July 10, 2006
Foreign Filers Beware! SOX 404 Deadline is Approaching.
There are over 1000 foreign private issuers (FPIs) that are listed on U.S. exchanges. The S.E.C.'s deadline for filing of first year SOX 404 reports (Management's Assessment of Internal Controls over Financial Reporting, and, External Auditor's Assessment of Same) is approaching with fiscal years ends on/after July 15, 2006. That means the bulk of the filers will issue their reports for fiscal years ends of December 31st.
Any bets on how the foreigners will stack up on the material weakness front? They have had the benefit of extra time. Has it been well used? According to the S.E.C. (click here) reported results for first year American filers had 16% of the 3900 companies reporting SOX 404 compliance concluding that they did not have effective controls over financial reporting.
How will the Canadians, British, Italians, French, Germans, Japanese, etc stack up? It's kind of like the World Cup of Financial Reporting.
If your company is looking for a product to streamline your SOX 404 journey then please visit www.issuescentral.com to learn more about the Compliance Playbook(TM). If you are a Canadian-based filers needing to comply with SOX 404 or MI 52-109 please visit our Canadian distributor's website, Thomson-Carswell, at www.compliancepartner.ca and learn more about Compliance Partner(TM).
Any bets on how the foreigners will stack up on the material weakness front? They have had the benefit of extra time. Has it been well used? According to the S.E.C. (click here) reported results for first year American filers had 16% of the 3900 companies reporting SOX 404 compliance concluding that they did not have effective controls over financial reporting.
How will the Canadians, British, Italians, French, Germans, Japanese, etc stack up? It's kind of like the World Cup of Financial Reporting.
If your company is looking for a product to streamline your SOX 404 journey then please visit www.issuescentral.com to learn more about the Compliance Playbook(TM). If you are a Canadian-based filers needing to comply with SOX 404 or MI 52-109 please visit our Canadian distributor's website, Thomson-Carswell, at www.compliancepartner.ca and learn more about Compliance Partner(TM).
