Plans by the Security Exchange Commission (SEC) to relax the reporting requirements related to the Sarbanes-Oxley should not let UK firms be complacent. So says consultancy firm Gartner.

Although a US piece of legislation, UK and other European firms which list in America are caught by its requirements.

The time allowed for fompanies to file annual and quarterly reports is extended from 60 to 75 days.

Particular problems for IT are due to section 404 of the Sarbanes-Oxley Act.. Firstly because the section means extensive tests of internal controls. A large section of which are to do with the financial applications.

The other aspect for IT departments is the technology needed to meet the reporting standards themselves. Activities include managing records, monitor business activity and corporate performance.