Immaterial Error Corrections and Financial Reporting Reliability*
研究了被认定为对先前财务报表不重大的错误更正，发现其发生率自2004年以来上升，与小幅负向股价反应相关，并可作为未来报告可靠性问题的先行指标。
ABSTRACT We provide large‐sample archival evidence on the nature and consequences of errors deemed immaterial to the previously issued financial statements containing the errors (immaterial errors). The incidence of immaterial error corrections has been increasing since about 2004, and these corrections are associated with modestly and discernibly negative share returns that are more negative for income‐decreasing corrections and corrections that involve multiple issues. We find that immaterial errors are a leading indicator of poor reporting reliability as measured by future material and immaterial reporting errors, material weaknesses in internal controls, and SEC comment letters. Our findings suggest that immaterial errors provide researchers and investors with a more frequent and less severe indicator of potential audit or financial reporting issues as compared to more extreme reporting problems such as material errors corrected by restatements.