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Delivering integrated, cost-effective tools for establishing, documenting, and maintaining Internal Controls around financial reporting is our passion and focus. The goal of our blog is to keep our readers informed on related industry trends, legislative activities, and specific events. We focus on Sarbanes-Oxley and SAS-related compliance topics for public and private companies and provide our own perspective to assist our clients, partners, and readers with making informed decisions about their compliance needs and strategies. We would appreciate your feedback on our blog posts and welcome open discussion on any topics we cover or that our readers would like to discuss.

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Sarbox Responsible for a 27% Decline in Restatements

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Functioning internal controls = cleaner financials and less rework which is not value added.  I'm not the only person saying this...

From CFO.com: 

Restatements on the Decline

Sarbox and a more tolerant SEC may be why companies are restating financial results less frequently, says a new report.

Alix Stuart - CFO.com | US

March 4, 2010

The number of financial restatements fell in 2009 for the third year in a row, according to a new report. The report, by research firm Audit Analytics, posits that the Sarbanes-Oxley Act and the Securities and Exchange Commission are behind the decline.

Overall, 630 companies filed 674 restatements last year, says the report, representing a 27% decline from 2008. The number of restatements peaked in 2006, when 1,564 companies filed 1,795 restatements." 

Read the full article here.

 

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