The real reason for all those restatements

We know that financial restatements by small companies have soared, as restatements by big companies decline. Some have argued that the small company increase reflects the complexity of today's accounting standards. Docu-drama notes a study by Marlene Plumlee of the University of Utah, and Teri Lombardi Yohn of Indiana University suggests that restatements typically are caused by "basic internal company errors" that are "unrelated to the accounting standards." Moreover, small companies and clients of small auditors are less likely to report material control weaknesses. Interesting. This may be ammo for those that oppose the delay for small companies.  

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