Compliance Sarbanes Oxley » compliance sarbanes oxley

What does Sarbanes-Oxley compliance actually cost?

admin — Sat, 08 May 2010 01:46:11 +0000

What does a new information system cost? How long does it take to install? What do IT workers make per hour? What’s it take to maintain compliance?
I want figures!!!
Please Help!!!

This a hugely complicated question, because it depends on the size and complexity of the information system you need. An information system can easily cost hundreds of millions of dollars if it requires a great deal of development time, or if overruns or design changes require extra work.

The install time depends on:
* the size and complexity of the system
* how well the organization works with the developers to design the system
* whether the initial development can proceed without a redesign (i.e. – whether they get half way and realize that the initial design was utterly flawed)
* whether the organization changes their mind about what they want
* whether the organization changes their technology requirements in the middle of development.

IT workers can make from $10/hour for help desk to hundreds of dollars per hour for hiring an expert after hours for an emergency. It depends on whether you’re hiring internal workers or contractors, their experience, and what skills you are hiring for.

Finally, it’s hard to plan for future costs of maintaining compliance, because that would require knowing what changes law makers and/or government oversight commissions would want. It can be as cheap as merely maintaining your system, or as expensive as finding out you need a whole new system.

Lofton v FNIS $100 Million Federal Whistleblower Lawsuit?

admin — Wed, 05 May 2010 12:46:23 +0000

A 10-count $100 million dollar federal whistleblower lawsuit against Fidelity National Information Services on October 16, 2008 Case No 3:08-cv-986-J-34HTS was filed in the Middle District of United States District Courts Jacksonville Division. In the Amended Complaint, Lofton acknowledges ten separate Claims: First Claim -Employment Discrimination: Race; Second Claim – Failure to Prevent Discrimination; Third Claim – Retaliation; Fourth Claim – Encouraging violation of the FCRA; Fifth Claim – Negligent Hiring, Retention and Supervision; Sixth Claim – Violation of Gramm-Leach-Bliley Act and Sarbanes-Oxley Act; Seventh Claim — Wrongful Termination in Violation of Public Policy and the Whistle Blower Act; Eighth Claim – Negligence Defamation; Ninth Claim — Negligent Infliction of Emotional Distress; and Tenth Claim – Intentional Infliction of Emotional Distress. In his complaint Lofton alleges that he was terminated on October 11, 2007 after he reported the violations of company and client policies on August 22, 2007. It is Lofton’s complaint that he was denied the right to work from home in on or around July 2007 or before a non African American was allowed to do so. Lofton has alleged that his supervisor verbally assaulted him on August 24, 2007 after he reported the security compliance breaches. It is Lofton’s argument that he was the recipient of disparate treatment from July of 2007 until his termination. Has anyone been fired by Fidelity?

I’ve not heard any update on this lawsuit. I believe managers should be held accountable for their actions.

Which Act contains several anit-money laundering provisions, including a requirement that, at the request of?

admin — Mon, 03 May 2010 11:41:09 +0000

federal requlators, bank provide records relating to their anit-money-laundering compliance or their customers?
a. Gramm-Leach-Bliley Act
b.Sarbanes-Oxley Act
c. Bank Secrecy Act
d. USA PATRIOT ACT

d.

It’s covered by Title III of the USA PATRIOT ACT

What would you change about this portion of my resume (Be Professional and Creative)!?

admin — Thu, 29 Apr 2010 09:32:16 +0000

• Managed Warehouse Tracking Project; consisting of RF Scanning location Solution

Created the General and Functional Requirements Specifications. Coordinated project and trained the VP of Logistics, 3rd party Consultant and the Warehouse User’s. Utilized the PSC Radio Frequency and Wireless Internet Browser Technologies.

• Managed E-Commerce Allocation and Shipping Project

Created the General and Functional Requirements Specifications. Coordinated project and Trained the Director of E-Commerce, the Fulfillment Managers, 3rd party Consultant and the E-commerce User’s. Implemented the Automated Packaging Systems and Internet Browser Technologies.

• Managed Sarbanes-Oxley Oracle Database Project

Created a Retek User Identity Profile to understand and communicate the System Accessibility for SO compliance. Coordinated project with all of the Retek User’s, the Database Administrator and the Development Team. All modifications were made to the Retek Enterprise System.

I’m not in your field, so I can only give generic advice based on my opinion and things I’ve been taught.

Remember: The resume does not get you the job! The resume is to get you an interview!

You only need enough detail in your resume to prove that you are qualified for the position. Usually this doesn’t require listing every single technology or product you’ve worked with, but it depends on the field. Certainly you don’t need to list every job you’ve ever had, only the most significant/relevant ones!

Be spare with your bullet points and descriptions. Nobody’s going to read everything you’ve got up there. Put in just enough info to describe the nature of the position you held. Focus only on one or two points of experience from that position which are most applicable to the job you’re applying for!

You want impact in your resume. It’s not an autobiography, it’s an advertisement.

Trim it down so someone scanning with their eyes sees enough to say to themselves, "Yes, I’d like to meet this person."

Also, focus on one or two MAJOR accomplishments of your career, to showcase your best work (and ability to produce good work) and to provide a talking point the interviewer can use during the interview.

A resume should be one (1) page only, unless you’re in an industry that requires you to list your publications, patents held, or specific software/technique/certification credentials that may be a lengthy list on a second page.

Certifications that are worth it?

admin — Tue, 27 Apr 2010 06:41:12 +0000

I am into Governance and Compliance and would like to take some certification exams. I know of ITIL,COBIT,Prince 2,CISA,CISSP but was wondering if other certificates are worth it or are they just for training purposes. sarbanes oxley cetification, MIFID, PCI,AML . I know there is no formal certification for sarbanes Oxley so was wondering why are training companies offering certificates on it and if so is it worth doing this type of certifications?

Look into the American Military University. It is an online college used to help Marines overseas earn degrees. You do not need to be in the service to attend. The school is actually very well priced and they offer many certifications Check it out they offer very cool degrees and classes are great. Here is the link good luck friend.www.AMU.APUS.edu

Help to both A & B Please? Statistics?

admin — Sun, 25 Apr 2010 08:37:19 +0000

Fourteen of 180 publicly traded business services companies failed a test for compliance with Sarbanes-Oxley requirements for financial records and fraud protection.

A. Assuming that these are a random sample of all publicly traded companies, construct a 95 percent confidence interval for the overall noncompliance proportion.

B. Why might this statistic not apply to all sectors of publicly traded companies? (e.g. aerospace and defense)

A).
Let p be the true proportion of all publicly traded companies who failed a test for compliance. Then let ^p to denote the sample proportion of all publicily traded companies for non-compliance.

In this case,
n = 180.
^p = The sampled proportion of this random selected sample = 14/180 = 0.0778
The coefficient of confidence = 95%
i.e. (1 – ?)% = 95%
1 – ? = 0.95
? = 0.05

Since both n^p = 180 * (14/180) = 14 and n(1-^p) = 180* [1-(14/180)] = 166 are both at least greater than 5, then n is considered to be large and it is appropriate to use the z distribution to estimate the true overall noncompliance proportion of all publicily traded companies, p in this case.

So, a 95% confidence interval for the overall noncompliance proportion
= [^p (+-) Z?/2 * ?[^p(1-^p)/n]
= [0.0778 (+-) z(0.05/2) * ?[0.0778(1-0.0778)/180]
= [0.0778 (+-) z0.025 * ?[0.0778(1-0.0778)/180]
= [0.0778 (+-) 1.96 * ?[0.0778(1-0.0778)/180]
= [0.0778 (+-) 0.01996]
= [0.05784, 0.09776]
or
= [5.784%, 9.776%]

B).
Because this static is calculated based on a random sample of business services sector of publicly traded companies only.

Do you think there should be different laws to firms depending on their size?

admin — Fri, 23 Apr 2010 06:46:15 +0000

A Greater Boston Chamber of Commerce study released back in 2006 says the new Sarbanes-Oxley law imposes "expensive compliance burdens on small companies, such as biotech and life science firms that are crucial to the future of the Massachusetts economy".
"While Sarbanes-Oxley was designed to improve corporate governance and accountability, the law’s unexpectedly high compliance costs could divert the limited resources of a small firm away from innovation and growth", said chamber chief executive Paul Guzzi, who recommends that the law’s compliance requirements for small companies be revised.
Start-ups that might otherwise consider selling shares to the public might delay an initial public stock offering because of compliance costs imposed by the law on publicly traded companies.

Do you think there should be different laws to firms depending on their size? Also, do you think there should be some other important characteristics, besides size, that need to be taken into consideration when imposing Sarbanes-Oxley requirements?

No, I think the laws should be uniform within a given industry. The fact that a company is "small" or "large" has no bearing on the product it produces, etc. If the burden is too onerous for a particular company, it should find another field of business.

i want to know about SOX (SARBANES OXLEY ACT) & any details about it?

admin — Wed, 21 Apr 2010 06:26:12 +0000

i want to have details of academic research and audit questionnaire on SOX compliance can anyone hellp

It’s a pain in the A s s, and a waste of time. It is legislation that was enacted in the US after Enron that was intended to make certain publicly traded companies didn’t end up like Enron. The problem is, the C** level people can still screw with the books and pilfer the coffers, and the SOx crap hinders the worker bees, and when was the last time you heard of a worker bee pilaging a company.

I think it is also like that ISO crap in the early 90’s, y2k in the late 90’s a way for underacheiving consulting companies to keep their hands in the pockets of big corporations.

Do I have to use my first name on my Social Security Card?

admin — Mon, 19 Apr 2010 03:46:18 +0000

I have just joined a company with the business rule for email accounts of using the employee’s first name. This is communicated as a sarbanes oxley compliance issue. In 20 years of business, everyone knows me by my middle name and all previous email accounts and other communications have reflected this. Will the SSA allow me to obtain a card without my first name? If so, payroll can correct my profile and the email address can be revised.

Your legal name will be shown on the card. Additionally, when you file your tax return, if it does not match the name on your Social Security card, you will get a letter from the IRS to straighten the matter out with SSA. The W-2 forms issued by your company must match the signature on your tax forms. So you can either legally change your name to your middle name, or change your payroll records at work. Also make sure all 1099’s from bank interest match your Social Security card.

Hope this helps.

Which Presidential candidate will repeal Sarbanes-Oxley which hurts small companies?

admin — Sat, 17 Apr 2010 03:41:11 +0000

And are large technology companies lobbying to NOT repeal SOX in order to continue profiting from selling compliance software specific to SOX?

http://www.cato.org/pub_display.php?pub_id=6624

http://www.marketwatch.com/news/story/its-time-repeal-sarbanes-oxley/story.aspx?guid=%7B5EA568D5-6DE9-4AB8-AF93-7FD86647A8CB%7D

I never realized hat SO hurts small businesses considering that it was designed for publicly traded companies, or at least SEC monitored companies??? Hm…

In short, SO is a world of hurt for every public company involved, but lack of confidence of balance sheets is ultimately was caused this issue…. Until time where the marketplace is able to put in procedures that allow it to effectively police itself, SO will remain no matter what president there is…