Treasury to study financial restatements

Sarbanes Oxley of course was designed to instill confidence in financial statements. We've certainly seen a lot of restatements (though the big company trend seems to be down). Now comes news that the Treasury Department has selected an associate professor at the University of Kansas School of Business to study restatements. Her task is to study restatements and the ultimate impact. On one hand, corrected material is always welcome. On the other hand, immaterial corrections may do more harm than good. While big companies seem to have cut down on restatements, we're still seeing that at the small company level. I'm sure the study will get into the small-company effects.  

For more:
- here's a WebCPA brief

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