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SOX compliance
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Activity:
Question posted: 05 13 2008 00:12:17 +0000,
1 answers, 128 views, last activity
07 06 2010 20:18:08 +0000
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For an Indian Corporate to list in US, what you think are the challenges posed by Sarbanes-Oxley Act compliance?
Sarbanes-Oxley Act defines higher levels of corporate responsibility and accountability and severe penalties for corporate wrong doing. How much you think that Indian corporates are prepared for the same?
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There are several challenges that SOX presents – but they are the same
challenges that every public company should be ready to answer, whether
they are listed in the US or not.
The challenges for first timers could be,
- Not enough internal resources dedicated to the project
- Unreasonable or short timeframes to complete
- Board members or executive management who do not support the project or are not fully educated on what SOX is and is not
- Expensive ‘Big 4’ type firms selling add-on projects and services under the umbrella of SOX
- Knowing how to balance ‘going too deep’ with ‘not going deep enough’
- External auditors (the local, on-the-ground-office) which are not helpful or uneducated on what is appropriate SOX work, and what is over-the-top
I hope this would clear some of your doubts.
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