XL Capital CEO says disclosure rules won't ferret out fraud
The Sarbanes-Oxley Act's disclosure requirements won't detect accounting fraud, in the opinion of one of several top insurance executives who analyzed the costs and benefits of the corporate governance law at the recent Standard & Poor's Insurance Conference.
"Fraud isn't going to be caught by looking at minor controls," said Brian O'Hara, president and chief executive officer of XL Capital Ltd., during a discussion of the internal controls over financial reporting required by Section 404 of Sarbanes-Oxley.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
