article 1- A closer Look at Financial Statement Restatements , the CPA journal December 2006
authors are Turner and weirich
article 2 - The Changing Nature and Consequences of Public Company Financial Restatements 1997-2006 by Susan Scholz April 2008 pages 1-14
1) What is the relationship between a companies internal control system and restatements?
2) Explain how sarbanes oxley(sox) passed in 2002 accounted for many of the restatements.
3)Are smaller or larger cpa firms associated with most of the restatements? What ramification does this have for the PCAOB audit of auditors?
4)Where are restatements supposed to be announced by companies? What is meant by stealth restatements that many companies make
5)Under what conditions may a company avoid a financial statement restatement in an 8-k
6)How frequently does the PCAOB do inspections of accounting firms? How and why does this affect the Number of restatements?
7)Why are financial statement restatements an important issue? How does the stock market generaally react to restatements?
8)Smaller companies do not like sox because of the coist of compliance. Based on the occurrence of restatements discuss wheter you feel sox has an important role as concerns small companies.
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