Internal Controls: SEC Should Consider Requiring Companies to Disclose Whether They Obtained an Auditor Attestation

United States. Government Accountability Office.

United States. Government Accountability Office.

关键词: Government accountability -- United States.;    financial markets and institutions;    auditing and financial management;    internal controls;    letter report;   

RP-ID  :  GAO-13-582
RP-ID  :  655709

美国|英语

来源: UNT Digital Library

【 摘 要 】

A letter report issued by the Government Accountability Office with an abstract that begins "Since the implementation of the auditor attestation requirement of the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley Act), companies exempt from the requirement have had more financial restatements (a company's revision of publicly reported financial information) than nonexempt companies, and the percentage of exempt companies restating generally has exceeded that of nonexempt companies. Exempt and nonexempt companies restated their financial statements for similar reasons (e.g., revenue recognition and expenses), and the majority of these restatements produced a negative effect on the companies' financial statements."