The reach of Sarbanes-Oxley has now reached Brazil. GOL Linhas Aereas Inteligentes, a low-cost airline from Brazil is claiming to be the first company in South America to be SOX compliant.

Known as a Foreign Private Issuer on the NYSE, the company has had to comply with Sarbanes-Oxley. In particular, the infamous Section 404.

GOL used the well trod path of following the guidelines from COSO on internal control.

The compliance comes before an SEC deadline of July 2006 for such companies to be compliant.

Section 404 requires auditors and management to attest to the effectiveness of internal controls over financial reporting.

GOL worked Ernst & Young Risk Consultants and Big5 Consulting to reach compliance.

Section 302 has also been complied with.

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