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Big Brother Is Watching

By John A. Funk and J. Patrick Toher
November 01, 2004

Companies considering outsourcing today, and companies that have already outsourced significant functions and processes, face an increasingly complex web of domestic and foreign laws and regulations at various levels of government. Compliance with those laws in the context of an outsourcing transaction poses a considerable and growing challenge. This article examines three of the hottest topics in the area of regulatory compliance in outsourcing: Sarbanes-Oxley, privacy, and legislative initiatives focusing on offshore outsourcing.

Corporate Reform: the Impact of Sarbanes-Oxley

In response to high-profile corporate collapses resulting from accounting irregularities and perceived failures of ethics and controls, Congress enacted the Sarbanes-Oxley Act of 2002 (SOX). Section 404 of SOX requires the CEO and CFO of reporting companies to assess, and certify in each 10-K, the adequacy of the company's internal control structures and procedures for financial reporting. If functions relating to or impacting a company's financial reporting have been outsourced, this assessment must include an assessment of the adequacy of the service provider's internal control structures and procedures. If the company has outsourced significant portions of finance and accounting to a third party, those functions obviously impact financial reporting. However, any outsourced function that is part of the information and communication component of the company's internal control over financial reporting may also be part of the company's controls over financial reporting.

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