European companies are taking a faltering approach to Sarbanes-Oxley

European companies are taking a faltering approach to Sarbanes-Oxley Few have made significant inroads towards meeting compliance. A.R.C. Morgan have today released the findings of their European Companies Sarbanes-Oxley Benchmarking survey -- the survey indicates that more than 69% 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.

The Hague, Netherlands (PRWEB) September 22, 2004 -- A.R.C. Morgan have today released the findings of their European Companies Sarbanes-Oxley Benchmarking survey -- the survey indicates that more than 69% 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 an alarmingly high percentage of companies (more than 80%) 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 towards general housekeeping and enhancement of processes.

About A.R.C. Morgan

A.R.C. Morgan provides Financial Control Management experts to assist firms achieve Sarbanes-Oxley compliance. Our professionals are experienced in conducting both Section 404 readiness assessments and Section 302 Disclosure Control advice. We can act as a project lead or augment existing project teams with experienced resources. A.R.C. Morgan is a growing company with Head-Offices in The Netherlands and personnel available in the U.K., European and Nordic countries.

Contact

A.R.C. Morgan

Parkweg 2

2585 JJ, The Hague

The Netherlands

Tel: + 31 70 416 6037

Fax: + 31 70 350 3075

Email: survey@arcmorgan.com

Web: www.arcmorgan.com

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