Small Firms Making More Restatements

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Small Firms Making More Restatements

October 17, 2006 3:30 AM
From BusinessFinanceLink, Issue #355

The number of restatements made in the first half of 2006 rose 14 percent from early 2005, but the number of restatements made by large accounting firms has actually dropped. According to AuditAnalytics, the eight largest accounting firms (the Big Four, plus the next four) had 424 restatements during the first half of 2006, a 31 percent drop from the year before. In contrast, the number of restatements at smaller firms more than doubled during that same period. Mark Cheffers, chief executive of AuditAnalytics, explained the change saying, "The auditors are being audited by PCAOB, and that is forcing them to pay more attention to detail." Even small companies know their internal controls will be audited at some point and it "has been forcing smaller registrants to assure their statements pass muster." (Free registration required.)