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GAO issues report on Financial Statement Restatements. (regulatory matters).

In response to a request from Senator Sarbanes, the General Accounting Office has issued a report entitled, Financial Statement Restatements: Trends, Market Impact, Regulatory Responses and Remaining Challenges.

Specifically, the report explores the number of, reasons for and other trends in financial statement restatements since 1997; analyzes the impact of restatement announcements on the restating companies' stock market capitalization; identifies available data to determine the impact of financial statement restatements on investors' confidence in the existing U.S. system of financial reporting and capital markets; analyzes SEC enforcement actions involving accounting and auditing irregularities; and describes the major limitations of the current oversight structure and steps that have been and are being taken to ensure the integrity of corporate financial disclosures and ongoing challenges.

Members interested in seeing the report (GAO-03-138, Oct. 2002) should visit www.gao.gov.
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Publication:CPA Letter
Date:Dec 1, 2002
Words:138
Previous Article:2002 National Management of Accounting Practice Survey results released.
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