Tuesday, October 26, 2004

FRC drafts UK rules on SarBox

The Financial Reporting Council has today published draft rules for UK and Irish companies listed on US stock exchanges on how to comply with section 404 of the Sarbanes Oxley Act.

The guide is based around the respected Turnbull guidance with which most public companies in the UK already comply. All comments must be submitted to the FRC by 30 November 2004.

Section 404 requires companies listed in the US to report on the efficacy of their internal controls on financial reporting.

Richard Fleck, chairman of the FRC's review group, said: 'The SEC has stated that the Turnbull report provides a suitable framework for evaluating the effectiveness of internal controls over financial reporting.

FRC drafts UK rules on SarBox

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