Director Departures from US Banks Increasing
Audit Analytics has prepared a research brief tracking director departures, including reason for departure, over five years. The research examined the entire filing population while focusing on accelerated filers and includes an industry specific breakdown of banking entities. We are pleased to offer a complimentary download.
Some points of interest in the briefing include:
- In 2007 the percentage of accelerated filers with a director departure was 37.5% as opposed to 33.8% for all filers.
- The percentage of departures among directors of banking entities increased by 7% between 2005 and 2008.
Banking entities experienced a sustained increasing trend in director departures starting in 2006 whereas director departures for all filers peaked in 2007.
The full report Director Departures – Five-Year Overview is available free of charge to Research Recap users for 30 days by special arrangement with Audit Analytics, an Alacra content partner. After 30 days, the report will revert to its regular AlacraStore price of $49.00).
Audit Analytics also has released Financial Restatements – A Nine-Year Comparison ($149.00), which indicates that the impact of the Sarbanes-Oxley Act on Internal Controls over Financial Reporting (ICFRs) has been beneficial. Some highlights of the report are:
- For the third year in a row, the total number of restatements in 2009 declined, falling by 27% from 2008.
- For the third year in a row Audit Analytics found an equivalence or reduction in the severity of the restatements:
- The restatements with the largest negative impact on net income dropped from $605 million in 2008 to $357 million in 2009.
- The average cumulative impact on net income per restatement dropped from $7.1 million in 2008 to $4.6 million in 2009.
- The average number of days restated dropped from 510 in 2008 to 476 in 2009.
- The average number of issues per restatement dropped from 1.67 in 2008 to 1.48 in 2009
For additional free research reports from the Alacra Store click here
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