SOX Complience:
Sarbanes – Oxley Act which was introduced as legislation in 2002 after a series of corporation financial scandals in the US
Section 404 of the act related to the implementation and effectiveness of a corporations Internal Order.
In this Act they mainly focused on Four Points:
Entity wide control: Entity wide control focus on corporate governance and steering principles. They address the tone at the top and confirm that we work as we say we do.
Processes and Controls: Contains specific task that are performed as checks and balances with in individual business processes to help ensure the integrity and accuracy of financial Information.
Segregation of Duties: Segregation of duties refers to spreading activities including system access right and authorization between different people this minimizes potential instances of conflict and further enhances the copmpanies control structure.
IT General Control: Control & Secure Information and IT equipment within Company.
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