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Restatements take another turn for the better, Audit Analytics says

Tammy Whitehouse | May 22, 2016

Financial restatements trends took another downward turn in 2015, suggesting an incremental improvement in the quality of financial reporting, according to the latest data from Audit Analytics.

The total number of restatements that were serious enough to undermine reliance on prior financials fell to 161, the lowest level since the 2006 spike following the enactment of Sarbanes-Oxley. Even revision restatements, or those that do not undermine reliance, fell in 2015 to 516 from 605 the year before. Combining both types of restatements, the overall number of restatements dropped 12.7 percent in 2015 from the year before, the firm’s latest annual report says.

The analysis by Audit Analytics suggests restatements leveled off from about 2009...

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