This additional compliance step, deemed subcertification, requires the employees responsible for a company's financial information to certify the data they provide that is later included in public financial reports. It is not required by law, but viewed as an extra measure of protection.

Key findings of the survey:

• The job titles held by financial professionals surveyed range from treasurers and assistant treasures to cash managers, controllers, directors and managers.
• Roughly one-third of financial professionals who provide information used in their company's reports to the Securities and Exchange Commission (SEC) are asked to "subcertify" the documents by signing an affidavit. 
• While nearly 80 percent of financial professionals asked to sign an affidavit expressed a "high" or "moderate" level of concern about their liability, 21 percent have sought counsel from the company attorney and two percent from a personal attorney.

• Financial professionals are asked to subcertify a number of items including: Specific disclosures in Management's Discussion and Analysis or footnotes, specific account balances, compliance with company policies and procedures, adequacy of internal controls in their department/area, and compliance with company code of conduct.

"I believe the prevalence of subcertification, while a direct result of Sarbanes-Oxley, reflects the increased level of importance that financial professionals hold within their companies," said Jim Kaitz, AFP's president and CEO. "Greater accuracy in financial reporting and increased accountability will ensure that most companies are honest and report earnings accurately. This knowledge will ultimately lead to a more stable economic environment."