The Buck Stops… With Me?

A White Paper on Subcertification Issues from the Association for Financial Professionals (AFP).

From the white-paper:

"In Sarbanes-Oxley (SOX), company CEOs and CFOs bear the responsibility for filing accurate reports alone. In reality, many companies are asking lower level employees to “subcertify” any reported information that originates in their department. One-third of the financial professionals the Association for Financial Professionals (AFP) surveyed in June said they’d been asked to sign an affidavit vouching for information that ultimately appeared in their company’s financial reports. The majority of these professionals worried about the legal liability those affidavits could trigger, but just 12% said their employer advised them on how providing “subcertification” could affect them personally.

Chances are, the employer doesn’t really know. While the Security Acts of 1933 and 1934 have inspired reams of case law, no legal precedents exist to demonstrate the scope and impact of Sarbanes-Oxley. In question-and-answer format, this paper will address the specific concerns employees might have. It will also offer some important points to ponder and steps employees can take before signing on the dotted line."

Written in 2003, this white-paper from AFP still holds major value for anyone encountering SOX at their company. Download here in Adobe PDF format.