Seanad debates

Wednesday, 28 May 2003

Companies (Auditing and Accounting) Bill 2003: Committee Stage.

 

In a move that gives investors more information, the U.S. Securities and Exchange Commission voted 5 to 0 in a public meeting for chief executives to disclose their conclusions about the effectiveness of their companies' internal controls and procedures for reliable financial reporting . While the new rule holds corporate executives' feet to the fire, it also forces the accounting firm that audited the company's financial statements to attest to the adequacy of the internal controls.

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