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October 7, 2002

The October edition of The Metropolitan Corporate Counsel features both a Willkie-authored article and an in-depth interview with one of the firm’s experts on the extensive ramifications of the recently enacted Sarbanes-Oxley Act of 2002.

The October edition of The Metropolitan Corporate Counsel features both a Willkie-authored article and an in-depth interview with one of the firm’s experts on the extensive ramifications of the recently enacted Sarbanes-Oxley Act of 2002. In an article entitled “SEC Issues Rules For New CEO/CFO Certification Under Section 302 of the Sarbanes-Oxley Act,” Willkie partners Yaacov M. Gross and Jeffrey S. Hochman and associate Daniel C. Petter-Lipstein discuss the new CEO/CFO certification requirements imposed under the newly enacted legislation. The article covers the new rules mandating that companies establish, maintain and periodically evaluate disclosure controls and procedures to ensure the full and timely collection and reporting of both financial and non-financial information required in Exchange Act reports. The discussion elaborates on Section 302 certification and filing requirements, disclosure controls and evaluation procedures, requirements for specialized issuers, and various special concerns. Separately, in a featured special report, Willkie partner Michael R. Young, a recognized authority on financial reporting and editor of Accounting Irregularities and Financial Fraud (Aspen Publishers 2002), is interviewed on the dramatic changes in day-to-day corporate governance and financial reporting requirements. Mr. Young discusses today’s new financial reporting environment, which he explains that to a greater extent is now driven by legal requirements, new regulations and new federal legislation. He also warns of the potential danger of companies allowing a preoccupation with legal requirements and checklists to substitute for core, in-depth inquiry. Mr. Gross and Mr. Hochman practice in Willkie’s Corporate and Financial Services Department and Mr. Young is a member of the Litigation Department.

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