New York (April 4, 2003) - As corporate governance and internal controls undergo an overhaul following the passage of Sarbanes-Oxley, a high-profile slate of regulators, accounting professionals and attorneys counseled corporate directors on the changing roles of audit committees and how to sidestep potential fraud hazards in financial reporting and disclosure.

“How in the WorldCom did we get here?” joked Charles Niemeier, acting chairman of the Public Company Accounting Oversight Board. “The truth is WorldCom and Enron were not anomalies. They unfortunately were logical conclusions to an old problem. Once a company deviates from financial reporting reality it spirals out of control. Your inflated numbers now become the ‘floor’ for the next quarter.”

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