While many companies are already in full compliance with the provisions of the Sarbanes-Oxley Act of 2002, most are finding it extremely time-consuming and expensive to prove their compliance to SOX auditors. This instructive white paper explains the various types of controls required to prove compliance with SOX and describes...
Sarbanes-Oxley demands quality in financial reporting. While the initial costs of SOX compliance have been extraordinarily high, companies can achieve a return on investment by approaching their SOX compliance with a mindset to drive quality throughout their financial operations. Companies can achieve a return on compliance spending by using SOX...
Financial executives say employee morale presents the biggest challenge for ongoing Sarbanes-Oxley compliance. Read The 2005 Financial Executive Report on SOX and learn how executives are managing the compliance process and driving bottom-line business benefits from their compliance efforts. See the roadblocks that challenge ongoing SOX compliance, such as hiring...
The purpose of this paper is to empirically examine the financial and governance characteristics of firms under the new Sarbanes-Oxley SOX accounting regime. The paper first compares a comprehensive set of characteristics across firms in four states regarding SOX Section 404 compliance (Compliance, Concerns-Raised, Noncompliance, and Violation). The paper then...
The bulk of financial information in many companies is created, stored and transmitted electronically. For these reasons, compliance with federal requirements such as the Sarbanes-OXley Act SOX is heavily dependent on IT. Companies that must comply with SOX are U.S. public companies, foreign filers in U.S. markets and privately held...
Considered to be one of the most sweeping business reform legislation in the last few years, the Sarbanes-Oxley Act SOX promises to enforce accurate and timely financial disclosure from publicly-listed companies in the US and a greater level of accountability on part of company boards. A compliance solution to SOX...
Since the establishment of SOX, many solution providers, system integrators, VARs and consultants are leveraging the compliance issues surrounding it as a selling tool to their various solution and service offerings. Consequently, companies are investing in "Gotta have" technologies similar to the spending spree associated with Y2K. Companies and executives...
While the financial services sector is accustomed to being heavily regulated, the last few years have brought about increasingly detailed reporting requirements and invasive audits, especially with the enactment of the Sarbanes-Oxley Act in 2002 SOX. The transparency and accountability requirements under SOX extend to IT functions, including the penalties...
Ongoing SOX compliance faces huge challenges beyond reigning in costs. This report highlights a survey which reveals that most financial executives say that after implementing SOX requirements to remediate control deficiencies, most companies have seen bottom-line business benefits. It shows that nearly half of financial executives feel the biggest issue...
While a Service-Oriented Architecture SOA conveniently allows applications built on Web services to access other applications without using human intermediates, such robust capabilities can complicate compliance with the identity and access controls mandated by the Sarbanes-Oxley Act of 2002 SOX. The financial controls and reporting required by section 404 of...
The Sarbanes-Oxley deadline is finally upon one - and public companies with early fiscal year-ends are feeling the heat. Over the past 3 years, endless headlines have preached about the consequences of not abiding by the Act. A bit of additional education never hurts. This is not intended as the...
A key requirement of Sarbanes-Oxley SOX compliance is separation of duties in the change management process. Maintaining SOX compliance becomes both time-consuming and costly when SOX processes and controls are performed and enforced manually. This best practice brief outlines how to meet the separation of duties requirement in the change...
The Sarbanes Oxley SOX Act is an attempt to maintain correctness in financial figures pertaining to the internal systems of enterprises. Every aspect of business which involves financial transaction comes under the scrutiny of the act. This white paper explains the need for organizations involved in supply chain activities to...
Sarbanes-Oxley SOX compliance is a rapidly maturing software category that combines enterprise content management, analytics, and enterprise applications. Three criteria provide significant differentiation among the SOX offerings evaluated: integration, collaboration, and reporting and monitoring. The user interfaces also vary widely in capability and ease of use. OpenPages emerged as the...
This white paper explains some basic tenets of the Sarbanes-Oxley legislation, but is primarily concerned with the role Systems Integrators play in reducing the burden of SOX Compliance.
Making things up as one go along is rarely a good way to do business. However, that is how most companies were forced to approach their first year of compliance with the Sarbanes-Oxley Act of 2002 SOX, particularly Section 404. Lack of planning, understaffing and overwork were the result. The...
With the threat of criminal penalties, the Sarbanes-Oxley Act of 2002 SOX holds senior executives personally accountable for the accuracy of their companies' financial statements. The law also requires publicly traded firms, including insurers, to document and test their internal financial controls, and report within 48 hours any "Material" events...
The Sarbanes-Oxley Act of 2002 ("SOX") and rules adopted by the SEC in the wake of SOX require businesses to report on the effectiveness of their internal controls over financial reporting. Part of any effective system of internal controls is maintaining systems that protect and ensure the integrity of corporate,...
This article asserts that an existing ISO 9000 structure lends itself to integration with a companyÆs financial system, and quality personnel can provide the expertise to help achieve SOX compliance. Just as SOX makes it necessary for the CEO to understand the financial condition of the company, a SOX based...
From an IT security perspective, the key to Sarbanes-Oxley compliance is in the documentation, monitoring and management of a compliance control structure for one's specific enterprise environment. While managing and monitoring technical controls is just one part of SOX compliance, it is an expensive and labor-intensive component. Unlike any other...
