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SOX rocks European Cos.

Publication: Business Travel News
Publication Date: 18-JUL-05 		Format: Online - approximately 1102 words
Delivery: Immediate Online Access

Article Excerpt
Following a recent 12-month extension, European corporate operations have until July 15, 2006, to comply with the demands of the U.S. Sarbanes-Oxley Act, which is driving increased control of, and compliance with, expense management processes on both sides of the Atlantic.

Initiating relevant processes, back-office systems and audit trails is proving more complex than it has in the United States. "It is harder in Europe because there are so many countries and a lot of different local processes," said Nadine Dewart, president-elect of the Association of Corporate Travel Executives and Belgium-based global travel buyer for DuPont. "It is a lot of work to align them."

Daunting as it may be, SOX is by no means the only manifestation within European travel management of the global push towards greater corporate governance and the intensified accountability and documentation that follow in its wake. The Basel II accord and Solvency II are creating similar levels of financial regulation for the European banking and capital markets, while proposed...

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