Calendar year 2007 experienced the first decline in restatement disclosures since 2001. During 2007, a total of 1,237 restatements were filed by 1,109 unique companies. These numbers represent a 31% drop in the number of restatements (1,801 down to 1,237) and a 30% drop in the number of unique filers (1,581 down to 1,109.) This trend appears to indicate that publicly traded companies are adapting to the more rigorous conventions, with respect to financial reporting, adopted in response to, and in conjunction with, the Sarbanes Oxley Act of 2002 and other rules adopted to improve the accuracy and reliability of corporate financial disclosures since the collapse of Enron and WorldCom.

Source: Audit Analytics
Author: Audit Analytics Trend Reports
Document ID: 1
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