This weekend, larger UK companies that are listed on US exchanges will pass the deadline for filing SOX-compliant annual returns. All these companies, those that are capitalised at greater than US$75 million, must comply with the obligations of the Sarbanes-Oxley Act (SOX) on their next set of returns filed after the 15th July, two years later than their US equivalents. Foreign companies with a capitalisation of less than $75M have a year's grace – but the majority of UK firms impacted are those larger and global firms and few are expected to fall below the cut-off point.
One of the major requirements of Sarbanes-Oxley is the imposition of controls on all data of accounting relevance and any material failure "material" being deemed as an issue that would alter a reasonable investor's view of the company – must be reported and companies must disclose how they are addressing them.
See full Article.
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