Audit Analytics released its annual Financial Restatements report. Using data from the Audit Analytics Restatements database, the report takes a close look at developments in restatement trends. Additionally, the report provides a deep discussion of the role and effect special purpose acquisition companies (SPACs) had on overall trends. SPACs dramatically affected the overall market. This is clear when looking at the overall number of restatements. The total number of restatements increased by 289% during 2021.
Here, Audit Analytics further examines the trends and statistics of financial restatements filed with the Securities and Exchange Commission since 2002.