Dell’s Future Prospects

Exhibit 2 includes an income statement for fiscal 2006 with “as reported” and “as restated” numbers, a similar income statement for fiscal 2005, a balance sheet for 2006 with “as reported” and “as restated” numbers, and a statement of cash flows with “as reported” and “as restated” numbers for both 2005 and 2006. Given the accounting issues involved, the cost of the investigation, and the dollar amount of the restatements, were the restated 2005 and 2006 financial statements worth their cost?  As part of your answer, discuss whether an analyst would change his or her estimated value of Dell or, equivalently, change his or her estimates of Dell’s future prospects as a result of these restated financial statements. Please explain in a paragraph.

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