Poor Sarbox guidance a threat to world's financial centre
McKinsey report says clearer Sarbox guidance is desperately needed to revive New York's capital markets
McKinsey report says clearer Sarbox guidance is desperately needed to revive New York's capital markets
The
New
York capital markets have been warned that unless clearer guidance
on the implementation of
Sarbanes-Oxley
is issued, the city will lose its position as the world’s financial centre.
In a specially commissioned report, consultancy
McKinsey interviewed 50
financial services chief executives in the New York and found that 40% of the
respondents feared that New York will become a less attractive place to do
business if guidance on Sarbanes-Oxley is not made clearer.
The FT reports that if trends continue, New York would lose seven
percentage points of its market share, a development which would cost 60,000
jobs over the next five years.
Further reading:
SEC backs down on foreign company delistings
SEC reviews expensive Sarbox accounting rule
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View articleThe FRC has announced Richard Moriarty as its new chief executive, replacing Sir Jon Thompson Read More...
View article