After being acquired by the MFC Group in the first quarter 2014, Fesil Sales has to be compliant with the US Sarbanes-Oxley Act of 2002 (SOX) as MFC is listed in the United States.
As a result of SOX, top management must individually certify the accuracy of financial information. Also, SOX increased the oversight role of boards of directors and the independence of the outside auditors who review the accuracy of corporate financial statements.
A new compliance officer has been recently recruited in order to implement all the internal controls related to SOX, for German and Luxembourgish offices. His role is to put in place and follow up all the process on a daily basis. He also has to ensure that these controls are effective and correct the misstatements identified.
This new control environment will operate effectively for Fesil Sales
by the end of the year 2014, and will be audited and certified by