Public companies in the European Union’s 27 member states should be complying with “EuroSox” by the end of the summer to establish a pan-European framework for governance and financial reporting akin to the Sarbanes-Oxley Act in the United States.
At least, that’s the theory, anyway.
EU nations were supposed to implement two directives this year to bring themselves up to EuroSox standards: the Statutory Audit Directive, which clarifies the duties of external auditors; and the Company Reporting Directive, to adopt Britain’s “comply or explain why” approach to governance standards. The audit directive had to be “transposed” into EU state’s national laws by ...