SEC orders CEO’s and CFO’s to provide sworn filings

As reported in this morning’s Wall St. Journal, the SEC has adopted an order requiring the CEO and CFO of companies with annual revenues in excess of $1.2 billion to provide sworn filings beginning August 14, 2002.

It’s amazing that it comes to this — why haven’t CEO’s and CFO’s been fully accountable for their company’s financial filings all along? The key issue is what definition of accountability — on behalf of the company or personally. The SEC is making it clear with this order that, for this group of companies at least, the accountability is both.

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