BOC is facing a £20m Sarbanes-Oxley compliance bill – much more than the company first estimated.
The news will also affect other gas companies which have to comply with the regulations laid down in America.
BOC says the costs will have to found over the next two years in order to bring it into full compliance with the regulations of the bill. The deadline for full compliance in financial reporting and internal IT controls is September next year.
The Sarbanes-Oxley regulations were introduced by the US in order to prevent another Enron scandal but businesses have been increasingly calling on the rules to be relaxed because of the high costs of bringing the processes into compliance.
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