The Chinese government has announced some additional changes to the Basic Standard for Enterprise Internal Control that impact the initial scope and audience for the regulation.
I mentioned previously that we are looking at a six month implementation delay (moved from July 2009 to January 2010). It now appears that some of the regulations may be relaxed and that the first wave of impacted companies will be Chinese firms listed overseas and state-owned enterprises.
See this article (in Chinese) for more detail: http://www.cnstock.com/paper_new/html/2009-05/06/content_69600302.htm
None of this is yet official, so I am keeping an eye on the developments. The potential impact is that listed companies will now have time to learn from the experiences of the SOEs (who will presumably receive some guidance from the Ministry of Finance on how to implement C-SOX).
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About the Author
- Alex Raymond
- Beijing, China
- Founder of Vast Talent, a specialist provider of compliance and performance improvement tools in Hong Kong and China.
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