News | June 17, 2003

Axentis LLC Co-Sponsors First Conference On Sarbanes-Oxley Compliance For Pharmaceutical And Biotech Industries

Source: Axentis
From July 30 – August 1, conference is specifically designed for life science executives working in corporate compliance and financial reporting

CLEVELAND, OHIO – Axentis LLC, the leader in governance, compliance and risk management, is co-sponsoring a two-day conference on the impact of the Sarbanes-Oxley Act on pharmaceutical and biotech companies. Other sponsors include PricewaterhouseCoopers LLP (PwC) and the Institute for International Research (IIR). The conference, which will take place in Washington, D.C., from July 30-August 1, is intended for people who are responsible for corporate compliance and financial reporting. This is the first conference on Sarbanes-Oxley specifically geared toward the life sciences industry.

Notes Ted Frank, Chief Executive Officer of Axentis, "Though the Sarbanes-Oxley Act is not directed specifically at the pharmaceutical and biotech industries – it applies to all publicly held corporations – it poses particular challenges for companies in regulated industries. Sarbanes-Oxley was passed by Congress in the wake of high-profile accounting and ethical scandals at Enron, WorldCom and other companies last year and imposes significant compliance obligations that go far beyond accounting issues. The statute will require major structural and procedural changes in business practices. Pharma companies in particular will need to develop specific solutions to ensure that they are meeting all of the governance and reporting obligations required by the new law."

"Sarbanes-Oxley is raising the bar even higher for highly-regulated industries," said Brent Saunders, Co-Leader of PwC's Global Pharmaceutical & Health Sciences Group. "As organizations are realizing the filings are painful to complete and the regulations are costly to meet, they must be identifying practical solutions to develop successful corporate compliance programs."

There will be several pre-conference workshops centered around developing a testing plan for Sarbanes-Oxley requirements and also on managing the impact of Sarbanes-Oxley during pharmaceutical/biotech acquisitions, with a specific focus on minimizing conflict between financial reporting and tax planning. The main conference, held on July 31st and August 1, will include numerous speakers discussing topics such as: Ensuring Compliance and Creating Clear Policies, Compliance Strategies in Non-Public Pharmaceutical Companies, Internal Investigations, Sarbanes-Oxley from the Senior Officers' Viewpoint, IRS Tax Shelter Disclosure Requirements, Leveraging Technology to Address Sarbanes-Oxley and Create a Central Nervous System to Manage Compliance, and Key Issues for Lawyers and Compliance Professionals.

Frank observed, "IIR has put together an outstanding group of experts for this conference, which is one of the reasons that Axentis is so excited to be a co-sponsor. Sarbanes-Oxley is the biggest thing to hit pharmaceutical and biotech companies in years – and this conference is a critically important step for these companies to take if they are to respond effectively to the obligations of this new law."

For more information about the conference:
For more information or to register, call (888) 670-8200 (U.S.) or (941) 951-7885 (International). Information and registration materials are also available at http://www.iirusa.com/sarbanes-oxley.