New Liabilities Created By Sarbanes-Oxley; Are Your Directors, Officers Covered?

You are the risk manager at a public corporation. Nearly a year ago, your chief executive officer and chief financial officer first certified the accuracy of the companys financial statements and of its internal controls as required by Sections 302 and 906 of the Sarbanes-Oxley Act ("S-OX" or the "Act").

Unfortunately, the newly hired financial expert appointed to design internal controls to comply with S-OX left himself a little hole in the procedures that allowed him to embezzle millions of dollars by overcharging a major client under a long-term contract.

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