Financial restatements have declined steadily since they peaked in 2006. Along with the decline in the absolute numbers of restatements, there has been a decrease in the severity and number of issues identified. What has led to the improvement in financial reporting and auditing? What can be learned from a detailed analysis of restatements since the implementation of the Sarbanes-Oxley Act of 2002?
At the American Accounting Association's Annual Meeting in August 2014, the Center for Audit Quality’s Executive Director, Cindy Fornelli, moderated this discussion about the key findings from a recently released report from the CAQ on restatement trends, and how academics can leverage these insights into their curriculum on financial reporting issues.
Moderator: Cindy Fornelli, Center for Audit Quality
Panelists: Mike Gaynor, KPMG LLP; Steve Meisel, PwC; Susan Scholz, University of Kansas; Chris Smith, BDO LLP