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4. Results
4.1 Descriptive Statistics
The descriptive statistics for all variables used in this study are presented in Table 3.
We further divide the sample into two categories: restatement and non-restatement
samples, which denote companies with deficient internal controls and companies with
effective internal controls, respectively. As would be expected, restatement companies are
less likely to conclude that their internal controls are effective, relative to non-restatement
companies (84.8 percent versus 98 percent, respectively). The two groups are similar in
PE ratios, restructuring charges, and the incidence of FT. On average, restatement
companies are smaller in size and market capitalization, have poorer ROA, are more likely
to report aggregate loss, use less leverage, and have lower MB ratios compared with their
non-restatement counterparts. Additionally, restatement companies are more likely than
non-restatement companies are to appoint Big-4 auditors.
9
9 Compared with non-accelerated filers, large-sized accelerated filers are more likely to appoint Big-4
auditors. Because our sample covers only accelerated filers, we should be very cautious to infer that
large auditors provide lower audit quality.