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Credit unions next in Sarbanes-Oxley sights

Credit unions next in Sarbanes-Oxley sights

by Toby Lucich on February 27, 2007

Large credit unions are anticipating expensive changes to accounting requirements like those required of public companies and banks.

“The fact is, a lot of credit unions believe that sooner or later they’ll be subject to something like that, so many of those credit unions are taking action to … comply,” says Pat Keefe, a spokesman for the Credit Union National Association.

Some local auditors are telling their credit union clients to brace for stricter internal controls similar to those of the Sarbanes-Oxley accounting rules for public companies passed in 2002.

Credit unions next in Sarbanes-Oxley sights

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