Resources for Sarbanes-Oxley (SOX)

Sarbanes-Oxley – SOX is 6

www.chasecooper.com

The implementation of Sarbanes-Oxley Section 404 (the time consuming and costly auditor attestation requirements) for small businesses, those having a market capitalisation of $75 million or less, continues to get pushed back – in fact Chase Cooper News could probably recycle the same news item on an annual basis.

For large US companies, and large overseas companies having a presence in the USA, SOX is business as usual with only the Financial Accounting Standards Board (FASB) accounting rules provisions creating concern. However even that gets delayed. Banks would have had to consolidate off-balance-sheet vehicles directly into their accounts – they have now been given a one-year reprieve as this could have resulted in $5,000 billion of debt assets appearing on balance sheets and forcing many to raise new capital to cover their regulatory requirements. Given the current state of many banks’ balance sheets – Bear Sterns went, Merrill Lynch is creaking, questions are being asked about Washington Mutual – and the continued CDO-driven write-offs, no one was confident that the banks could take this extra burden.

View the Resource

Share or bookmarklet this web page at: