Non-US companies that are required to comply with Section 404 of the Sarbanes-Oxley legislation for the first time this year, are so focused on the year one deadline that they are struggling to make the process sustainable for the future, according to a new survey from PricewaterhouseCoopers.
The survey ‘Looking forward: evaluating early experiences with Sarbanes-Oxley’ of some 36 Sarbanes-Oxley project leaders from large foreign private issuers (FPIs) suggests that the experiences of companies in the US, which struggled to embed compliance in year one, risk being repeated by FPIs.
There is a real danger that the excessive costs of compliance in year one will recur in following years unless companies take steps now to stand back and review the robustness of their controls and compliance structures.
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