Japan imposing new financial controls framework similar to Sarbanes-Oxley

Japanese companies and their international subsidiaries have started prepping for next year’s implementation of a corporate governance framework that’s comparable to the requirements imposed by the Sarbanes-Oxley Act in the U.S.

Many U.S.-based IT managers have started working on processes to ensure compliance with the emerging financial controls requirements, informally known as J-SOX, even though initial details aren’t expected until next month.

“This is just like the early stages of Sarbanes-Oxley — nobody really knows” the specific requirements yet, said Michael Pellegrino, vice president of IT at Fuji Photo Film U.S.A. Inc., a Valhalla, N.Y.-based subsidiary of Tokyo-based Fujifilm Corp.

[1] Computerworld: IT Braces for ‘J-SOX’ Rules