SEC concern about the integrity of financial statements
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. |