AuditAnalytics.com Announces Study on Trends in CEO and CFO Changes.C-Level executive departures from public companies increased 18% in 2007 WORCESTER Worcester, city, England Worcester (w  s`tər), city (1991 pop. 75,466) and district, Worcestershire, W central England, on the Severn River. , Mass. -- AuditAnalytics.com, a leading provider of
public company intelligence and due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. research, announces the
availability of its recent study on trends in CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and CFO See Chief Financial Officer. changes.
The Audit Analytics data base of Director and Officer Changes tracks all departures and engagements since January January: see month. 1, 2005. Currently there are over 103,000 change observations covering CEO, CFO, other C-Level executives, and directors including audit committee members. The database is updated daily and includes e-mail notifications of new director and officer changes. "It was interesting to see the number of CEO and CFO departures that followed financial restatements related to specific audit and compliance issues" said Mark Cheffers, CEO of AuditAnalytics.com. The Audit Analytics study found that companies that filed financial restatements during the years 2005 to 2007 were significantly more likely to be associated with C-level executive changes. Financial restatements that imply possible management involvement or override An arrangement whereby commissions are made by sales managers based upon the sales made by their subordinate sales representatives. A term found in an agreement between a real estate agent and a property owner whereby the agent keeps the right to receive a commission for the sale of of controls (e.g. stock options or revenue recognition restatements) appear to have a stronger correlation with both CEO and CFO resignations. For example, in years 2005 to 2007 the turnover rate associated with companies that filed revenue recognition restatements was at least twice that of the general population. The retail and wholesale industry had the highest turnover of CEOs and CFOs in years 2005 to 2007. In 2007 the turnover rate for CEOs was 16.6% and for CFOs it was 18.8%. The finance and insurance industry had the highest increase in CEO and CFO departures - increasing over 50% for CFOs and over 68% for CEOs from 2005 to 2007. This Audit Analytics study and underlying data are available with a subscription to Audit Analytics. For more information on the AuditAnalytics.com services and research, please visit our website at AuditAnalytics.com. For demonstrations, pricing and availability please e-mail Info@auditanalytics.com, or call (508) 476-7007. About AuditAnalytics.com Audit Analytics[R] delivers public company intelligence and independent research to the financial, accounting, insurance, regulatory and academic communities. Audit Analytics[R] is considered by many professionals to be the best primary data source for tracking and analysis of auditor auditor n. an accountant who conducts an audit to verify the accuracy of the financial records and accounting practices of a business or government. A proper audit will point out deficiencies in accounting and other financial operations. information, Sarbanes-Oxley disclosures, financial restatements, corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. and legal disclosures. AuditAnalytics.com Phone: 508-476-7007 Email: Info@AuditAnalytics.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion