Financial Restatement Paper Financial Restatement Paper University of Phoenix ACC/537 After the introduction of the Sarbanes Oxley Act lots of companies have had to submit financial restatements in their financials. This paper is to examine the financial restatements that have been done by Kodiak Energy Inc. over the past several years due to incorrect reporting on the value of their stocks. Kodiak Energy entered into an agreement
them of a legal duty.”10 However, the Defendant quickly notes the case involved the college that recruited the player, and as such, the holding of Kleinknecht is “limited and specific”, not applying here.11 I believe this claim will hold, but the restatement (Second) of Torts § 323, adopted in Pennsylvania, offers a new position for the Plaintiff stating that when one party [Mr. Onyshko] renders services [playing football] for the protection of a third person [NCAA], the third party is subject to a
Restatement of Huron Consulting Group, Inc.: The Effect on Financial Statement and the Affect on Stockholders Abstract Huron Consulting Group, Inc. provides business consulting services in diverse industries in regard to improving performance, complying with complex regulations, resolving disputes, recovering from distress, leveraging technology, and stimulating growth. On July 31, 2009, the Company made the announcement that it will restate its financial statements for the fiscal years 2006
Accounting restatement has been a hot subject for academic research since the recent high profile financial reporting failures. Much of the academic research on restatements has explored the causes and consequences of financial statement restatements (Kinney and McDaniel 1989; Dechow et al. 1996; Hribar and Jenkins 2004; Kinney et al. 2004; Palmrose et al. 2004; Desai et al. 2006; Karpoff et al. 2008; Plumlee and Yohn 2010; Schmidt and Wilkins 2011). This investigation is driven by the assumption
and firm size and its correlation to financial restatements. A client’s restatements suggest low audit quality because it indicates that the client’s financial statements are not in line with GAAP. I analyzed a sample of 250 firm-year restatements from public companies during 2008 to 2012. I gathered the data using COMPUSTAT and AuditAnalytics. For my results, I have found that auditor tenure has a negative correlation with financial restatement. I also found that industry expertise has a negative
about the restatement being issued because of the severely negative consequences it may cause. The current business climate has caused INVESTools forthcoming restatement to be just another in a long line of accounting problems being experienced by the business community, this time specifically related to realizing subscription revenue too early. An internal study, performed by the company’s new CFO, of other companies’ recent restatements shows that INVESTools’ impending restatement was most closely
and firm size and its correlation to financial restatements. A client’s restatements suggest low audit quality because it indicates that the client’s financial statements are not in line with GAAP. I analyzed a sample of 250 firm-year restatements from public companies during 2008 to 2012. I gathered the data using COMPUSTAT and AuditAnalytics. For my results, I have found that auditor tenure has a negative correlation with financial restatement. I also found that industry expertise has a negative
There is a moral obligation to fulfill a contract, one that is much more than simply words written on paper. The second restatement of contracts defines a contract as: “a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty.” Restatement (Second) of Contracts § 1 (1979). The restatement goes on to define what a promise is. “A promise is a manifestation of intention to act or refrain from acting in a specified
approach. So here the North Montana Court will apply the Second Restatement of Conflicts of Laws as the state follows that approach. Under the Second Restatement, three main steps need to be considered: 1) whether the conflict is procedural or substantive, 2) whether there is a choice of law provision in the contract, and whether that provision should be applied, and 3) the application of the choice of law rules from the Second Restatement. Here, it appears that the choice of law provision selecting
Accounting Changes Crystal Williamson Professor Gurey Acc499 April 24, 2012 1. Discuss the primary reason for the restatement and the impact to the financial results for the company you selected. Apple Inc. is an American multinational corporation that designs and sells consumer electronics, computer software, and personal computers. The company is best-known for its Macintosh line of computers, the iPod, the iPhone and the iPad. As of July 2011[update], Apple has 357 retail