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 seventeen-year period. Some key highlights include: Reissuance Restatements declined for the eleventh year in a row. … Continue reading
Category Archives: Quality of Reporting
Impact of New Revenue Recognition Rule on the Russell 3000
As Russell 3000 public companies with December year-ends implement the new revenue recognition standard, we are beginning to see a pattern – smaller companies provide fewer details and generally are not as prepared as larger companies. Smaller companies may lack … Continue reading
ASC 606 Adoption Progress – Q4 Update
We’re beginning to see large U.S. public companies with December year ends completing implementation of the new revenue recognition standard. At the time of our Q2 progress update, many companies were still behind, despite the December deadline for companies who … Continue reading
Reasons for an Amended 10-K: 2017
Annual reports, or 10-Ks, are known for their extensive information relating to all aspects of a company’s business. With that being said, these files leave plenty of room for missed or omitted information, misstatements, or other inadvertent errors. In such … Continue reading
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
2017 Audit Committee Transparency Barometer
The Center for Audit Quality has released its fourth annual Audit Committee Transparency Barometer. The Barometer, compiled and published in partnership with Audit Analytics, provides a year-over-year comparison in key audit committee disclosure areas and assesses the extent of audit committee disclosures … Continue reading
ASC 606 Adoption Progress – Q2 Update
For the past year, we have been monitoring the progress made by U.S. public companies towards implementation of the new revenue recognition standard known as ASC 606. In December 2016, we looked at companies who were planning to early-adopt the … Continue reading