Infosys adopts section 404 of the US Sarbanes Oxley Act
Bangalore, India, October 25, 2005: Infosys Technologies Limited (NASDAQ: INFY) announced that it is now compliant with Section 404 of the Sarbanes Oxley Act of 2002 ("SOX Act") well in advance of the mandatory deadline of 31 March 2007. With this certification, Infosys ranks among the earliest foreign filers to have achieved this milestone.
In its Quarterly Report on Form 6-K filed with the United States Securities and Exchange Commission (SEC) on October 21, 2005, Infosys management has assessed Infosys' internal control over financial reporting as effective as of September 30, 2005. The independent auditors, KPMG, have evaluated and independently verified management's assessment and issued an unqualified opinion.
This assessment was performed voluntarily under the SOX Act which requires company management to assess and report on company's internal controls over financial reporting.
"I am delighted that we have achieved yet another milestone in our financial reporting" said Mr. N.R. Narayana Murthy, Chairman and Chief Mentor. "We are committed to practice highest standards of corporate governance in our business and the compliance to the Sarbanes Oxley regulations is a milestone in this long journey"