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What are the Primary Causes of Accelerated Filer Restatements?

Inst. of Management Accountants
Tim Leech, Dir., Finance GRC Research Practice

Runtime: 4:15

Leech provides services to the IMA under contract. He is a Director at Navigant Consulting with a focus on Corporate Trust Restoration and Maintenance Services.

Key Takeaways:

  1. One out of every eight (12.5%) accelerated filers produce unreliable financial statements.
  2. The number one risk to reliable financial statements is misapplication of GAAP.
  3. The misapplication of GAAP can be addressed by examining the hiring and ongoing certification of professionals that prepare financial statements.
  4. Another risk to reliable financial statements is earnings management, which is predominantly an ethics issue.
  5. Earnings management trends can be seen by taking 5 years of audit adjustments and determining how many fall into the category of earnings management attempts.
  6. The “Cliff Proximity Tolerance Index” is how close to the edge management and auditors push the interpretation and application of GAAP.

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