21 Oct 2025 · Journal

When managers restate performance mid-season

Restatements are not automatically scandals. Unexplained restatements in the next LP pack are.

Person analyzing data on computer screens

Sequence we teach

Freeze the previously published pack. Obtain a written reason code from the manager. Rebuild the NAV bridge for the affected period. Decide disclose-only versus full comparative restatement. Update both Korean and English narratives in the same release cycle.

Investment Report Audit Studio Module 5 runs this sequence on anonymized restatement packs so teams practice tone before emotions run high on a live book.

What not to do

Do not overwrite the old PDF in the same filename without an archive. Do not let IR ‘smooth’ the reason into marketing language. Do not skip the exception log because the restatement ‘improved’ results.

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