June 06, 2007
Just get on with SOX!
Even with the most recent guidance by the SEC for Management and updates to the PCAOB AS#5, there still seem to be many calls for delays for SOX 404 filings for companies $75 million market cap and under.
Much of the rest of the world has adopted parts of SOX 404 legislation, Canadian NI 52-109 and IFRS international accounting standard. So while the storm rages in the US, the rest of the world had adopted the portions of SOX 404 they like and deleting those parts they do not.
Let's just get on with it! The external auditor attestation is still the portion of the legislation that causes the angst. With this in place and litigation for audit firms being what it is, the legislation and audit standards can be rewritten again and again and the result will be the same:conservative practices by audit firms due to liability fears.
So let's just do it or delete the auditor attestation! But this legislation does not justify the amount of print and words it gets. The real problem for competitiveness in the US markets is litigation fears and high Wall Street fees. Possibly in third place is SOX 404.
The world is achanging! Let's get on with it.
For complete article: Click here.
If your company has to comply with SOX 404 or NI 52-109, and wants to do it in a sensible and cost effective way, contact http://www.issuescentral.com/ for more information on Compliance Playbook® for companies based outside of Canada. For Canadian based companies, see http://www.compliancepartner.ca/ for more information on Compliance Partner™ from Thomson Carswell
Much of the rest of the world has adopted parts of SOX 404 legislation, Canadian NI 52-109 and IFRS international accounting standard. So while the storm rages in the US, the rest of the world had adopted the portions of SOX 404 they like and deleting those parts they do not.
Let's just get on with it! The external auditor attestation is still the portion of the legislation that causes the angst. With this in place and litigation for audit firms being what it is, the legislation and audit standards can be rewritten again and again and the result will be the same:conservative practices by audit firms due to liability fears.
So let's just do it or delete the auditor attestation! But this legislation does not justify the amount of print and words it gets. The real problem for competitiveness in the US markets is litigation fears and high Wall Street fees. Possibly in third place is SOX 404.
The world is achanging! Let's get on with it.
For complete article: Click here.
If your company has to comply with SOX 404 or NI 52-109, and wants to do it in a sensible and cost effective way, contact http://www.issuescentral.com/ for more information on Compliance Playbook® for companies based outside of Canada. For Canadian based companies, see http://www.compliancepartner.ca/ for more information on Compliance Partner™ from Thomson Carswell
