Audit Analytics Financial Restatement Report for 2008 is now available to subscribers. This report, an update of the 2007 report released last February, tracks the number and type of financial restatements filed by more than 6,000 registered companies over several years. This year's report largely tracks continuing trends. For example, this is the second year in a row there was a decline in the number of restatements filed, down approximately 30% from 2007. One noteworthy surprise, however, was that for the first time ever, over 50% of all restatements filed were stealth restatements.

Other key findings indicate a drop in restatement severity and include:

• A relatively low negative impact of restatements on net income for the second year in a row.
• An increase in the percentage of restatements with no impact on income.
• A continuation of the steady decline since 2005 of the average number of accounting issues implicated per restatement.
• The average cumulative impact of restatements on net income fell again in year 2008.
• A decrease in the average number of days restated.

The Audit Analytics analysis covers eight years of financial restatements and examines 9,000 restatement filings disclosed by public registrants since January 1, 2001.

To learn more about the 2008 Audit Analytics Restatement Report CLICK HERE.

The Audit Analytics Peer Reporter Application is a great tool for creating custom benchmark reports of audit and compliance issues for specific portfolios of companies. Use the peer group builder's comprehensive filters to create a specific peer group or portfolio of companies. Then, with a few clicks, quickly generate a customized report by frequency of issue type for your peer group. The benchmarking reports are available for financial restatement issues, adverse section 404 internal control opinions, section 302 disclosure control issues, and late filings.

With the new Peer Reporter application you can recreate several of the benchmarking reports featured in our annual financial restatement report for your specific portfolio of companies. If you would like to schedule a demonstration or training in using the new Peer Reporter application please e-mail support@auditanalytics.com.

For more information on Audit Analytics' Peer Reporter Module CLICK HERE.