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Forensic Accounting, Forensic Techniques, and Fraud Detection Copyrighted 2001 D. Larry Crumbley, ... - page 64 / 352

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© D.L. Crumbley

Restatements of Financial Statements

Source: “An Analysis of Restatement Matters,” Huron Consulting Group, www.huronconsultinggroup.com.

1998-

1999-

2000-

2001-

2002-

158

216

233

270

330

Reasons for 2002 restatements:

1.

Accounting rules.

2.

Human and system errors.

3.

Fraudulent behavior.

Although the number of public registrants have decreased by 14% since 1999, restatements have risen by 53%. Revenue recognition was the cause of 85 of the restatements (22%) in 2002.

Arthur Andersen had averaged 11 restatements before 2002. In 2002, they had 40, with 26 after new auditors were retained.

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