In the Glass Lewis survey of financial statements, a somewhat surprising possible cause of the decline in restatements in 2008 may have been due to:
A)Internal control requirements under generally accepted auditing standards
B)Identifying materiality amounts based on both quantitative and qualitative factors
C)More ethical management
D)Relaxation of materiality standards by the SEC

Question

Quizplus · Accepted Answer

The decline in restatements in 2008 may have been due to the SEC's relaxation of materiality standards, which could have led to fewer restatements being required.

In the Glass Lewis Survey of Financial Statements, a Somewhat