Audit committees need to serve as 'watchdogs;' a stock exchange panel issues a call for better financial reporting by businesses

Article Abstract:

The New York Stock Exchange and the National Ass'n of Securities Dealers issued a report on improving the effectiveness of corporate auditing in early 1999, and this followed both case law and SEC statements asserting that corporate directors would only fulfill their fiduciary duties to shareholders by overseeing corporate management more closely. Earlier reports developed suggestions towards this end but failed to receive wide acceptance in the corporate community.

Standards, Corporate governance

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False Claims Act; high court's 'Vermont' decision

Article Abstract:

Issues are discussed concerning the Supreme Court's ruling on the False Claims Act in Vermont Agency of Natural Resources v. United States ex rel. Stevens. The court ruled that the False Claims Act gives private individuals standing to sue in federal court to enforce the government's claims, but that states cannot be such defendants in qui tam suits.

Cases, Standing (Law), Popular actions

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False Claims Act ... and the compliance officer

Article Abstract:

Issues are discussed regarding the risk to a corporation posed by whistleblowing by a corporate compliance officer. These people know a corporation's most sensitive information and the number of such whistleblower suits filed is quite substantial. Qui tam suits by corporate counsel and by government employees are discussed.

Laws, regulations and rules, Whistle blowing, Whistleblowing

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