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COMMENTS TO THE RESTRICTIONS IMPOSED BY "SARBANES-OXLEY ACT" AND ITS REGULATIONS It is a fact that the US SEC is concerned about auditors’ independence. Sarbanes-Oxley Act, dated January 22, 2003, requires disclosure in periodic reports of non-audit services approved by the respective auditing committee. Of course, such reports may trigger unsuspected liabilities for the members of the auditing committees that must be avoided. 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. The rules will implement those sections of the Act by requiring that the auditing committee pre-approves all services. 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 LTDA. has the experience required
to avoid risks and future unsuspected liabilities and impacts arisen
from Sarbanes-Oxley Act.
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