Tuesday, May 16, 2006

Sarbanes Oxley Compliance at 90% Among US Firms

Compliance with the Sarbanes Oxley Act (SOX), which was signed into law by President Bush in July 2002 as a response to the scandals of Enron and Worldcom, is running at 90% among US firms, according to a new industry survey, sponsored by Dublin operational risk management software firm Ci3. The figure for European implementation is at 42% according to the survey - SOX measures also apply to European public companies with listings on US stock exchanges such as NYSE or NASDAQ, or which are required to make filings with the US Securities and Exchange Commission, (SEC).

However, while compliance is running at 90%, the survey shows that 80% of US respondents feel the costs of complying to be excessive, with critics labeling SOX 'a knee jerk reaction to these scandals, and so it is unwieldy, expensive, and hinders the efficient functioning of business.' Only 20% of US respondents and 27% of European respondents believe SOX is a good law.

Sarbanes Oxley Compliance at 90% Among US Firms

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