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Pastimes : The Justa and Lars Honors Bob Brinker Investment Club Thread
VTI 335.06+0.1%Dec 2 4:00 PM EST
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To: Math Junkie who wrote (1947)8/13/2002 3:10:02 PM
From: Boca_PETE  Read Replies (1) of 10065
 
Richard Palm: RE:("Now that CEOs are "certifying" their company's results, I feel SO much better")

We need an index to all of these certifications.

- There's the Certification by the Independent Accountants saying the financial statements are in accordance with GAAP and in all material respects portray the company's operations, cash flows and financial position.

- There's Management's Report to Shareholders which takes responsibility for preparing the financial statements, claims they have been prepared in accordance with GAAP and that they fairly represent the transactions and financial position of the company, and that they have been audited by the independent accountants which were selected by the audit committee and approved by the shareholders. It says management has established and maintained a system of internal controls to reasonably assure safeguarding of assets, transactions executed and recorded as per authorizations of management, and to assure accurate reflection of disposition of assets. It describes the workings of any internal audit department, the composition of the Audit Committee of the Board of Directors. It is signed by the Chairman & CEO, the CFO and the Comptroller.

- And now we have the newly required Management Sign-off.

With this new requirement, are we talking "Department of Redundancy Department" here?

P <grn>
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