What we do - Sarbarnes Oxley (SOX) Auditing:

What is the Sarbanes-Oxley Act of 2002?

Effective in 2004, all public companies will be required (for the first time) to submit an annual assessment of the effectiveness of their internal financial auditing controls to the Securities and Exchange Commission (SEC).

Why was the Sarbanes-Oxley Act passed?

The Sarbanes-Oxley Act of 2002, also known as SOX, was passed due to the accounting scandals at Enron, WorldCom, Global Crossing, Tyco and Arthur Andersen, that resulted in billions of dollars in corporate and investor losses. These huge losses negatively impacted the financial markets and general investor trust. The Sarbanes-Oxley Act mandates a wide-sweeping accounting framework for all public companies doing business in the US.

What companies need to comply with Sarbanes-Oxley?

All publicly-traded companies in the United States, including all wholly-owned subsidiaries, and all publicly-traded non-US companies doing in business in the US are affected. In addition, any private companies that are preparing for their initial public offering (IPO) may also need to comply with certain provisions of Sarbanes-Oxley.

BB Hobbes and Sarbarnes Oxley (SOX) Auditing:

BB Hobbes recently provided an external audit of the Internal Accounting Controls for a leading London based audit firm. The organisation was a UK based subsidiary of a US based company and legally needed an external audit to ensure compliance with Section 404 of the Sarbarnes Oxley Act of 2002.  Our report allowed this organisation to “tick the SOX Box” and keep within the legal requirements of business within the UK/US boundaries.

Find out more about how BB Hobbes can assist your company with it’s Sarbarnes Oxley Audit – contact Jimmy Budge on 07711 604027 or via email to jimmy@bb-hobbes.co.uk