Corporate Compliance - A Global Convergence

Paper Summary:

This paper discusses the global trend towards ensuring corporate compliance of financial and accounting regulations. Recent measures in Australia, England and Canada as well as the United States are examined. Particularly Sarbanes-Oxley in the United States is examined with its corresponding influence on cost of compliance and convergence of IT and finance department functions.

From the Paper:

"The global perspective on corporate governance has evolved with the pace of globalization itself; and justifiably so. With the pace of global expansion and the increasingly complex integration of the world's major economies, corporate governance and oversight are necessary measures to ensure an equitable, level playing field for all participants in the global economy. As Tarantino points out, most of the world's major economies outside of the U.S. may view the Sarbanes-Oxley Act as a gross over reaction yet none would fail to observe that U.S. economic growth is generally outperforming Europe's major economies (2005). He goes on to say that: Forward-thinking public and private companies in the U.S. have taken a proactive approach to regulatory requirements to improve internal controls. They view them as a best practice that will increase their profitability and provide a strategic competitive advantage."

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