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July
2006, Confidential Site, NJ:
A major industry in New Jersey retained EIC to conduct a
self-disclosure audit of the multimedia environmental compliance at
its facilities in New Jersey. EIC conducted a thorough audit of
the facility's operations and identified numerous areas that were out
of compliance. In absence of the audit, the regulatory community
had the authority to levy hefty fines as well as the potential to
extend civil and criminal actions. EIC is currently assisting the industry
in negotiating a waiver of $235,000 in penalties and legal actions for
non-compliance areas under the EPA Self-disclosure policy and
the State of New Jersey. Based on the audit, EIC initiated
various corrective actions to eliminate perpetual liabilities
associated with the areas of non-compliance. The environmental
audit will also help the industry potentially comply with the
Sarbanes-Oxley Act (SOX) stipulations which requires publicly traded
firms to fully and accurately disclose environmental liabilities in
its financial statements.
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