Response Post on Restatement and Its Importance in Accounting Field

Please prepare a response post to the following:
A restatement is an act of revising one or more of a company’s previous financial statement to correct an error. Restatements are necessary when it is determined that a previous statement contained a "material" inaccuracy. This can result from accounting mistakes, noncompliance with Generally Accepted Accounting Principles (GAAP), fraud, misrepresentation, or a simple clerical error. Restatement represents a gap in Internal control over the financial reporting system and an issue in the lack of oversight and governance. from my experience I noticed that restatement issues can come from Foreign currency exchange, revaluation of Inventory or PPE or Goodwill Impairment.
The operational issues can trigger restatements in different cases such a Material unadjusted entries that affect the financial statement or improper classification of the equity statements or revenue recognitions.
Accounting and financial statements are anticipated to be free from errors and ought to speak to the genuine monetary condition of the company. To maintain the objectivity of financial accounts, sound ethical standards and reasoning must be established. The necessity that all publicly listed corporations have their financial statements audited by an external CPA firm strengthens the objectivity concept. external and Internal auditors extensively evaluate financial statements and Internal control system, and contact other parties to ensure that financial statements are factually correct. we should also focus on the tone of the top in COSO as well, I do believe how the management promote for ethics is really important.