SPEECH - In the speech titled 'The Challenge for Corporate Governance Posed by Financial Innovation' Bies said unfolding concerns in recent months have thrust the quality of accounting, auditing, and disclosure practices of major U.S. companies into the limelight. The Sarbanes-Oxley Act contains a number of provisions to improve accounting and disclosure with CEOs and CFOs now required to certify that their financial reports fairly represent the financial condition of the company.

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