By Sonya Rabbitte, 5 July 2002 14:00
NEWS CEOs at more than 900 of America's largest corporations will face personal liability for accounting malpractice under a new Securities and Exchange Commission (SEC) ruling.
The SEC has published a list of 945 companies whose chief executive officer and financial officer must now sign a sworn written statement testifying that their financial reports are accurate.
The rule will apply to all companies named on the list who are due to post results on or after 14 August 2002.
Officers who make false filings will face personal liability. The statements will be made publicly available on the SEC's website.
For related news, see:
WorldCom: CFO's delaying tactics exposed
http://www.silicon.com/a 54386
Xerox admits it bribed government officials
http://www.silicon.com/a 54320
WorldCom: senior execs hauled before Congress
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