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GAO-06-1053R 1 (2006-08-31)

handle is hein.gao/gaocrptasvd0001 and id is 1 raw text is: A Aco untability * Integrity * Reliability United States Government Accountability Office Washington, D.C. 20548 On March 5, 2007, this August 31, 2006 correspondence was reissued to amend selected company The Honorable Paul S. Sarbanes shares outstanding. Please Ranking Minority Member select this link to GAO-06-678 Committee on Banking, Housing, and Urban Affairs for more information. United States Senate Subject: Financial Restatement Database Dear Senator Sarbanes: On July 24, 2006, we issued a report to you entitled, Financial Restatements: Update of Public Company Trends, Market Impacts, and Regulatory Enforcement Activities.' That report included a listing of 1,390 financial restatement announcements that we identified as having been made because of financial reporting fraud and/or accounting errors between July 1, 2002, and September 30, 2005.2 As part of that work, you asked that we provide a limited update of that database for the period October 1, 2005, through June 30, 2006. This updated database, along with the database included in our July 2006 report, can be viewed at htt[,:// wwwao.govicgi- biigtt?AC-0-1079SP-. This correspondence provides information about restatement announcements since October 2005. We encourage researchers and the public to consider our objective, scope, and methodology (enc. I) and engage in their own analyses of the data contained in our restatements database (enc. II). Enclosure II provides the name of each company associated with a restatement announcement, the company's stock (or ticker) symbol, the primary listing market for the stock at the time of the announcement, and the date of the announcement. This correspondence does not include any type of economic analysis of the effect of financial restatement announcements on companies' stock prices. Moreover, unlike the database 'See GAO, Financial Restatements: Update of Public Company Trends, Market Impacts, and Regulatory Enjorcement Activities, iAO)-06- 678 (Washington, D.C.: July 24, 2006). 'For reporting purposes, a restatement occurs when a company, either voluntarily or prompted by auditors or regulators, revises public financial information that was previously reported. Financial reporting fraud generally is defined as an instance in which a company intentionally misstates its financial statements or intentionally misapplies an accounting pronouncement. Accounting errors generally are unintentional mistakes in a transaction or application of an accounting principle that results in the financial statements not being fairly presented in conformity with generally accepted accounting principles. GAO-06-1053R Financial Restatement Database Page 1

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