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Role of the audit committee examined

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12 Oct 2004

In her recent comments on The Role of the Audit Committee: The US Experience, US SEC Commissioner Cynthia A.

Glassman spoke about application of the Sarbanes-Oxley Act to foreign registrants:

It is clear that the problems that led to the enactment of Sarbanes-Oxley are not exclusive to the United States. Corporate governance issues are just as important internationally, as evidenced by some of the recent Italian and other European scandals. We in the United States are also not the only ones crafting solutions to these problems. It is therefore incumbent upon all of us to work diligently to ensure that our solutions are appropriate and have the intended effect. The Commission therefore has and will continue to seek a balance between its responsibility to protect U.S. investors and the need to provide reasonable accommodations to foreign issuers.

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