FRC chief indicates support for a UK version of Sarbanes-Oxley
Sir Jon Thompson says a UK regime similar to Sarbanes-Oxley would raise governance standards and improve risk management and accountability.
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The UK’s leading corporate governance regulator has raised the prospect of new US-style laws that would force finance directors and chief executives to personally attest to the veracity of their internal financial controls.
In an interview this week, Sir Jon Thompson, chief executive of the Financial Reporting Council (FRC), said he was in favour of new UK rules based on the US Sarbanes-Oxley Act (Sarbox).
The now famous Section 404 of Sarbox demands that senior management certify that their internal controls are in good order. In the US, signing off on “incorrect certification” could lead to a maximum fine of $5m, or 20 years in
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