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Article Excerpt
The pending deadline of the Sarbanes-Oxley Act of 2002 is spurring corporate travel managers to redefine travel policies, reexamine reporting practices and set internal controls that restrain expense abuses in efforts to contribute to their companies' compliance with the legislation.
While many still are determining what impact, if any, the legislation has upon them, internal changes in response to the new law should be reflected in annual reports for the first fiscal year ending on or after June 15, 2004.
"There is a big piece of Sarbanes-Oxley in terms of travel. Companies have to declare any personal use of company assets to their stockholders, and travel gets involved in all of this through the use of tickets, the use of special funding, the use of company aircraft, etc.," said Earl Foster, president of Partnership Travel Consulting. Yet, the divisions and individuals "assigned to watch over the legislation have so much to look at that they don't realize to what extent travel is a part of it."
Although the act is more about financial reporting, and the...
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