COMMENTS TO THE RESTRICTIONS
IMPOSED BY "SARBANES-OXLEY ACT" AND ITS REGULATIONS.
It is a fact that the US SEC is concerned about
attorneys and auditorsí independence. Sarbanes-Oxley Ac (SOX)t,
dated January 22, 2003, requires disclosure in periodic
reports of non-audit services approved by the respective auditing
Sections 201 and 202 of the Sarbanes-Oxley Act
provide that an issuer's auditing committee must pre-approve "allowable
services" to be provided by the auditor of the issuer's financial
statements in order to assure the independence of such auditor.
In doing so, the auditing committee may establish policies and procedures
for pre-approval provided they are consistent with the Act, detailed
as to the particular service, and designed to safeguard the continued
independence of the accountant.
From our view, legal and tax assistance require
independent and experienced lawyers. TAX & LEGAL CHILE
has the experience required to avoid risks and future unsuspected
liabilities and impacts arisen from Sarbanes-Oxley Act.