Firms to miss SOX deadline
Compliance will be less than 95 per cent for smaller firms according to Ovum
About five per cent of firms with a 31 December financial year-end will not have their IT systems ready to comply with the Sarbanes-Oxley (SOX) corporate governance regulations, says analyst Ovum.
‘The degree of compliance will probably be 95 per cent for big firms and less for smaller firms,’ said Ovum senior analyst Graham Titterington.
Rod Armitage, head of company affairs at the CBI, says those firms with 300 or more US shareholders must still comply with SOX, even if they do not trade in the US.
‘Sometimes there is no way of knowing daily if you have 300 US shareholders,’ he said.
The CBI is in discussions with the US Security and Exchange Commission about raising the shareholder limit to 3,000.
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