Georgetown University Expert Available to Comment on Corporate Financial Earnings Overstatements and Vulnerability to Fraud

March 03, 2003

Washington, D.C. -- March 3, 2003 -- Marc B. Sherman, Esq. is Adjunct Professor of Forensic Accounting at Georgetown University's McDonough School of Business and Partner, Forensic Services practice of KPMG, LLP. Professor Sherman specializes in the areas of financial investigations and complex commercial dispute damages, as well as business analysis, valuations, troubled companies and turnarounds. He has conducted domestic and international financial investigations and has served as an expert financial and accounting witness in many high profile litigations. He has also served as an arbitrator in numerous domestic and international arbitration proceedings.

On Corporate Financial Reporting and Earnings Overstatements

"The Sarbanes-Oxley Act of 2002 will have a notable impact on corporate America. In addition to its provisions, the Act has prompted new and proposed new rules from the SEC, the NYSE and NASDAQ. As a result of these new rules and regulations, we should expect to see a transformation in the transparency of financial and non-financial corporate reporting and in corporate management and governance."

On Corporate Vulnerability to Fraud and Theft of Assets

"The financial impact of fraud to business is a serious and continuing problem. Every company is at risk of being subjected to improper behavior that affects its financial and emotional well being. The complexity of today's business transactions and information systems provides widespread opportunities for sophisticated insiders and outsiders to engage in misappropriation of a company's assets. The key is to identify the areas of vulnerability within an organization and to establish an effective control environment to minimize the risk."