Making Sure You’re SOX Compliant

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13 November 2021

Business

SOX Compliant

The Sarbanes-Oxley Act (SOX) is a federal law established in 2002 to combat corporate fraud. The act requires public companies, private companies with more than 500 employees, and bank holding companies to maintain adequate internal control systems. If you are one of these organizations, then this blog post will go over the SOX requirements to help you become SOX compliant!

What is SOX Compliance?

What is SOX Compliance?

SOX compliance is a set of regulations created to protect investors and the financial markets from fraudulent activities. The act requires organizations listed above to test their internal controls through an independent third party, such as AICPA or COSO. In addition, they must document all findings in detail and implement changes that will correct any deficiencies.

The Four Areas of Compliance Are:

  • Financial reporting (SOX 404)– This section requires businesses to have adequate internal financial controls.
  • Internal control structure (SOX 302)– This area ensures your business has procedures and documentation for employees responsible for recording transactions, processing payments, and monitoring risk.
  • Compliance with laws/regulations (SOX 404)– SOX compliance provides a set of procedures to help monitor compliance with laws and regulations.
  • Internal audit function (SOX 404)– This area ensures your business has an internal auditing system in place that reviews financial transactions, lines of authority, IT security controls, physical access, etc.

Why it’s Important to be Compliant

The consequences for failing to become compliant with SOX can be serious. Not only can your organization face fines and penalties up to USD 15 million, but you might even cause a financial crisis in the market! The SEC has increased their monitoring of companies required to comply with these regulations and will take immediate action when they see any signs of misconduct.

How to Stay Compliant

There are five ways that you can maintain compliance with SOX. You must have a clear understanding of the risks facing your organization, establish internal controls to minimize those risks, create an environment for open communication between management and employees, avoid conflicts of interest within the company, and finally document all policies following these rules.

If you need help making sure you’re SOX compliant, then don’t hesitate to contact our compliance experts!

Tools for Staying Compliant

If you are looking for a way to simplify being SOX compliant, hire experts to help you. You can find a wide range of companies specializing in SOX compliance, and they will save you from having to deal with headaches. In addition, most experts can help you meet all your deadlines for each stage of the audit process!

Resources for Staying Compliant

Resources for Staying Compliant

The SEC has an excellent FAQ section that will give you the answers to any questions about SOX compliance and what it means for your organization. The COSO ERM Framework is another great tool that can be used by managers who want a better understanding of how to create an efficient company.

Ensuring that your company is SOX compliant can seem like more than you want to take on, but it’s not as difficult or overwhelming as some might make it out to be. If you are having trouble understanding the requirements of this legislation, talk with us about how our team can help. We have a wealth of knowledge and experience in dealing with complex compliance issues for small businesses just like yours!

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