Author:
Publisher: DIANE Publishing
ISBN: 1428944737
Category :
Languages : en
Pages : 272

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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: United States Government Accountability Office
Publisher: Createspace Independent Publishing Platform
ISBN: 9781985028579
Category :
Languages : en
Pages : 272

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Book Description
Financial Statement Restatements: Trends, Market Impacts, Regulatory Responses, and Remaining Challenges

Author:
Publisher:
ISBN:
Category : Corporation reports
Languages : en
Pages :

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Book Description

Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Financial statements
Languages : en
Pages : 262

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Author:
Publisher:
ISBN:
Category : Corporation reports
Languages : en
Pages :

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Book Description
This report is the release of the database of information collected during research for the report entitled "Financial statement restatements : trends, market impacts, regulatory responses, remaining challenges" (Washington, D.C. : GAO-03-138).

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: Jana Hranaiova
Publisher:
ISBN:
Category :
Languages : en
Pages : 39

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Book Description
We examine changes in the market's response to financial statement restatement announcements during the Sarbanes-Oxley (SOX) era. We define this era as beginning with the U.S. Department of Justice initiation of a criminal investigation into the collapse of Enron, and its attendant loss of billions of dollars of shareholder value, through the November 15, 2004, requirement that all U.S. companies with market capitalizations over $75 million must comply with SOX Section 404, which deals with corporate internal controls over financial reporting We divided the Sarbanes-Oxley era into pre- and post-SOX periods, with the dividing line concurrent with the signing of the Sarbanes-Oxley Act into law on July 30, 2002. The comparison of pre- and post-SOX periods shows that post-SOX, the negative impact on companies announcing restatements is reduced 71 percent on average (as measured by the cumulative abnormal return on days 0 and 1) and the positive market response to announced restatements is reduced by 33 percent. This translates into a net reduction in lost market value of $207 million per restatement announcement or $74.4 billion in total market value for the two-day announcement event window. We also find that this reduction is not due to the diluting effects of the increased number of statistically insignificant post-SOX market reactions to restatement announcements. Finally, our results indicate that after SOX became law, post-announcement abnormal returns exhibit statistically significant lower volatility and the trend in statistically insignificant market responses to restatement announcements no longer declines, thus indicating less uncertainty on the part of investors regarding the announcements of restating companies, and perhaps because investors believe the disclosed information conveyed by the restated financials is timelier and of higher quality.

Author: United States. Government Accountability Office
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Book Description

Author: Claudia Gabbioneta
Publisher: Emerald Group Publishing
ISBN: 1837532826
Category : Social Science
Languages : en
Pages : 179

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Book Description
Organizational Wrongdoing as the “Foundational” Grand Challenge: Consequences and Impact focuses on the consequences of organizational wrongdoing, the role of whistleblowing, and methodological issues.