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