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.

Register or login for access to this item and much more

All Information Management content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access