Anti-Corruption Compliance: The Need to Look Under the Cloak of Materiality
Sarbanes-Oxley revolutionized the auditing profession. Section 404 imposed stringent requirements for disclosure of the state of a company’s internal controls and financial reporting. The company’s independent auditor is required to report on the effectiveness of the company’s internal controls, and include bribery, theft and fraud. The requirements are intended to prevent a material misstatement of the company’s financial statements. The key term of art surrounding...