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Sarbanes-Oxley News
Article:
Study: Financial Statement Fraud Not a Solo Job
A recent study, which examined 834 companies that filed financial restatements between 1997 and 2002, found that 45 percent were accused of securities fraud. An average of seven individuals was implicated in each case, with the CEO, or another high level executive, often being the driving force behind the fraudulent activity. The Sarbanes-Oxley Act (SOX) was put in place in 2002 to improve corporate governance and accountability, and SOX compliance now demands greater focus on independence and separation of duties. Most of the companies accused of securities fraud had the CEO also serving as chairman of the board, a no-no under Sarbanes-Oxely. SOX compliance activities are meant to reduce incidents of fraud, though the results may take a while to be analyzed.
The Sarbanes-Oxley News Article
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Governance.
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Reynolds American Selects OpenPages FCM for Sarbanes-Oxley Compliance.
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