Restatements: The Data Is In for 2006

When Theracetothebottom discussed the number of restatements, we noted the increase from 627 in 2004 to 1250 in 2005.  Missing was the data from 2006.  That has now been supplied.  It seems as if there were 1876 restatements in 2006, needless to say, a new record.  Moreover, while not compiled by Glass Lewis, the data (produced by Audit Analytics) is consistent with earlier posts, indicating a sharp drop in restatements by companies with a public float of more than $700 million (in other words, those already subject to Section 404 of SOX) and a sharp increase in the number of restatements by companies with a less than $75 million.  Read more here.  Section 404 of SOX.  Its about financial integrity.