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IT Braces for 'J-SOX' Rules
jcatcw writes to mention that Japan-based businesses are prepping for new requirements, called J-SOX, similar to Sarbanes-Oxley in the United States. Even though details are not expected until next month, many IT managers are already working on implementing controls to handle the expected regulations. "Marios Damianides, an IT risk management consultant and partner at Ernst & Young LLP in New York, said he expects that the relaxation of some Sarbanes-Oxley requirements by the Public Company Accounting Oversight Board in the U.S. late last year should help ensure that the J-SOX rules won't be excessive for businesses."
Yes, yes, we all noticed that the New York Stock Exchange and NASDAQ completely closed down; you don't have to remind us.
Don't blame me; I'm never given mod points.
Wait...... libertarians are trying to form a royal class?
Huh.
Conservatives I'll give you... but libertarians have to HAVE some power for that to happen, don't you think?
The NYSE and NASDAQ heads are whining almost daily about how all the big IPO's are now in London. The IPO is where the US brokers get the chance to screw the company of millions or billions, and funnel it to their friends, so this is really hurting them badly.
So yes, they are effectively shutout. No US company can seriously compete with China cooking the books as hard as they can even without SOX, SOX just adds to the pain by killing the cooks.
- Adam L. Beberg - The Cosm Project - http://www.mithral.com/
By the way, the cost of Sarbox compliance is estimated at $1M per $1B in revenue. At about $10T of total revenue in US public companies, we are spending $10B per year on compliance...
To avoid a few billion lost in Enron, and a few billion lost in MCI - every few years.
That is Congress math!
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