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Author: Orice Williams
Publisher: DIANE Publishing
ISBN: 1422309177
Category :
Languages : en
Pages : 211
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Book Description
In 2002, it was reported that the number of restatement announcements due to financial reporting fraud &/or accounting errors grew significantly between Jan. 1997 & June 2002, negatively impacting the restating companies¿ market capitalization by billions of dollars. The author was asked to update key aspects of the 2002 report. This report discusses: (1) the number of, reasons for, & other trends in restatements; (2) the impact of restatement announcements on the restating companies¿ stock costs & what is known about investors¿ confidence in U.S. capital markets; & (3) regulatory enforcement actions involving accounting- & audit-related issues. Includes recommendations. Charts & tables.
Author: Orice Williams
Publisher: DIANE Publishing
ISBN: 1422309177
Category :
Languages : en
Pages : 211
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Book Description
In 2002, it was reported that the number of restatement announcements due to financial reporting fraud &/or accounting errors grew significantly between Jan. 1997 & June 2002, negatively impacting the restating companies¿ market capitalization by billions of dollars. The author was asked to update key aspects of the 2002 report. This report discusses: (1) the number of, reasons for, & other trends in restatements; (2) the impact of restatement announcements on the restating companies¿ stock costs & what is known about investors¿ confidence in U.S. capital markets; & (3) regulatory enforcement actions involving accounting- & audit-related issues. Includes recommendations. Charts & tables.
Author:
Publisher: DIANE Publishing
ISBN: 1428944737
Category :
Languages : en
Pages : 272
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Book Description
Author: Orice M. Williams
Publisher: DIANE Publishing
ISBN: 9781422309988
Category :
Languages : en
Pages : 88
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Book Description
Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Financial statements
Languages : en
Pages : 276
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Book Description
Author: James Thompson
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Public confidence in financial statements may be at an all-time low. The bankruptcy of Enron, the largest bankruptcy in United States history, brings into question whether the accounting profession, and the auditing process in particular, protects the users of financial statements. The shower of scandals and earnings restatements makes users skeptical of the financial reporting rules that are supposed to protect the public. In addition, a lack of transparency in reporting followed by restated financial restatements disclosing billions of dollars of omitted liabilities and losses exacerbate this problem. This paper considers the frequency and nature of Form 8-K reports that are filed with the Securities and Exchange Commission (SEC) by Fortune 500 companies during 2001. This form is used to report the occurrence of any material events or corporate changes which are of importance to investors or security holders and previously have not been reported by the registrant. Information from Form 8-K is analyzed to identify which companies filed 8-K reports, the types of disclosures that are included, industry characteristics of companies that file 8-K reports, whether financial statements were restated as a result of those filings, the reasons that restatements, if any, were required, and the relationship between size of company and number of restatements.
Author: Robert M. Bowen
Publisher:
ISBN:
Category :
Languages : en
Pages : 60
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Book Description
We examine the association between firms' financial constraints and potentially value- destroying financial restatements. How financial constraints affect managerial behavior has been labeled as a core issue in accounting and finance. Ex-ante, the nature of the relation between financial constraints and financial restatements is unclear and remains unexplored in the literature.We find that financially constrained firms are more prone to restate their financial statements. We examine two explanations for this relation. First, consistent with managerial opportunism, we find that among financially constrained firms, weaker firm performance, greater financial leverage, and greater informational complexity are associated with higher discretionary accruals and more restatements. Second, consistent with managerial signalling, we find that although firms with greater investment opportunities and financing needs have higher discretionary accruals, they are not associated with more restatements. These firms signal positive prospects through earnings management while avoiding GAAP violations that could trigger restatements. Finally, we find that a financial constraint measure based on textual analysis outperforms traditional metrics used in most prior research.
Author: Soenke Sievers
Publisher:
ISBN:
Category :
Languages : en
Pages : 84
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Book Description
We provide a comprehensive overview of the findings regarding the causes of financial restatements in the US. Acknowledging that restatements may derive from intentional and unintentional misreporting, we assign the findings to one of three pillars: i) expected benefits, ii) expected costs and iii) executive characteristics. Assuming that managers are rational decision-makers, the likelihood of misreporting increases in expected benefits and decreases in expected costs. While expected benefits reflect executives' desire to maximize private benefits through compensation contracts, expected costs refer to the likelihood that misreporting will be revealed through internal or external controls. Given that efficiency of internal and external controls derives from the ability to avoid both, intentional and unintentional misreporting, we also review literature that investigates less severe restatements. We support the existing research by enhancing the understanding of restatements in light of severe and less severe restatements, identifying research gaps and organizing fragmented findings into a larger picture. Ultimately, our survey might inform regulatory bodies, auditors, standard setters and executives regarding restatements of financial statements.
Author: United States Government Accountability Office
Publisher: Createspace Independent Publishing Platform
ISBN: 9781976425738
Category :
Languages : en
Pages : 216
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Book Description
Financial restatements : update of public company trends, market impacts, and regulatory enforcement activities : report to the Ranking Minority Member, Committee on Banking, Housing, and Urban Affairs, U.S. Senate.
Author: Yu-Ho Chi
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 198
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Book Description
Restatements are serious corporate reporting failures which cause investors' concerns about the credibility of restated firms' financial reporting environment. As a result, restatements are usually followed by auditor turnovers, manager turnovers and disclosures of internal control problems. This study attempts to provide empirical evidence on the associations between the reoccurrence of financial restatements and auditor turnover/choice (Big 4/non-Big 4), management replacement (CEO/CFO), and improvement of internal controls. This study also investigates the associations of restated firms' stock market performance with the role of auditor choice, management turnover and improvement of internal controls. Using a sample of 460 earnings restatements reported in the years of 2003 and 2004 with 282 firms with no reoccurrence of financial restatement in the subsequent three years and 178 firms with at least one financial restatement in the subsequent three-year period, my findings show a negative relationship between the probability of reoccurrence of firms' financial restatements and (1) the change to a Big 4 auditor, (2) replacement of CEO/CFO, and (3) improvement on internal controls. Moreover, I find better stock market performance of non-reoccurrence firms compared with that of reoccurrence firms over a three-year period after the initial restatement. Furthermore, the stock market performance is found to be positively associated with the change to a Big 4 auditor, replacement of CEO/CFO and improvement on internal controls.-- Abstract.
Author: Christopher D. Westphal
Publisher:
ISBN:
Category : Corporation reports
Languages : en
Pages : 112
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Book Description
