Company Accounting Error Fixes Return to Pre-SPAC Boom Levels

Corporate financial restatements have plateaued at levels close to those seen before 2021, when they rose to a 15-year high driven by a boom in blank-check companies correcting accounting errors, a new report shows.

Companies issued 430 financial statement corrections for accounting mistakes in 2023, according to Ideagen Audit Analytics’ latest annual financial restatements report released Monday. That represents a 6% decrease from 458 restatements issued in 2022, but both figures are less than one-third of the nearly 1,470 corrected financial statements recorded in 2021.

Source: Company Accounting Error Fixes Return to Pre-SPAC Boom Levels