Article by Adrian Walker, Director of Tax Operations at Jefferson Wells Limited. This article appeared in the January 2006 issue of Tax Adviser. With the first round of Sarbanes-Oxley (SOX) Section 404 filing well under way, tax accounting has already been singled out as a main area of concern. US companies, and their European subsidiaries, have found compliance with SOX Section 404 challenging, costly and burdensome. Despite all of this effor, however, internal controls over tax accounting have been found lacking far too frequently. The internal control environment can only be worse in companies that have not had to respond to such vigorous legislation, UK groups included.
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