It requires that CEOs and CFOs certify that their financial statements are true and correct, and that there are no material misstatements.

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It would be easier if auditors, as an industry, agreed it was their responsibility to detect fraud and material misstatements of the financial statements.

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As it stands, a primary function of the U.S. securities laws is to ensure that all material information about an issuer, including all investment risks, is adequately disclosed to investors free of material misstatements or omissions.

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He held the Centro directors and officers responsible for misstatements and omissions of material information.

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