Capitol Report: Executives, directors are insider trading on gap between earnings and audit report, new study finds [MarketWatch]
DEAN FOODS (DF)
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Source: MarketWatch
Executives, directors are insider trading on gap between earnings and audit report, new study finds Corporate executives and directors are trading on inside information about potential audit findings in the window between year-end earnings announcements and when companies file annual reports and audit opinions with the Securities and Exchange Commission, according to new research. Companies didn’t use to announce fourth-quarter earnings until the auditors’ work was done and the annual report with its opinion was issued. Since 2004, however, after new audit requirements were mandated by the Sarbanes-Oxley Act as a result of the failure of Enron and the dissolution of its audit firm Arthur Andersen, audits are taking longer to finish. As a result, recent studies say nearly 70% of companies now announce unaudited fourth quarter and year-end earnings well before the completion of the audit, on average at least 15 days later. Read: Many annual earnings are arriving without an audit, and
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