Financial reporting: the abuse-prone areas: a refresher on those elements of financial reports that are most vulnerable to impropriety, along with suggestions for avoiding deception.(Financial Disclosure)

Directors & Boards | June 22, 2003| | Copyright

CONCERNS HAVE BEEN VOICED that the new regulations in the Sarbanes-Oxley legislation, as well as the new listing requirements of the various stock exchanges, may expose audit committee members to differential and higher levels of liability despite assurances to the contrary by the SEC. While there is no impenetrable safe harbor for audit committee service--or board service in any capacity--logic suggests that paying attention to the areas in accounting that have historically proved to be most susceptible to manipulations should afford directors a reasonable degree of ...

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