{"id":138,"date":"2006-11-13T10:03:23","date_gmt":"2006-11-13T18:03:23","guid":{"rendered":"http:\/\/www.formtek.com\/blog\/?p=138"},"modified":"2006-11-13T10:03:23","modified_gmt":"2006-11-13T18:03:23","slug":"compliance-sarbanes-oxley-guidance-expected-in-december","status":"publish","type":"post","link":"https:\/\/formtek.com\/blog\/compliance-sarbanes-oxley-guidance-expected-in-december\/","title":{"rendered":"Compliance: Sarbanes-Oxley Guidance expected in December"},"content":{"rendered":"

Since Sarbanes-Oxley (SOX) regulations\u00a0were passed after the Enron scandal, businesses, particularly those small and medium sized,\u00a0have complained about\u00a0Section 404 which they have viewed as being onerous to comply with.\u00a0 The problem has been with the language of the ruling.\u00a0 The vagueness of\u00a0the SOX language has made many accountants and auditors\u00a0interpret the law very conservatively.\u00a0 Accountants and auditors are often worried that they could be sued by the SEC or investors if fraud is discovered at a later date.<\/p>\n

The result has been that companies fees for auditing and accounting have soared.\u00a0 An AMR report<\/a> shows that costs related to SOX have increased from $2.5 billion in 2002 to $6.1 billion in 2005.<\/p>\n

\"SOX<\/p>\n

For companies targeting SOX with products, services and consulting, this has been good news.\u00a0 Many software vendors have targeted the problem with specialized software.\u00a0\u00a0Companies addressing the problem\u00a0include IBM, Oracle, SAP AG and Microsoft.\u00a0 The Big Four accounting firms have also benefited.<\/p>\n

Proposed guidance for SOX compliance from the SEC<\/a> is expected in December.\u00a0 The Wall Street Journal this weekend reported<\/a> that the new language will relax requirements of Section 404 compliance.\u00a0 In the long-term that is likely to save companies money and provide them with confidence that their procedures are compliant.\u00a0 But in the short-term it may mean that recently implemented processes for achieving compliance will again need to be reviewed, changed and updated.<\/p>\n

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Since Sarbanes-Oxley (SOX) regulations\u00a0were passed after the Enron scandal, businesses, particularly those small and medium sized,\u00a0have complained about\u00a0Section 404 which they have viewed as being onerous to comply with.\u00a0 The problem has been with the language of the ruling.\u00a0 The…<\/span><\/p>\n

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