A Fact Sheet on the SEC's New Rules
The rules for accountants and lawyers passed by the Securities & Exchange Commission on Jan. 22 and 23 are widely dismissed as weak compromises. But that's sloppy analysis. In fact, the SEC's final regulations go well beyond the requirements of the Sarbanes-Oxley corporate reform act, and they put a tough new regime on auditors and corporate counsel (see BW Online, 1/30/03, "The SEC: Victim of the Press"). Let's take a look at the issues the SEC tackled:
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