Japanese companies and their international subsidiaries have started prepping for next year’s implementation of a corporate governance framework that’s comparable to the requirements imposed by the Sarbanes-Oxley Act in the U.S.
Many U.S.-based IT managers have started working on processes to ensure compliance with the emerging financial controls requirements, informally known as J-SOX, even though initial details aren’t expected until next month.
“This is just like the early stages of Sarbanes-Oxley — nobody really knows” the specific requirements yet, said Michael Pellegrino, vice president of IT at Fuji Photo Film U.S.A. Inc., a Valhalla, N.Y.-based subsidiary of Tokyo-based Fujifilm Corp.
As the largest of Fujifilm’s 12 North American subsidiaries, Pellegrino’s group is following the lead of its parent firm’s IT operations on what steps it should take to document its IT controls.
Read more at: Computerworld