Partner Karl Groskaufmanis quoted, National Post's Financial Post & FP Investing (Canada),

Partner Karl Groskaufmanis quoted, National Post's Financial Post & FP Investing (Canada), "'Disclosure on Steroids,': Some U.S. Lawyers Are Fearful of Errors as SEC Bulks Up Its Rules and Regulations"

An article entitled "'Disclosure on Steroids,': Some U.S. Lawyers Are Fearful of Errors as SEC Bulks Up Its Rules and Regulations" in the National Post's Financial Post & FP Investing (Canada) notes that "[s]tarting this reporting season, accelerated filers (principally large public companies) will have to have their auditors report on management's assessment of internal control over financial reporting, and provide a separate attestation...Karl Groskaufmanis of Fried Frank Harris Shriver & Jacobson [LLP] said the Financial Executives International Group found in a recent survey that the average company expects to spend US$3.1 million on the new requirement in the first year alone. 'This has become a big-ticket item,' Mr. Groskaufmanis said. 'It has consumed a tremendous amount of effort both internally and externally at public companies and is part of the significant uptick in audit costs.'"

news-detail.inc