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Sarbanes-Oxley News & Developments
Sarbanes-Oxley and Health PlansEmployee health plans often obscures the view of benefit costs and internal controls that the Sarbanes-Oxley Act demands.
> > Among the many compliance perils created by the Sarbanes-Oxley Act of 2002, one of the least talked about could well be the effect the act has on corporate health-benefit programs. Benefit managers commonly operate under the wing of human resources executives, who in turn report up to the CFO. Yet finance and HR often seem to live in two different worlds. That has been especially true since the passage of Sarbanes-Oxley: While finance executives have scrambled to comply with new reporting and certification requirements, benefits caretakers have largely watched from the sidelines.
Under Sarbanes-Oxley Section 302, CFOs and CEOs must certify that their companies quarterly and annual filings are true and that they omit no material facts. And facts about employee health care are becoming nothing if not more material.
Source: CFO
Published:2004-05-14
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