Just the internal controls or all of it?
Reader comment on: Cost-Free Job-Creating Idea No. 5
Submitted by Lyle (United States), Sep 15, 2011 15:18
I could consider the internal controls issue, although today again we saw UBS today showed how a lack of internal controls can cost an organization. However I would still require the CEO and CFO to sign the accuracy statement. (that under penalty of perjury, they say that to the best of their knowledge and belief the companies financial statements reflect accurately the companies status).
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The Future of Capitalism replies:
Seems like showmanship to me. In a company of any real size, it's very difficult, almost impossible, for the executive to know for sure. More often it's based on relying on assurances from underlings or auditors. Have there been any prosecutions based on these statements?
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