Wednesday, January 19, 2005

Restatements Up 28 Percent in 2004

The number of restatements to companies' financial reports spiked by 28 percent last year, according to a study to be released today by Huron Consulting Group Inc.

Researchers attributed the record 414 restatements, up from 323 in 2003, to problems uncovered in reviews of financial systems mandated by the 2002 Sarbanes-Oxley Act and to tighter oversight from regulators after recent accounting scandals cost investors billions of dollars.

"An unprecedented period of scrutiny is bringing these problems to light," Joseph J. Floyd, the leader of the disputes and investigations unit at the Chicago consulting firm, said in an interview. "It's almost a cleansing of the system."

Restatements Up 28 Percent in 2004

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