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SOX deadline set to hit

SOX deadline set to hit

by Rick Turoczy on November 13, 2004

On Monday morning the world will be a more compliant place if Sarbanes-Oxley legislation is effective in forcing US-listed businesses to get their houses in order.

For months the talk has been of audit trails, transparency and liability but come Monday 15 November businesses will be forced to practice what has been preached with section 404 of the Act coming into effect.

Section 404 refers to the retention and archiving of data in an auditable format – attempting to rule out the possibility of creative accounting or deals being completed ‘on the QT’ – by communication methods such as email or instant messenger.

The corporate scandals at Enron and WorldCom rocked the world markets and from the moment the shredders first whirred into action legislators were hammering out regulation to help prevent such scandals in the future.

SOX deadline set to hit

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