McLean, Va. and Tokyo, Japan (June 4, 2007) - BearingPoint Co., Ltd., a subsidiary of BearingPoint, Inc. (NYSE:BE) announced today a new solution to help Japanese companies comply with J-SOX, a set of laws passed in Japan to ensure the accuracy and reliability of financial reporting by Japanese companies. Japanese companies will be required to comply with J-SOX in and after the fiscal year ending March 2009.
Because many Japanese companies are doing business around the world, an important factor in their compliance is the ability to strengthen internal controls at their overseas subsidiaries, especially those that have a material impact on financial reporting.
"J-SOX Compliance is a long-term, global issue for many companies with operations in Japan," said J.R. Reagan, managing director and global solution leader of BearingPoint’s Risk, Compliance and Security Practice. "BearingPoint’s global scale and capabilities in risk, compliance and security give it a special, sustained ability to help companies operating around the globe to prepare for J-SOX compliance."
"BearingPoint helped us efficiently conduct J-SOX documentation through testing and remediation using rapidly deployable tools and methodologies," said Mr. Hisashi Takahashi, Head of Treasury Administration, New York Branch, Sumitomo Trust Banking Co. Ltd. "They provided globally standardized, high-quality consulting services, enabling us to comply with J-SOX in our Tokyo, New York and London offices."
BearingPoint’s J-SOX Compliance Solution supports Japanese companies by leveraging its global base of consultants and their experience and knowledge in J-SOX compliance to help them prepare practices and processes that are consistent with those being used in Japan. BearingPoint’s distinctive approach not only helps its clients become J-SOX compliant, but also achieve other underlying goals such as instilling a risk-aware culture, enhancing risk management capabilities and improving business processes. The company deploys some 250 consultants in Japan as well as an extensive network of consultants in the United States, Europe and the Asia-Pacific region to support Japanese-based companies in complying with J-SOX.
About BearingPoint, Inc.
BearingPoint, Inc. (NYSE: BE) is one of the world's largest providers of management and technology consulting services to Global 2000 companies and government organizations in 60 countries worldwide. Based in McLean, Va., the firm has over 17,000 employees and major practice areas focusing on the Public Services, Financial Services and Commercial Services markets. For nearly 100 years, BearingPoint professionals have built a reputation for knowing what it takes to help clients achieve their goals, and working closely with them to get the job done. For more information, visit the Company's website at www.BearingPoint.com .