CEOs And CFOs Of All Public Companies Must Certify Accuracy Of Periodic Reports Effective Immediately
- Topics:
- Regulatory issues
- Tags:
- Accounting Company,
- Regulations,
- Provision,
- Government,
- Financial Statements,
- Financial Accounting,
- Finance,
- Corporate Law,
- Corporate Governance,
- Business Operations,
- ...
- Source:
- Akin Gump Strauss Hauer & Feld
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Overview: On July 30, 2002, President Bush signed into law the Sarbanes-Oxley Act of 2002, sweeping new legislation that overhauls corporate governance requirements, federal disclosure laws and oversight of public accounting firms. While most provisions of the Act are effective only upon future SEC and Public Company Accounting Firm Oversight Board rulemaking, many significant provisions of the Act are effective immediately. Of great significance to CEOs and CFOs are the certification requirements contained in Section 906 of the Act, a criminal law provision, which is one of two sections in the Act, together with Section 302, that require officers to certify the accuracy of periodic reports containing financial statements filed with the SEC. This alert provides a brief discussion of the requirements of Section 906 and suggests several measures to assist in complying with Section 906 in the brief time remaining for those public companies that have not previously initiated appropriate internal procedures.
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Format: PDF | Size: 946KB | Date: Jul 2002 | Pages: 6
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