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IT Braces for 'J-SOX' Rules

Posted by ScuttleMonkey on from the more-reasons-not-to-be-profitable dept.

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."

4 of 57 comments (clear)

  1. FAQ from a company called Protiviti by sczimme · · Score: 4, Informative


    There is a J-SOX* FAQ here. Note: this is a PDF. I have no affiliation w/ the company.

    * "J-SOX"? I suppose it makes sense, but sounds too much like "J-pop".

    --
    I want to drag this out as long as possible. Bring me my protractor.
  2. Re:Comment anonymous for obvious reasons... by qwijibo · · Score: 4, Interesting

    Is that any different than the US? Everything I've seen about Sarbox is so vague that anyone can claim compliance if they have paid consultants enough money. The large bank I work for has a bunch of people who try to ensure that we're doing everything by the book, while management considers violating all of the rules to be a sport. It's always fun to have a large group of people telling you that you can be fired for failing to do things right when your management lets you know that if you do things by the book, you'll fail to meet your goals and will be fired. It's a life sized Dilbert cartoon. =)

  3. Bye Bye public companies... by Duncan3 · · Score: 4, Interesting

    The reaction to SOX here in the US has been to take companies private, or list in London instead of New York. The costs of SOX alone are easily enough to force you out of business if your competitors aren't burdened with SOX.

    I'm kinda surprised that Japan would be similarly desperate to rid itself of publicly traded companies.

    --
    - Adam L. Beberg - The Cosm Project - http://www.mithral.com/
    1. Re:Bye Bye public companies... by boxless · · Score: 4, Interesting

      No, it isnt.

      Sarbox, as being practiced these days, are not best practices, except at the largest of companies. A lot of it is crap, and we're going to rolled over by more nimble competitors if we don't watch out.

      You know what, sometimes people are going to steal. And when you find that out, you prosecute. I'm sure there were plenty of laws that the Enron guys could have been charged with regardless of Sarbox.

      I don't think the controls at my company have been improved one bit because Joan in AP can't see the AR screens. Actually, it's worse now, because Joan can take over in a pinch in AR, all in the irrational fear that if she's given access to some information that's not part of her regular function, she's suddenly going to steal.

      And a little change to a webpage now takes 3 months (I'm talking a piece of text!). But, it is Sarbox compliant!

      Whoop-de-effing-do.