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Tag >> material weakness
Nov 22

Surge in restatements, material weaknesses

Posted by Stephen Taub in Section 404Sarbanes-OxleyRiskrestatementsRegulationmaterial weaknessinternal controlsGlass LewiscomplianceAccounting

Stephen Taub

The number of financial reporting issues is on the rise this year, exceeding multi-year lows set last year.

In the first nine months of 2010, about 20 percent more companies filed restatements to correct accounting errors or reported internal-control weaknesses than in the first three quarters of 2009, according to a new study published by Glass Lewis.

May 10

Serial Restater: Five revisions in seven years

Posted by Stephen Taub in restatementsmaterial weaknessinternal controlsFAS 133complianceAccounting

Stephen Taub

Is there anyone at Telephone and Data Systems and its United States Cellular unit who can get their financials right the first time around?

Last week the telecom companies announced that they planned to revise prior results dating back to 2007.

May 04

Financial reporting issues surge

Posted by Stephen Taub in Section 404Sarbanes-Oxleyrestatementsmaterial weaknessinternal controlsGlass Lewisexpense recognition errorscomplianceAccounting

Stephen Taub

Are companies become more lax with their accounting practices? It seems so.

According to an analysis of first quarter regulatory filings, Glass, Lewis found a surge in financial-reporting issues, a sharp reversal from recent trends.

Feb 01

Accounting errors way down: good or bad news?

Posted by Stephen Taub in sox 404Sarbanes-Oxleyrestatementsmaterial weaknessfinancial statementscomplianceBig FourAccounting

Stephen Taub

Are companies making fewer accounting errors, or are executives and auditors failing to find and report them? This is the over-riding question Glass Lewis is asking in its newly issued analysis of restatements in 2009.

The governance research firm, which has been crunching this data for a number of years, found that last year, 75 companies filed 78 financial restatements to correct accounting errors. This was down 58 percent from 2008. The restatement rate literally halved to 2.5 percent in 2009 from 5 percent a year earlier.

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