United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2006-07-24 monographic deposited born digital 216 p. GA 1.13:GAO-06-678 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-06-678 P0b002ee180384477 f:d06678 DGPO 2010-08-12 2011-03-24 GAOREPORTS-GAO-06-678 machine generated eng fdlp REPORT GAOREPORTS-GAO-06-678 GAO-06-678 Accounting procedures Accounting standards Auditing standards Corporations Financial management Financial statements Internal controls Investments Stock exchanges Strategic planning Other Written Product A57449 In 2002, GAO reported that the number of restatement announcements due to financial reporting fraud and/or accounting errors grew significantly between January 1997 and June 2002, negatively impacting the restating companies' market capitalization by billions of dollars. GAO was asked to update key aspects of its 2002 report (GAO-03-138). This report discusses (1) the number of, reasons for, and other trends in restatements; (2) the impact of restatement announcements on the restating companies' stock prices and what is known about investors' confidence in U.S. capital markets; and (3) regulatory enforcement actions involving accounting- and audit-related issues. To address these issues, GAO collected restatement announcements meeting GAO's criteria, calculated and analyzed the impact on company stock prices, obtained input from researchers, and analyzed selected regulatory enforcement actions. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-06-678/html/GAOREPORTS-GAO-06-678.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-06-678/pdf/GAOREPORTS-GAO-06-678.pdf GAO-06-678 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-06-678 Other Written Product GAO-06-678; Financial Restatements: Update of Public Company Trends, Market Impacts, and Regulatory Enforcement Activities; Accounting procedures Accounting standards Auditing standards Corporations Financial management Financial statements Internal controls Investments Stock exchanges Strategic planning