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The Sarbanes Oxley Act :: View topic - J SOX-Japanese Version of SOX
Posted: Tue Mar 14, 2006 11:09 pm Post subject: J SOX-Japanese Version of SOX
Hi guys
Just wondering if any of you guys have any information with regards to a change of corporate law in Japan that mirrors SOX act of the US. It is to be implemented by 18th of March 2008. Im doing some research on it and any information would help.
J SOX requirements are incorporated in the legislative draft entitled "Financial Instruments and Exchange Law". It is similar in substance to SOX section 302 and 404. All japanese listed companies and their subsidiaries will be subject to the requirement of J SOX. Tentatively, it will kick in on 1 April 2008. Hence, the first filing should be on the fiscal year ending 31 march 2009.
Pls correct me if any of the above info is not accurate
Posted: Sat Aug 12, 2006 3:55 pm Post subject: Japan and Sarbanes Oxley
"Mutual respect" between the US PCAOB and the Japanese one... or competitive intelligence concerns?
J-SOX was absolutely necessary for Japan. There is a simple reason for that (and a second one which is more important). The simple reason is that Japanese companies can not really comply with the Sarbanes Oxley Act.
Example: Section 301 of SOX. The audit committee of SOX Section 301 is inconsistent with the requirements of the Commercial Code of Japan.
Among the problems, according to the Commercial Code of Japan: An external accounting auditor is appointed at the shareholders' meeting, not by a board of directors or officers.
The representing director must obtain the prior consent of the board of auditors to propose the appointment of an external accounting auditor at the shareholders' meetings
It is true that the SEC has respected home-country laws and exempted foreign corporations from certain U.S. regulations. But, there are some problems that can not be solved. For example, competitive intelligence problems. It is hard for Japan to accept:
1. Direct supervision by the U.S. authorities over Japanese audit firms
2. Forced disclosure of (confidential) information to foreign authorities (prohibited under the Japanese law)
This is the second reason behind the J-SOX.
The most interesting things about the J-SOX:
1. The framework is very similar to COSO, but it is not the "original" COSO.
The high level objectives are:
(1) effectiveness and efficiency of operations
(2) reliability of financial reports
(3) compliance with laws and regulations
(4) preservation of assets
In Japan they will have 6 elements to document:
(1) control environment
(2) risk assessments and responses (COSO ERM I can see you!)
(3) control activities
(4) information and communication
(5) monitoring
(6) IT support (!!!)
Deadlines: For fiscal year beginning on or after April 1, 2008. Many (most) Japanese companies have a March 31 fiscal year end, so most companies must be ready March 31, 2009. _________________ George Lekatis
President of the Sarbanes Oxley Compliance Professionals Association (SOXCPA)
www.sarbanes-oxley-association.com
I work for a US subsidiary (private) of a Japanese manufacturing parent company (newly public). We will be implementing J-SOX soon. Are there any specific J-SOX resources online in English?
Posted: Wed Mar 25, 2009 11:38 am Post subject: J-sox compliance
Hi Mr. George Lekatis and other J-Sox experts,
I am writing an Accounting Manual for US company owned by a Japanese public company. The Japanese company purchased this US company last May and wants to prepare for J-sox documentation for the future requirement. Currently, this US company isn't included in the documentation required list among oversea subsidiaries. My question is other than Accounting Manual, what kind of policy, manual, and other documents they should have at least? The US company doesn't even have IT manual and operation manual. I suggested that they should prepare them. Does these manuals require for J-Sox?
I am far from an expert, but I can tell you that it is a good idea to document your IT resources and how they are used. Also, many of the policies that I need to submit are HR in nature, e.g. Privacy policy, Building security, Performance reviews, etc.
I am far from an expert, but I can tell you that it is a good idea to document your IT resources and how they are used. Also, many of the policies that I need to submit are HR in nature, e.g. Privacy policy, Building security, Performance reviews, etc.
Thank you Phantom for comments.
I know it is better to have them, but I have to show them some kind of evidence that they are required by J-Sox, otherwise they don't want to spend money and time for that.
Posted: Sat Apr 11, 2009 6:47 am Post subject: Re: Japan and Sarbanes Oxley
lekatis wrote:
The high level objectives are:
(1) effectiveness and efficiency of operations
(2) reliability of financial reports
(3) compliance with laws and regulations
(4) preservation of assets
In Japan they will have 6 elements to document:
(1) control environment
(2) risk assessments and responses (COSO ERM I can see you!)
(3) control activities
(4) information and communication
(5) monitoring
(6) IT support (!!!)
What lekatis posted already is what is required by JSOX. We have new policies, regulations, committees, etc. to ensure we are in compliance. At a minimum, it is good practice to have company policies that address these issues.
Another project I would recommend is a matrix of administrative authority (basically who does what and what is the limit of their limit of control (e.g. spending limits)).
There is alot of advice on this website that should certainly help your project, even if it is not labelled "JSOX."
I knew much less than today as Madoff not only cheated from a business perspective, but on his wife as well. In other words, I may have given him too much benefit of the doubt.
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