RE: Sarbanes & Oxley

["Burns, Carolyn" <Carolyn.Burns@xxxxxxxxxxx>]

Your right on that one.  If a company is not publicly traded yet has 500 
shareholders in the organization they can be held up to comply with SOX.

Best Regards,
Carolyn 
Business Development Manager
MODIS IT
1230 Rosecrans Avenue Suite 425
Manhattan Beach, CA 90266
Telephone: 310-727-3272
Cellular Phone:  310-989-0481
Facsimile:  310/727-1920
carolyn.burns@xxxxxxxxxxx


-----Original Message-----
From: midrange-l-bounces@xxxxxxxxxxxx
[mailto:midrange-l-bounces@xxxxxxxxxxxx]On Behalf Of John Earl
Sent: Monday, August 23, 2004 10:49 AM
To: Midrange Systems Technical Discussion
Subject: RE: Sarbanes & Oxley


Doug,

There is not much benefit of putting it off, and no, it is not going to
go away.

With less fanfare than you would think necessary, the Federal
Government, through Senator Sarbanes and Representative Oxley, has given
teeth to auditors who believe that our systems are run too loosely.
Auditors are demanding better controls, tighter procedures, and
documented accountability.  If they don't get it, they won't slap you,
they will slap the Sr. Corporate Management (who will in turn invite you
up of a conversation, no doubt).  The rules of the game are changing.

BTW, while this is only supposed to affect publicly traded U.S.
corporations, I have seen examples where SOX compliance was required of
private companies - once in advance of an acquisition with a public
company, and more than once as part of the due diligence for a
cooperative venture.


jte


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The PowerTech Group
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(253) 872-7788 ext. 302
john.earl@xxxxxxxxxxxxx
www.powertech.com 
 

 
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> -----Original Message-----
> From: midrange-l-bounces@xxxxxxxxxxxx [mailto:midrange-l-
> bounces@xxxxxxxxxxxx] On Behalf Of Doug Hart
> Sent: Sunday, August 22, 2004 4:18 PM
> To: 'Midrange Systems Technical Discussion'
> Subject: Sarbanes & Oxley
> 
> 
> Does anyone know if there is a date when companies must be
> SOX compliant?
> 
> Also, what are the penalties, if any, for non-compliance?
> 
> Our auditors are driving us nuts.  I'd love to put them
> off until next
> Spring, or just pay the fines like you can do with OSHA if
> they are not to
> expensive.
> 
> ---
> Doug Hart
> 
> 
> --
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