Tuesday, January 20, 2004

SOX 404 rafting to English shores

As you will be aware, there are a number of UK companies either with subsidiaries in the USA or who are quoted on US stock exchanges.

I believe that these companies have to account for themselves in the USA according to the new rules.

As for standards of accounting, I believe that it has always been the case that UK law requires company directors to sign the audited accounts as being a true and fair statement of the affairs of the company, so that aspect of SOX is not news here.

I don't know whether an equivalent of Section 404 is envisaged here. Geoff and I will be attending a session run by CIMA in London on Wednesday evening, about corporate governance, so we will see whether we can learn anything about this matter then.

I now have my copy of SOX printed out and waiting to be read. I didn't have time to start on it last night, but hope to start this gripping read tonight :-)