Financial restatements are occurring less frequently.
March 10th, 2010
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The number of financial reporting restatements fell in 2009 for the third year in a row according to an analysis by the research firm Audit Analytics. Is the Sarbanes-Oxley (SOX) Act, and, is the more recent focused enforcement of that Act by the Securities and Exchange Commission, responsible for the better reporting?
Accountants love spreadsheets. They are very flexible and useful in manipulating and presenting information. The problem with spreadsheets is that they are easy to create but difficult to control.