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J-SOX is the nickname of Japan's Financial Instruments and Exchange Law, which was promulgated in June 2006. Inspired by corporate scandals such as the Kanebo, Livedoor, and Murakami Fund episodes, the law has been dubbed as the Japanese version of the Sarbanes-Oxley Act, hence J-SOX. The Internal Control Committee of the Business Accounting Council of the Japanese Financial Services Agency provided final Implementation Guidance for Management Assessment and Audit of Internal Controls over Financial Reporting (ICFR) in February 2007. The Implementation Guidance provides details to Japanese companies on how to implement a Management Assessment of Internal Control over Financial Reporting as required under the Financial Instruments and Exchange Law. The J-SOX compliance requirements similar to Sarbanes-Oxley Act Section 302 (management certification) and Section 404 (management evaluation and report on internal controls) in the United States. | ||||||||||||||||||
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J-SOX Resources
The law for amending the Securities and Exchange Law and other financial laws and the law for abolishing and amending the related laws to implement the law for amending the Securities and Exchange Law and other financial laws were promulgated on June 14, following the approval and passage of the respective bills at the 164th Diet session held on June 7, 2006.
The Institute of Internal Auditors The Institute of Internal Auditors (IIA) is an international professional association with global headquarters in Altamonte Springs , Fla. , USA . The IIA is the internal audit profession's global voice, recognized authority, acknowledged leader, chief advocate, and principal educator. Members work in internal auditing, risk management, governance, internal control, information technology audit, education, and security.
IT Compliance Institute The IT Compliance Institute (ITCi) strives to be a global authority on the role of technology in business governance and regulatory compliance. Through comprehensive education, research, and analysis related to emerging government statutes and affected business and technology practices, we help organizations overcome the challenges posed by today's regulatory environment and find new ways to turn compliance efforts into capital opportunities.
News and Articles J-SOX: a new challenge for Japanese Japan is no exception to the global trend of re-invigorating corporate governance. Recent corporate frauds have accelerated the movement towards corporate control enhancements. J-SOX was enacted as law when the Financial Instrument and Exchange Law was passed by Japan 's Congress on 7 June 2006 . The Business Accounting Council of the Japanese Financial Services Agency, a Japan regulatory body equivalent to the SEC has released the final report on the Standards the Implementation Guidance for Management Assessment and Audit of Internal Control over Financial Reporting ("ICFR").
Kansayaku Try to Find Post-JSOX Role Now that Japan has finally introduced the guidelines for its own version of the Sarbanes-Oxley Act, auditors foresee a host of new challenges for Japanese corporations. One challenge: what do to with the uniquely Japanese position of the corporate auditor.
Why J-Sox is Not Sarbanes-Oxley The origins and intent of J-SOX are different from what happened in the United States . Instead of being propelled by political backlash from burned individual investors, Japan 's new regulatory initiative is being driven by FSA bureaucrats who want to crack down on pro- North Korean interests and criminal groups who have been engaging in fraud and manipulating stocks.
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