Recent corporate frauds have accelerated the movement towards internal control enhancements. Japan is no exception to the global trend of re-invigorating corporate governance. In Japan the so-called ‘J-SOX’ regulations are to become effect for fiscal year starting 1st April 2008.
The requirements are law for all the public companies listed on Stock Exchanges in Japan and their subsidiaries. This means that under J-SOX, management need to assess the design and operating effectiveness of Internal Control over Financial Reporting (‘ICFR’) and report the results. The independent auditor will provide an attestation of the effectiveness of management’s assessment. As such, overseas subsidiaries and affiliates in the UK and the rest of Europe should also fall within the scope of such assessment and reporting.
Newton IT’s Services
Newton IT J-SOX team provide support for your company in an effort to comply with J-SOX requirements. Our consultants have experience in corresponding with US-SOX/J-SOX and provide you with flexible support that cover various phases of your company’s J-SOX efforts as stated below;
- Documentation of Internal Control: Assist your company with its development and documentation of control objectives, existing business processes, associated risks, and controls;
- Assessment of Internal Control: Assist your company with its design and operating of control effectiveness;
- Remediation of the control deficiencies: Assist your company with remediating the identified design/operating controls deficiencies as compared with the internal control framework;
- After J-SOX support: Assist your company with planning for J-SOX Year 2 and beyond to improve efficiencies of J-SOX tasks such as; business process improvements, enterprise risk management, Outsourced serviced of Audit, monitoring, assessment of internal control, system maintenance and support
