Risk Management
Malfunctioning management systems and imperfections in the administrative organisation are a risk to business operations. Based on its administrative liability for business operations, management may decide to ask an expert for an assessment and advice.
Governance
As supervisor or commissioner, you have to account for your actions. To this end, you want an insight into business operations. Application of, and compliance with governance codes are essential. Within this framework, Mazars can assist in the implementation of governance codes and can advise on the improvement of business operations.
SOX
The Sarbanes-Oxley Act (SOX) is an American act, which was rather haphazardly introduced by President Bush in 2002, due to a number of large bookkeeping scandals (Enron, WorldCom) which seriously damaged the image of the American accountant. The act aims to restore social and mutual confidence in the business community and the financial world, and involves external supervision by The Public Company Accounting Oversight Board (PCAOB, often referred to as Peekaboo)
SOX is the most important law amendment for the American capital market since 1930, and has a reasonably significant impact outside the US as well. Dutch companies who are listed on a stock exchange in the US and subsidiaries of multinationals listed on an American stock exchange are affected by this, which means that their auditing accountants are affected by it as well. The PCAOB leaves the supervision of European accountants to the European supervisors, but does specifically stipulate that these have to be fully independent.
In Dutch law concerning Corporate Governance, the emphasis is on self regulation (Peters Commission, Tabaksblat). SOX on the other hand is a very detailed act, which involves serious sanctions for directors found guilty of embezzlement. However, it is expected that PCAOB will become more lenient, since its enforcement so far has been slightly problematic.
- Copyright 2012 - Mazars - Netherlands
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- Copyright 2012 - Mazars - Netherlands
