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Study of trends and causes of financial statement errors in US

  • United States (old) Image

13 Jan 2004

A new study by Huron Consulting Group has found that the number of restatements due to errors in the annual financial statements of public companies in the United States rose to a record 206 in 2003, up from 183 in 2002. Including revisions to quarterly reports, the total number of restatements fell slightly to 323 from 330 in 2002. The most common errors in 2003 related to provisions (accruals for liabilities of uncertain amount or timing) and contingencies.

That differs from 2002, when revenue recognition matters were the most common cause of restatements. Click for:

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