(Re)Stating for the Record
Posted on March 18th, 2010 by Katina »Permalink
Chances are you’ve read at least a little something in recent weeks on the news that financial restatements fell in 2009 for the third year in a row. And you probably encountered some discussion somewhere (watercooler, maybe?) about whether SOX and SEC crackdowns deserve the credit.
Now that we’ve got a few weeks’ distance from the initial study release, Compliance Week has come out with a must-read roundup of expert opinion on just what’s going on with restatements, who and what deserve the credit (including a special shoutout to improved internal controls, woo!) and what we can expect going forward. (Hint: Don’t buy your Transparency: Mission Accomplished banners just yet, but if you wanted to work on We’re Getting There t-shirts, we would probably be in for at least a couple).
Of course, we don’t know yet what the killjoy economy and recession are going to do to our nicely improving stats, since fraud usually rises in a down economy, but still. Early signs are promising, and if we do say so ourselves, there are all sorts of cool new ways for businesses to improve visibility into everyday operations (ahem), so maybe just maybe this the beginning of something really great.
