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The position regarding subsidiaries of US parent companies

The Sarbanes-Oxley legislation and the auditing standards apply equally to subsidiaries of American companies situated overseas.

Many of the subsidiaries are within the United Kingdom and Europe.

In the absence of local internal audit functions, the financial directors and CEO's of these companies are faced with having to comply with American legislation but are not able to call upon the services of their auditing firms.

Integra has moved to be able to offer a European wide service in assisting subsidiaries of the United States quoted companies to comply with Sarbanes-Oxley and specifically with Section 404. Integra is a network of independent accounting firms across the globe who specialize in working with subsidiaries in their area.

One of the challenges that Integra has tackled is to co-ordinate the approach throughout Europe where local operating methodology may differ and companies situated in different countries are faced with the obligations imposed by Sarbanes-Oxley and Section 404, together with the need to comply with local legislation and standards.

Equally there is a need to communicate effectively across Europe, not only with the finance directors and CEO's of the companies based in Europe, but also with the holding companies within America. Integra is able to do this because each member in Europe commits to being able to communicate in English – the common language of the worldwide Integra

organisation, and equally because of their close links with Integra members of the United States of America. They are able to communicate within that country as effectively.

Implementing this ACT requires a standardized and controlled implementation. Through Integra's methodology US subsidiaries will reduce costs, establish faster and more reliable closing and minimise risks leading to incorrect or incomplete financial reporting. Integra don't believe that overwhelming their clients (who need to comply with Sarbanes Oxley) with consultants will help them implement the ACT and comply. The methodology is based on empowering you to understand the ACT, and it's implications.

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