Resources for Sarbanes-Oxley (SOX)

Marsh Warns Companies of Risks in Japan's 'Sarbanes-Oxley' Legislation

www.insurancejournal.com

Marsh issued a warning to UK companies from its London office that their "subsidiaries and affiliates of Japanese firms," face some new risks in association with "new Japanese legislation relating to internal controls and financial reporting, which comes into effect today. Failure to comply may have significant penalties for senior management in Japan, including fines and imprisonment."

Marsh explained: "Part of Japan's Financial Instruments and Exchange Law, or J-SOX, as it is informally known, is modelled on the US' Sarbanes-Oxley Act and aims to improve the transparency and accountability in business processes for all Japanese listed companies. Approximately 3,800 Japanese listed companies, including their significant subsidiaries and affiliates, fall under the J-SOX requirements.

"To assist with the implementation of J-SOX, the Japanese Financial Services Agency issued the Standard and Practice Standards for Implementation Guidance for Management Assessment and Audit earlier this year.

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