Futures broker was not Sarbox compliant at time of listing, which could protect auditors Grant Thornton
Nicholas Neveling, Accountancy Age, 14 Oct 2005
ADVERTISEMENTRefco, the futures broker that is the subject of an SEC fraud probe, was still not Sarbox compliant when it raised $583m (£333.4m) on the New York Stock Exchange in August.
In the prospectus issued before its listing, Refco admitted that it would be exposed to risks relating to the evaluation of its internal controls as required by section 404 of the Sarbanes-Oxley act, which was introduced in 2002 to prevent corporate scandals such as Enron and WorldCom.
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