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Specialized Consulting - J-SOX

In the US, Sarbanes-Oxley has been in effect for several years. However, for Japanese Public Companies, this is the year for change. Effective April 1, 2008, the Financial Instruments Exchange Law (FIEL or J-SOX) went into effect requiring J-SOX compliant audits of Internal Controls Over Financial Reporting to be completed by March 31, 2009. For all material subsidiaries of Japanese companies, that means you will most likely be required to prepare extensive documentation of internal controls and possibly submit to an audit over significant risk areas related to this compliance as identified by your Parent company.

For many companies this will be a difficult task due to:

  • Inadequate staff levels due to cost reduction - leading to a lack of resources or time in the accounting department to complete projects
  • Lack of direction from the Parent or confusing instructions
  • Misunderstanding of the level of detail or process documentation required
  • Forms supplied in Japanese or mistranslated documentation
  • Lack of internal expertise or experience in the specialized process of risk assessment, identification of mitigating controls and preparation of risk control matrices
  • High cost of outside consulting firms
  • Inability of current auditors to provide "independence impairing" services

Corbett, Duncan & Hubly wants to help. We have been offering services related to the original SOX laws since 2002, and also have been providing J-SOX consulting services for the past two years. We can help you meet the challenges without breaking your budget and frustrating your staff. We will get you where you need to be on-time through:

  • Local J-SOX team planning for your compliance project (Bilingual Principals, Managers, Seniors and Staff as needed)
    • Local Focus - Focused on Mid-West client service in 5 states
  • J-SOX specific assistance to help you to properly document your procedures
    • Creation, review or modification of your flow-charts
    • Creation (from scratch), review or modification of your risk control matrices - risk assessment from a risk assessment specialist
    • Training for your staff in order to more effectively complete your initial compliance project
  • Assistance with understanding of the goals and requirements of J-SOX including entity-level risk assessment to guide your work
  • Engagement team alignment to match the scale of your operations and available resources - make the process simple and easier for you and your people
  • Reasonable Rates - All services provided at reasonable billing rates

If you would like to speak with someone at Corbett, Duncan & Hubly about our J-SOX services or related internal control documentation, review or testing, please contact Koh Fujimoto at 630-285-0215.