Sarbanes Oxley deadline extended for foreign and smaller companies

Local companies can breath a sigh of relief now that the Securities and Exchange Commission (SEC) has formally extended the deadline for smaller firms and foreign companies to comply with the Sarbanes-Oxley Act's internal control reporting requirements.

Australian and New Zealand companies affected by the Act now have until July 15, 2006 to roll up their sleeves and find technical solutions to assist with compliance.

The deadline has been extended from July 15, 2005, providing companies with a further 12 months to comply.

SEC director of corporate finance Alan Beller admits non-US companies face a compliance burden and urged organisations to use the extension, not to delay, but improve the quality of their efforts.

Frost & Sullivan security and services analyst James Turner welcomed the extension and said it is good news for Australian business.

"For starters, it takes the heat off for getting things done and dusted this year. But a second benefit is that this gives Australian companies more opportunity to share specialist resources who have intimate knowledge of Sarbanes-Oxley in the Australian market," Turner said.

"We can also learn from the experience of the Americans. It's a good opportunity to review who did what, and what the outcome was, what strategies worked, and what didn't."

Turner also claims that IT vendors, who are positioning their products to help streamline Sarbanes-Oxley compliance, will benefit from this extension.

"With this respite until 2006, Australian companies can now focus on making sure they've got things as they want them before leaping at a solution," Turner said.

As for the reaction from Australian companies, Tuner believes it will be mixed, with some organizations being relieved, while others will push on regardless of the deadline.

"A lot of pain has been shared around with the previous deadline in mind, so going through the change control to relax the discipline may actually taste a little bitter to many," Turner said.

Join the newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Siobhan McBride

Computerworld
Show Comments

Cool Tech

SanDisk MicroSDXC™ for Nintendo® Switch™

Learn more >

Breitling Superocean Heritage Chronographe 44

Learn more >

Toys for Boys

Family Friendly

Panasonic 4K UHD Blu-Ray Player and Full HD Recorder with Netflix - UBT1GL-K

Learn more >

Stocking Stuffer

Razer DeathAdder Expert Ergonomic Gaming Mouse

Learn more >

Christmas Gift Guide

Click for more ›

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Walid Mikhael

Brother QL-820NWB Professional Label Printer

It’s easy to set up, it’s compact and quiet when printing and to top if off, the print quality is excellent. This is hands down the best printer I’ve used for printing labels.

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?