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.
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