Also see: This state is among the most popular tax havens But lawyers have a more nuanced view towards backdating.
Also see: 5 things to know about the Panama Papers In a written response to questions from ICIJ and its media partners, the firm said that backdating documents “is a well-founded and accepted practice” that is “common in our industry and its aim is not to cover up or hide unlawful acts.” Erik Lie, a finance professor at the University of Iowa, published an initial study in 2005 and then another in July 2006 that said more than 2,000 companies had used options backdating between 19 to reward senior executives.
Kwall of Loyola University of Chicago’s law school in an article on the subject.
“The propriety of backdating, however, depends upon its purpose and effect.
The Securities and Enforcement Commission and the Department of Justice eventually caught hundreds of companies and individual executives illegally backdating between 20.
Auditors and accountants traditionally view backdating with skepticism.
In considering the appropriate course of action, CSA staff may take into account what steps, if any, such issuers took to ensure their policies and controls complied with regulatory requirements.