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Microcap & Penny Stocks : HITSGALORE.COM (HITT) -- Ignore unavailable to you. Want to Upgrade?

To: Mighty_Mezz who wrote (4561)	10/22/1999 3:07:00 PM
From: Mighty_Mezz	Read Replies (1) \| Respond to of 7056

More on proposed rule 34-41987 From an article in New York Law Journal headlined: Audit Committee Headaches: Lawyers Divided on SEC Proposal Here are some excerpts: ATTORNEYS handling securities and financial reporting matters are buzzing about a Securities and Exchange Commission proposal that would require audit committees to inform shareholders of any untrue or misleading statements in a company's annual report. Defense attorneys say the plan is misguided and creates significant liability for board members who serve on audit committees. Plaintiff's attorneys say the move will ensure that audit committees do more than rubber-stamp a company's audited financial statements. The proposed rule would require audit committees, which are subsets of the board of directors, to prepare a report for shareholders outlining whether they had reviewed and discussed the company's audited financial statements with management and outside auditors and whether, in their belief, the annual report includes an untrue statement or an omission that would make the report misleading. "Improving the function and practice of audit committees are areas that cry out for level-headed thinking and practical solutions," said Arthur Levitt, chairman of the SEC, when the Commission released the rules. "If we don't give boards and audit committees a realistic and effective roadmap of how to instill a process that reinforces oversight ... the notion of meaningful, active and effective corporate governance will forever be just that — a notion." Full article here: nylj.com ...Mezz -