I’m in Asia, Am I ready for US SOX compliance?
Working with Sarbanes Oxley Compliance is could be mean working with a lot of documentation. The company who should comply with SOX at least has assets with more than 75 Million USD. So maybe it’s an across 30 country global company, or very complex branch of business company. The problem? Just the same: working with a lot of people, a lot of documentation, and of course a lot of process.
Nowadays working with a lot of people across globe could be easier by using a lot of software collaboration from lotus notes, to google talk. Most of advanced company also already using teleconferencing to discuss with others people in different time zone.
Working with a lot of documentation is also easier, many tools such as Microsoft Groove or proprietary software from PWC –Team Mate could be used. Imaging device from Canon or HP is really helpful device for maintain document management.
However the problem with unique process in every region is always consider the biggest problem in SOX compliance. For example, the Tax management in Malaysia would be a little different with the Tax Management in Turkey, of course will definitely different with common practice in US.
So what is the best solution for SOX compliance, especially regarding very different and unique business process? Here is my advice:
1. Look for local consultant
Although big4 (PWC, EY, KPMG, DTT) with higher budget always said that they are the best implementer / auditor for SOX. However sometimes they’re lack of local knowledge about the implementation. So always consider advice from local consultant or affiliation.
2. Don’t hesitate hear from auditee / internal employee
Most of SOX auditor or SOX department, always come with brilliant idea how the company should comply to what modern country has. This attitude usually makes a big gap between the auditor and auditee. Hear and listen deeply from internal employee voice is very important. Almost 70% of failure in implementation come from lack of internal support.
3. Follow the wind
SOX Section 404 is quite difficult for many Asia companies. The regulation, the control frequency or design that didn’t match with the real situation is the problem. However do not try to pass the rule. Always try to follow the rule.
Any others tips and advice how Asian company could survive passing SOX compliances?
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