Cautionary tale of a restatement

Using restatements as a yard stick, Sarbanes-Oxley seems to be working. Big-company restatements, as we have previously noted, have declined impressively. Which is not to say that they are rare. Indeed, they can easily crop up. Issues can be flagged in many ways, not just a Sarbox control. In the case of 3D Systems, it was an enterprise resource planning (ERP) implementation that caught some long-standing issues. But it appears the company responded well. However, fairly or not, the CFO left the firm. So this is a cautionary tale. Just because you are compliant doesn't mean you are problem free. This argues for a "continuous improvement" approach to compliance. Sarbox controls may satisfy the auditors but more may be required. You need to think all this through.

For more:
- here's the cfo.com article