A study conducted by the Center for Audit Quality (CAQ) found that the number of financial restatements filed with the SEC fell by more than 50% over a recent 10-year period.
Research by the CAQ, which is affiliated with the AICPA, found 402 financial restatements in 2022, down from 858 in 2013.
The number of financial restatements, defined for the study as "corrections of errors in public company financial statements filed with the [SEC]," has steadily declined over the last 16 years. See more takeaways.