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Report: Financial restatements soared in 2005

Report: Financial restatements soared in 2005

by Rick Turoczy on March 4, 2006

Restatements of financial results by public companies nearly doubled in 2005 from the year earlier partly because of the Sarbanes-Oxley corporate-governance act, The Wall Street Journal reported.

The number of restatements by U.S. companies soared to 1,195 last year from 613 in 2004, the newspaper said, citing research firm Glass Lewis & Co., which could mean that financial-reporting changes made in the wake of the Enron and WorldCom scandals are working.

Report: Financial restatements soared in 2005

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