Execs to certify validity of internal controls. (SEC News).
Executives at public companies are now required to certify their company's internal controls, following an unanimous vote by the SEC.
The vote also requires company management to evaluate and report at the end of each quarter any change to its internal controls. Auditors will have to attest attest v. 1) to confirm (usually in writing) that a document is genuine. 2) to bear witness that someone actually signed a document, such as a will. All states require at least two witnesses (three in Vermont) to attest that a will was signed and declared to be a will (except a will written in one's own handwriting in some states). (See: will, witness, holographic will) that company management considers their internal controls adequate in the annual report.
The rules take effect in June 2004 for most publicly traded companies.
COPYRIGHT 2003 California Society of Certified Public Accountants
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Copyright 2003, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.
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