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SEC concern about the integrity of financial statements

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30 Jun 2001

Expressing concern about accounting irregularities and the integrity of financial statements, Acting US SEC Chairman Laura S.

Unger said in a recent Speech (PDF 57k):

The Commission was also seeing many companies restate their financial statements: 104 in 1997, 116 in 1998, and 142 in 1999. The growing trend in the number of restatements did not abate in 2000. According to a recent study, there were 156 restatements last year. The study further reports that the restatements resulted in total market losses of $31.2 billion in 2000, $24.2 billion in 1999 and $17.7 billion in 1998.

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