PracticeAuditForeign bodies confront SEC over Sarbanes-Oxley

Foreign bodies confront SEC over Sarbanes-Oxley

Representatives from the Big Four accounting firms, the European Commission and various legal associations from around the world will today confront the Security and Exchange Commission over the extra-territorial effects of the Sarbanes-Oxley Act.

Link: In-depth: Sarbanes-Oxley

At meetings at the SEC headquarters in Washington, the US financial regulator will meet with over 20 interested parties to discuss the international impact of the new draft rules on auditor independence and attorney conduct.

It is expected that many of the international parties will express their concerns over the Act.

Under Sarbanes-Oxley, foreign companies listed in the US will be required to adhere to the tough new laws, while corporate auditors will also be affected with restrictions being placed on the provision of non-audit services to clients.

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