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Pastimes : Plastics to Oil - Pyrolysis and Secret Catalysts and Alterna
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From: scion5/26/2010 11:08:39 AM
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Surviving a Restatement: From Denial to Acceptance

by G. Anthony Lopez, KPMG LLP
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Since the enactment of Sarbanes-Oxley, the number of public companies restating their financial statements and related SEC filings has increased dramatically. While the number of restatements has waned in the past two years, some anticipate that the current economic environment may surface previously undetected errors. Restatements, whether they result from a simple misapplication of accounting principles or from fraudulent behavior, have the potential to severely damage the careers of management and board members and negatively impact a company’s operations and stock price.

Given this potential harm, one would think that potential restatements are dealt with systematically and rationally, but what often happens is that management and corporate boards, particularly audit committees, go through a grief cycle. Similar to what’s often experienced after the death of a loved one, this “Restatement Grief Cycle” is characterized by stages of denial, anger, bargaining, depression, and acceptance [1]. Examining what happens during the Restatement Grief Cycle and its negative impact provides key lessons to enable management and boards to survive the ordeal.
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