A.R.C. Morgan has released the findings of their European Companies Sarbanes-Oxley Benchmarking survey - the survey indicates that more than 69 percent of European companies interviewed are only at the very early stages of planning their Sarbanes-Oxley section 404 project. The survey also reveals that European companies are not paying heed to the whistleblower provision of the Sarbanes-Oxley Act. The results of this Benchmarking Survey should cause alarm within Board Rooms of those European companies that must comply with the Sarbanes-Oxley Act.
A.R.C. Morgan made contact with 376 individuals responsible for overseeing compliance with Sarbanes-Oxley, from 21 countries in EMEA and diverse industry sectors - all respondents have their head offices in the region. The survey found that a more than 80 percent of companies reported that spreadsheets play an important role in both assessing the control environment and final financial reporting. The survey also found that a large number of companies have found it increasingly difficult to balance the Sarbanes-Oxley compliance efforts with IFRS and local government requirements.
On a positive note, the majority of respondents said that they saw Sarbanes-Oxley section 404 as an opportunity toward general housekeeping and enhancement of processes.
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