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 nineteen-year period. When looking at restatements, we categorize them by two levels: reissuance restatements and revision restatements. Reissuance restatements, sometimes referred … Continue reading
Category Archives: Financial Restatements
Kirby Restatement: A Warning for Goodwill Impairment Testing
On July 10th, Kirby Corporation [NYSE: KEX], a tank barge operator in the US, announced that its financial statements for the quarter ending March 31, 2020 could no longer be relied upon. The basis for Kirby’s financial restatement is the … Continue reading
Reasons for an Amended 10-K: 2019
Form 10-K, an annual report filed by US-based public registrants, is the most comprehensive source of information regarding a company’s financials and its underlying business. These reports are thoroughly scrutinized by investors and other users, which explains why they need … Continue reading
Restatement Trends in Canada: 2010-2019
Since 2013, the number of Canadian financial restatements has been trending downward. In 2019, 111 unique companies in Canada – SEDAR registrants that trade on a Canadian exchange – issued 118 restatements, compared to 171 in 2010, a nearly 31% … Continue reading
Seventeen Year Review of Audit Fee and Non-Audit Fee Trends
Audit Analytics has released its annual audit fees report, Seventeen Year Review of Audit Fee and Non-Audit Fee Trends, which focuses on the audit and non-audit fees paid and disclosed by accelerated and large accelerated filers over a seventeen-year period. A … Continue reading
What Investors Need to Know About Audits
On Monday, November 4, 2019, the CFA Society of New York hosted What Investors Need to Know About Audits, a forum that focused on the state of today’s audit process, how it has and continues to change over time, and … Continue reading
2018 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 an eighteen-year period. When looking at restatements, we categorize them by two levels: reissuance restatements and revision restatements. Reissuance restatements, sometimes … Continue reading