GAO issues report on financial statement restatements

CPA Letter, The, December, 2002 by Anonymous

In response to a request from Senator Sarbanes, the General Accounting Office has issued a report entitled, Financial Statement Restatements: Trends, Market Impact, Regulatory Responses and Remaining Challenges.

Specifically, the report explores the number of, reasons for and other trends in financial statement restatements since 1997; analyzes the impact of restatement announcements on the restating companies' stock market capitalization; identifies available data to determine the impact of financial statement restatements on investors' confidence in the existing U.S. system of financial reporting and capital markets; analyzes SEC enforcement actions involving accounting and auditing irregularities; and describes the major limitations of the current oversight structure and...

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