NEW YORK (CNN/Money) -
The Securities and Exchange Commission cited 16 companies Tuesday for failure to adequately vouch for their financial statements.
CEOs of 691 companies had to swear to the accuracy of their financials by last Wednesday under a new regulation announced in June.
Many of the companies flagged by the SEC's final tally Tuesday have widely known accounting problems, including WorldCom, Enron and Adelphia, whose scandals helped inspire the new regulation aimed at restoring investor confidence.
The SEC also found fault with Qwest Communications (Q: Research, Estimates), which is restating is results, and McLeodUSA, which is emerging from bankruptcy.
Click here to view the SEC list. Flagged companies appear under the "all others" heading.
"The certification procedures for America's largest companies have had the desired effect," SEC Chairman Harvey L. Pitt said in a statement. Pitt said the exercise forced executives to take responsibility for their reported numbers and examine the quality of their disclosures.
"This has been an important and worthwhile exercise," Pitt said.
A handful of companies such as Household International (HI: Research, Estimates) restated results because of the process, which applies to 947 companies with at least $1.2 billion in sales.
But the vast majority of companies stood by their previously reported numbers when signing off by Wednesday's deadline.
Only one company with a Wednesday deadline, IT Group, filled neither its financials nor requested an extension. A company spokesman was not immediately available for comment.
An SEC spokesman declined to comment on what action the agency might take against IT, the Associated Press reported.
More deadlines for filings will occur until year's end as companies with non-calendar fiscal years file.