RESTATEMENTS DECLINED IN 2007Sutton, Mass. — The number of financial restatements fell last year for the first time since 2001, according to a new report.
Research firm Audit Analytics found that 1,109 different companies made a total of 1,237 restatements in 2007, a 31 percent decrease in the number of restatements and a 30 percent drop in the number of companies, compared to 2006. The trend indicated that publicly traded companies are finally adapting to more rigorous financial reporting conventions, such as those imposed by Section 404 of the Sarbanes-Oxley Act.
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