In one of our recent posts, we noted that the average SEC comment letter conversation for 2014 consisted of 3.9 letters and lasted 48 days, significantly less than the 5 letters and 86 days we calculated for 2010. In this blog, we attempt to … Continue reading
Category Archives: Financial Restatements
2014 SEC Filing Highlights, Part 1 of 2
In this post we kick off what we hope will be an annual series. It is a full-year recap of some of the most notable SEC disclosures that we track: a “best-of-the-year” review. In this first post, we’ll look at the largest restatement; the … Continue reading
Clawbacks after Financial Restatements
In a recent move, the SEC adopted a controversial regulation that extends clawback provisions for U.S. public companies that face significant restatements. Under the old rule, companies could reclaim compensation paid to key executives based on incorrect financial statements, but only … Continue reading
2014 Financial Restatements Review
Latest Results Show Continuing Positive Restatement Trends For the sixth consecutive year, Revision Restatements, or those that do not undermine reliance on past financials, rose to 76% of all Restatements reported. On the flip side, Reissuance Restatements, which require disclosure in Item 4.02 of … Continue reading
Reporting Quality Indicators: Datasets and Their Uses
Audit Analytics was invited to present at a recent meeting of the Financial Accounting Standards Advisory Council (FASAC), on March 17th at the FASB offices in Norwalk, CT. CEO and Founder, Mark Cheffers – along with Olga Usvyatsky, VP of … Continue reading
Amended Filings: What’s Missing in 10-Ks?
In the eyes of investors and stakeholders, amended filings can sometimes be perceived as a red flag. After all, in an effective control environment, registrants should presumably file full and reliable information on the first attempt. So when a company has to … Continue reading
When Will Hertz Finally File?
On November 10th Hertz (HTZ) filed yet another regulatory form, indicating for the third straight quarter that the company would be forced to delay the release of its financial statements. This is their third non-timely filing in a row since May … Continue reading