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Has Sarbox delivered higher quality financial statements?
Some recent stats suggest that big-name accounting firms are making lots of progress. By one measure, in 2005, the restatements filed by public companies was up 72 percent from the previous year. In the first half of 2006, restatements were up 14 percent. But much of the refiling is being done by clients of smaller accounting firms. Among clients of the top eight firms, restatements are down 31 percent from a year ago. That's with the recent options scandals. You have to credit the fact that the PCAOB exists. Recall that there was no official watchdog before Sarbanes-Oxley was passed in 2002. There may be problems, but the PCAOB is real. Even smaller accounting firms can expect to be audited; one would expect their numbers will improve over time.
For more on this:
- Here's an article in the International Herald Tribune
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