School Districts can learn a lesson in fraud prevention from Corporate America.

Great River N.Y., July 15, 2004:The recent scandal in the Roslyn School District mirrors the scandals of Enron: neglected financial controls creating a climate that allowed a top management/officials to allegedly steal millions.

(PRWEB) July 15, 2004 -- The Lesson: Corporate American now has checks and balances to prevent accounting irregularities, mandated by the Sarbanes-Oxley Act. The Sarbanes-Oxley Act makes it mandatory for publicly listed companies to implement procedures for auditing and accounting controls. These new requirements are intended to provide the early detection necessary to quickly identify and prevent potential accounting irregularities and wrongdoing.

Sarbanes-Oxley Section 301 requires publicly listed companies to establish a procedure for the receipt, retention and treatment of anonymous submissions by employees of accounting irregularities.

It is still uncertain of how wide spread the issues are at the Roslyn School District. However, it appears that many may have had suspicions and/or knowledge of the illegal activity.

When Report it is part of an organizations ethics policy, code of conduct, etc., it acts as an early detection system as well as a deterrent for illegal activity.

If employees of the Roslyn School District had a place to safely and anonymously Report it to an independent auditor or several members of the School Board, the situation may have been prevented or at the very least detected earlier.

Report it is an independent third party anonymous hotline service based in Great River, New York. Report it provides accounting irregularities hotline services for many NYSE, NASDAQ and AMEX listed companies. Report it also provides school safety and violence prevention hotlines.

For Accounting Irregularity hotline services go to: http://www.reportit.net
For School Safety hotline service see: http://www.report-it.com

For additional information on the Report it service, please contact Kim Roges at 631.224.9500.
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