Sarbanes - Oxley

For all Securities & Exchange Commission (SEC) registered organizations - whether subsidiaries of US domestic registrants of foreign private investors or US listings either on NYSE or the NASDAQ - that need to comply with the requirements of section 404 of the Sarbanes-Oxley Act, PwC provides a range of services to help you achieve your compliance.

As far as the Greek market is concerned there are a fair number of companies with US listings either on the NYSE or the NASDAQ, spurred on most recently by a very strong shipping industry. Such companies needless to say are also subject to the Act.

One of the more demanding sections of the Act is 404. This section deals with a company’s system of internal control over financial reporting. Domestic companies (US based entities) have already complied with the requirements of this section. Foreign Private Issuers (non-US based entities), that for the part include all the Greek based entities and the shipping companies need to comply with this section for financial years ending on or after July 15, 2006.

Complying with Section 404 has proven to be very time consuming, resource challenging and costly. PwC has been providing S.404 advisory services to its non-audit clients over the last two years as they ready for their initial year of compliance.
PricewaterhouseCoopers offers the methodology and tools that should be used, in order to establish new standards for corporate accountability as well as penalties for corporate wrongdoing. In this way, companies will build in the required processes to ensure that their corporate reporting on internal controls is part of the way they do business, thus being able to satisfy shareholder, public, and other stakeholder requirements with greater confidence.

Our Internal Audit advisory services include supporting the project management process, technical support, determining the risk assessment and scoping activities, assisting in documentation and evaluation efforts, training, quality assurance and review.