Compliance Sarbanes Oxley

Or some really simple reference available? A co-worker keeps quoting "sox compliance" and I want to be able to reference the source she is quoting.

As a matter of fact, there is!

http://www.amazon.com/Sarbanes-Oxley-Dummies-Business-Personal-Finance/dp/0471768464

I think I’ll buy one myself, I work in accounting and we get a lot of these quotes throughout the day as well. Very frustrating when they don’t make it clear what the rules are.

The author of the book also has a website with a message board:

www.abtechlaw.com (click the SOX tab) You can get answers to your questions from attorneys, auditors, governance officers and other SOX professionals.

Do you think this will be an effective solution or just create
additional compliance paperwork?

It does not address accounting issues or accounting standards.It deals with interal controls over finanical reporting,auditor independence,audit committees,the establishment of PCAOB..etc.

I think it is a good step to protect investors although it is a costly one.

I hope so. We just went through an audit and we seem to be okay. (so far)

Is there any requirement for Telecom Operators to have a multi-vendor network in order to be Sarbanes-Oxley Compliant?

Check with their HR department.

http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act

http://www.taipanfinancialnews.com — Not one but FOUR “inconvenient truths” about Nature, the Markets, the late Anna Nicole Smith… and the negative effects of government red tape on the US financial markets… from TaipanFinancialNews.Com’s prez J. Christoph Amberger!

Duration : 0:5:38

Read the rest of this entry »

Technorati Tags: Act, financial, investing, news, sarbanes oxley

Sarbanes-Oxley, commonly referred to as SOX, is an auditing law that was developed as result of the Enron and WorldCom fiasco. The law was developed by Congressman Sarbanes and Oxley.

In short, the law requires that large public companies perform quarterly audits of their internal controls (self audits). Also, the CEO and CFO are required to sign-off on their companies financial statements that they are true and accurate.

Would you like to know how Infineon Technologies AG managed to make their compliance management more efficient with ARIS? Watch ARIS TV Episode 9, the interview with Markus Dobmeyer from Infineon, who gave some helpful tips and lessons learned from their Sarbanes-Oxley project.

We met Markus Dobmeyer from Infineon at our European GRC Conference in Vienna in September and had the chance to speak with him about their SOX project. He held a presentation about the project at the conference and gave some helpful tips for efficient compliance management. During the interview he gave some more insights. For example, he explained what you should do in the preparation phase to reduce effort later. His interview partner was Martin Kling, who is responsible for the ARIS Solution for GRC at IDS Scheer.
Have fun watching the video that also shows some snapshots of the conference!

Duration : 0:7:8

Read the rest of this entry »

Technorati Tags: ARIS, ARIS TV, BPM, business, Compliance, Governance, GRC, IDS, management, Process, risk, sarbanes oxley, Scheer, SOX

Sarbanes-Oxley is a law passed in 2002 in the wake of US corporate scandals. It imposes a set of requirements on US companies, mostly applicable to registered and listed US companies, including prohibitions on insider loans, more stringent independent director and independent directors on key committees (exec. comp, for instance), more stringent independent auditor requirements (and lead partner independent auditor rotation) and the implementation of internal controls and procedures as well as related certifications of the efficacy of those internal controls and procedures.

The implementation of internal controls and procedures (the so called 404) and the accompanying external certification required in the public company’s annual report (10-K) has resulted in a great deal of expense and trouble for many US companies and the implementation of 404 was delayed for over a year but is now coming into full effect.

I am an Accountant, recently settled down here in Australia and I have found many companies here are concerned about SOX, but I have never heard of this before. Are these regulations applicable only to Australia? Who should comply with these regulations?

SOX is the public company accounting reform and investor protection act. It was passed in response to high-profile business failures, such as Enron and WorldCom, in order to reinforce investment confidence and protect investors by improving the accuracy and reliability of corporate disclosure. It is American law but affects all subsidiaries and units worldwide. You can read all about SOX at the link.