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  EIC Eliminates Perpetual Liabilities for a Major Industry in New Jersey

 

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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