Finance | 28 May 2009

Senior accounting officers (SAOs) of large companies will shortly be required to provide personal certification that their accounting systems are capable of ensuring accuracy in their tax reporting.

The proposals announced in the Budget 2009 draw on Section 404 of the Sarbanes-Oxley Act in the US (SOX), and the obligations therein to establish and monitor internal controls over financial reporting processes. The proposals apply to employment, direct and indirect taxes and state that SAOs will be required to: