How much do CFOs believe earnings are distorted? Another of the questions in the survey asked "For this question, consider only companies that use discretion within GAAP to misrepresent economic performance. Among these firms, assume that earnings per share if $1 per share. Of this, how many cents per share is typically misrepresented?" The mean response was 10 cents. 

CFOS in interviews said they believe it is unlikely analysts would spot occasional earnings management, with only persistent abusers being likely to get caught.