If Chinese authorities could have their way, all public companies in that country would begin complying with “CSOX”—China’s version of governance and financial reporting akin to the Sarbanes-Oxley Act in the United States—by the middle of next summer, as planned.
But many experts tell Compliance Week that actual implementation of the new regulations within that timeframe is little more than a pipe dream.
Five powerful Chinese bureaucracies jointly issued the CSOX standards, the Basic Standard for Enterprise Internal Control, in June with the intent that they become effective in July 2009. But because many companies in China are state owned and conflicts ...