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The Sarbanes-Oxley Act was passed in August 2002 and represents a major revolution in the development of corporate governance. In Greater China its impact can be seen in many ways:
- there are over 50 Hong Kong or Chinese companies that are SEC registrants because of US debt or equity;
- there are numerous companies in Greater China that are subsidiaries or joint ventures of overseas SEC registrants;
- many non-SEC companies are looking to Sarbanes-Oxley as an indication of "best practice" corporate governance;
- employees, directors, audit committees and auditors are all directly affected by the many new rules and principles contained within the Act and the subsequent SEC regulation.
PwC has a long-standing reputation for thought-leadership in the field of Corporate Governance and has taken a lead in assisting clients to understand its practical implications. In Mainland China and Hong Kong, PwC has developed a thorough understanding, not just of the new disclosures and changes in audit committee composition, but also of the systems of internal control that will be required to underpin the representations now being required of management.
Drawing on the knowledge and experience of our US firm together with our familiarity with the local business environment, PwC is assisting companies in Greater China to educate themselves and to put in place the necessary control processes and frameworks.
Visit our global Sarbanes-Oxley site to find a collection of content aims to give you a deeper understanding of this monumental legislation, and its impact on public companies. You will find the text of the law and the supporting SEC regulations; our firm's comments on both; PwC white papers and webcasts; as well as timely analysis and commentary. |
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