XL Capital CEO says disclosure rules won't ferret out fraud
The Sarbanes-Oxley Act's disclosure requirements won't detect accounting fraud, in the opinion of one of several top insurance executives who analyzed the costs and benefits of the corporate governance law at the recent Standard & Poor's Insurance Conference.
"Fraud isn't going to be caught by looking at minor controls," said Brian O'Hara, president and chief executive officer of XL Capital Ltd., during a discussion of the internal controls over financial reporting required by Section 404 of Sarbanes-Oxley.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
