Ernst & Young survey reveals Sarbanes-Oxley impact on non-US companies

Foreign companies listed in the US were going right to the wire over implementing compulsory internal financial controls before the SEC announced a delay in Sarbanes-Oxley compliance, a new survey from Ernst & Young has revealed.

Four out of ten foreign private issuers (FPIs) questioned, many of which are based in the UK, said they had anticipated being compliant with Section 404 of the Sarbanes-Oxley legislation with only one or two months to spare before the deadline was extended. This would have left little or no contingency for unexpected issues or delays in completing important remediation work.

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