Ummmmm, Sarbanes-Oxley Act of 2002, Public Company Accounting Reform and Investor Protection Act of 2002. The Sarbanes-Oxley Act is arranged into eleven 'titles'.
Periodic statutory financial reports are to include certifications that:
The signing officers have reviewed the report
The report does not contain any material untrue statements or material omission or be considered misleading
The financial statements and related information fairly present the financial condition and the results in all material respects
The signing officers are responsible for internal controls and have evaluated these internal controls within the previous ninety days and have reported on their findings
A list of all deficiencies in the internal controls and information on any fraud that involves employees who are involved with internal activities
Any significant changes in internal controls or related factors that could have a negative impact on the internal controls
Summary of Section 401
Financial statements are published by issuers are required to be accurate and presented in a manner that does not contain incorrect statements or admit to state material information. These financial statements shall also include all material off-balance sheet liabilities, obligations or transactions.
Summary of Section 404
Issuers are required to publish information in their annual reports concerning the scope and adequacy of the internal control structure and procedures for financial reporting. This statement shall also assess the effectiveness of such internal controls and procedures.
The registered accounting firm shall, in the same report, attest to and report on the assessment on the effectiveness of the internal control structure and procedures for financial reportin
Summary of Section 409
Issuers are required to disclose to the public, on an urgent basis, information on material changes in their financial condition or operations. These disclosures are to be presented in terms that are easy to understand supported by trend and qualitative information of graphic presentations as appropriate.
Summary of Section 802
This section imposes penalties of fines and/or up to 20 years imprisonment for altering, destroying, mutilating, concealing, falsifying records, documents or tangible objects with the intent to obstruct, impede or influence a legal investigation. This section also imposes penalties of fines and/or imprisonment up to 10 years on any accountant who knowingly and wilfully violates the requirements of maintenance of all audit or review papers for a period of 5 years
Where is the prosecutorial full court press against the CEO and CFO of Fannie Mae and Freddie Mac?
From Fortune Magazine In January 2005 (This shit has been going on a long time)http://money.cnn.com/magazines/fortune/fortune_archive/2005/01/24/8234040/index.htm