NI 43-101 represented a new standard for reporting mineral resources and reserves to help prevent fraudulent reporting, which had a world-wide impact.

In response, the Treadway Commission, a private-sector initiative, was formed in 1985 to inspect, analyze, and make recommendations on fraudulent corporate financial reporting.

The issue of how to prevent fraudulent financial reporting could not be more timely.

Selatra has the ability to monitor downloads as they happen and protect against copyright theft and fraudulent reporting of royalties.

The measure is similar to legislation proposed by the S.E.C. in 1988 in response to a report by the Treadway Commission on fraudulent financial reporting.

But the S.E.C.'s newest bill goes beyond creating sanctions to deal with fraudulent financial reporting - as the Treadway Commission had suggested.

These adjustments amount to fraudulent financial reporting when they fall 'outside the bounds of acceptable accounting practice'.

Who might be capable or motivated to commit fraud or fraudulent financial reporting?

"If these standards are adopted by companies, it will go a long way toward accomplishing the goal of eliminating fraudulent financial reporting," he said.

Besides, he added, even one case of fraudulent reporting involves "hundreds of millions of dollars."