J-SOX, Japanese version of Sarbanes Oxley Act a simple comparison
Sarbanes Oxley Act enacted on July 2002, and after that many version released in every regional trying to comply this standard. One of the versions of SOX is J-SOX or Japanese version of Sarbanes Oxley Act, and also not forgets to mention other version such as European SOX.
The Big difference:
The big difference between SOX and J-SOX is fact that the J-SOX is wider than SOX in this case are:
Corporate objectives in the Japanese framework
- Effectiveness and efficiency of operations;
- Reliability of financial reports;
- Compliance with laws and regulations relating to business activities;
- Preservation of assets
Basic elements in the Japanese framework
- Control environment
- Risk assessments and responses
- Control activities
- Information and communication
- Monitoring
- IT support
The similarity
Driver
Japan 2006: Livedoor, an Internet service provider based in Tokyo was accused of fraud
US 2002: Accounting scandal by leading public accounting firms such as Arthur Andersen and Enron.
Any opinions? Suggestions? Successful JSOX implementations?
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