The Hague, Netherlands September 22, 2004 -- A.R.C. Morgan have today released the findings of their European Companies Sarbanes-Oxley Benchmarking survey – the survey indicates that more than 69% of European companies interviewed are only at the very early stages of planning their Sarbanes-Oxley section 404 project. The survey also reveals that European companies are not paying heed to the whistleblower provision of the Sarbanes-Oxley Act. The results of this Benchmarking Survey should cause alarm within Board Rooms of those European companies that must comply with the Sarbanes-Oxley Act.

A.R.C. Morgan made contact with 376 individuals responsible for overseeing compliance with Sarbanes-Oxley, from 21 countries in EMEA and diverse industry sectors – all respondents have their head offices in the region.

The survey found that an alarmingly high percentage of companies (more than 80%) reported that spreadsheets play an important role in both assessing the control environment and final financial reporting. The survey also found that a large number of companies have found it increasingly difficult to balance the Sarbanes-Oxley compliance efforts with IFRS and local government requirements.

On a positive note the majority of respondents said that they saw Sarbanes-Oxley section 404 as an opportunity towards general housekeeping and enhancement of processes.

About A.R.C. Morgan
A.R.C. Morgan provides Financial Control Management experts to assist firms achieve Sarbanes-Oxley compliance. Our professionals are experienced in conducting both Section 404 readiness assessments and Section 302 Disclosure Control advice. We can act as a project lead or augment existing project teams with experienced resources. A.R.C. Morgan is a growing company with Head-Offices in The Netherlands and personnel available in the U.K., European and Nordic countries.

Contact
A.R.C. Morgan
Parkweg 2
2585 JJ, The Hague
The Netherlands
Tel: + 31 70 416 6037
Fax: + 31 70 350 3075
Email: survey@arcmorgan.com
Web: www.arcmorgan.com




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