We have been asked several times whether or not the adoption of the new revenue recognition standard will cause an increase in the number of restatements and control failures. While it may be early to say, our review of SEC … Continue reading
Category Archives: Financial Restatements
Error Corrections – A Look at Adjustment and Restatement Trends
Accounting corrections are arguably one of the most important metrics in understanding trends in financial reporting. In some of our previous blogs, we discussed the differences between material and immaterial errors, and different regulatory requirements associated with different types of … Continue reading
Top Five to Celebrate First Five
We published our first blog post in October of 2012. Over the past five years, our analysts have shared their insights into various auditing and accounting trends and issues. Publishing more than 300 blogs, we have covered a vast array of … Continue reading
Predicting Material Weakness
Audit Analytics has released a white paper, Predicting Material Weakness, which discusses how certain company events and disclosures—such as late filings, auditor changes, or CEO / CFO departures—can be used to predict the probability that the company will also have … Continue reading
2016 Financial Restatements Review
The annual Audit Analytics report on financial restatement trends is now available. This report provides a detailed analysis and comparison of trends in financial restatements over a sixteen-year period. As summed up by the Wall Street Journal, 2016 has seen an … Continue reading
Perrigo Restates to Correct More Than $1 Billion in Errors
Restatements are notoriously hard to predict, yet, in some cases the writing is on the wall, or in Perrigo’s case, a late filing. Back in March, we predicted that Perrigo would likely restate its historical financial statements. What we could not predict is … Continue reading
Reasons for an Amended 10-K: 2016
When a company files a 10-K, they are providing a substantial amount of information relating to their business including risk factors and financial statements. Understandably, these files are extensive and leave plenty of room for missed or omitted information, misstatements, or other inadvertent errors. … Continue reading