 78.3 percent of all restatements in 2016 involved revisions to earlier financial statements rather than withdrawal and replacement of...

Buy this article for $49, or subscribe to Compliance Week for a month at $149 and get unlimited article access for 30 days.