Firms given Sox breathing space
One year's grace for Sox compliance
Businesses could save significant sums in auditing costs following last week’s decision to give US-listed foreign companies a year’s grace to meet Sarbanes-Oxley (Sox) regulations, according to analyst Gartner.
The US Securities and Exchange Commission’s ruling means companies with a market capitalisation of under $700m and more than $75m can delay paying for costly external auditing services for a year, says French Caldwell, research vice president for governance and compliance at Gartner.
‘It just means you don’t have to have an external audit of internal controls this year,’ he said.
Steve Ashton, global IT business manager at DresdnerKleinwort, said: ‘We are ready for Sox so it does not make any difference for us.’
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