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Forensic Accounting, Forensic Techniques, and Fraud Detection Copyrighted 2001 D. Larry Crumbley, ... - page 32 / 352

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© D.L. Crumbley

Assistance of Forensic Accountants

1.

S-O requires principal executives and financial officer to personally certify annual and quarterly reports.[Section 302]. Effective August 202.

2.

Certification must cover internal controls, disclosure controls, and fraud. Need for a Chief Forensic Officer? The SEC suggests the entity assign the duties of monitoring internal controls to a specific individual. SEC suggests a disclosure committee, also.

3.

Officers and directors are prohibited from influencing, coercing, manipulating, or misleading the accountant performing the independent audit.

4.

Civil and criminal penalties against officers for violations of S-O.

5.

Auditors workpaper retentions for five years.

6.

PCAOB shall adopt auditing standards.

7.

SEC may censure auditors.

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