Making Sure You’re SOX Compliant

by

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!

Read Also:

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

Business Visa

How to Get a Business Visa to Singapore: Insights for Foreigners

Singapore is a business-oriented country with a lot to offer to both local and foreign entrepreneurs. Young entrepreneurs and experienced investors who are looking for an avenue to expand their businesses can start a venture here. The main reasons that make businesses thrive here include a stable political environment, friendly taxation policy, supportive investors, and availability of a ready market among others. If you are a foreigner who is looking for an opportunity to obtain a business visa that is valid in Singapore, there are many avenues to get one. Here, we will advise you on how to go about it in the best way. One important thing to note is that each has its requirements, and you must fulfill them to successfully get a visa. Apply for an EntrePass Any foreign entrepreneur with an interest in starting a business in Singapore should apply for this visa category. The main qualifications include a viable business idea (even without capital) and proven business skills. The Singapore government nurtures young entrepreneurs who are likely to contribute a lot to the progress of the country. Therefore, they can introduce such entrepreneurs to various investor programs and government funding and grants. If you have the right qualifications, applying for an entrepass will be straightforward and easy especially if you have an immigration agent to walk you through the process. In this case, you can check the Visa Express website for more information on how to go about this. Applying for an Employment Pass Also known as an EP, this is a visa that allows foreigners to come and work in Singapore in different positions depending on their skills. The visa is renewable after two years. According to studies, many foreigners who have been employed in the Lion City find it easy to switch lanes and start a business of their choice. The good thing is that applying for another visa during the renewal of a previous one is easy. But it still requires the help of an agent to ensure that you meet all the qualifications before you start. Obtaining a Permanent Residency Visa If you want to get a PR in Singapore, you must invest in the country either directly or indirectly. However, holders of an EntrePass or EP who have stayed in the island state for long enough might qualify for PR. The good thing about a PR is that you can start any business that suits you and move in and out of the country without any restrictions. Actually, you get to enjoy numerous benefits just like the citizens. When you invest directly in the country, you are given the PR visa instantly. This could be a big business with significant capital. Alternatively, you can inject your money into any business in the country and earn indirectly. Final Word As you can see, there are many ways of getting a Singaporean business visa and becoming a big success within no time. No wonder, many foreigners are choosing this destination to either start a new business or expand one through a branch company. Read Also: Five Tips for a Successful Business Road Trip Doing business in the UAE: pros and cons Follow These 5 Tips To Avoid Mistakes In Immigration Application

READ MOREDetails
Upgrades Every Modern Call Center Needs

4 Upgrades Every Modern Call Center Needs

During the past decade, more customers have leaned towards online shopping for both goods and services, creating new trends in customer service needs. As last year's stay-at-home mandates dictated, many organizations used remote worker integration into the workforce, including those team members functioning as customer experience agents. With both the customer and the service agent communicating from different locations, technologies have come along to provide easier workflow and accuracy for call center solutions. Here, we will look at 4 upgrades every modern call center needs. 1. Cloud Functionality: For complete integration into the normal workflow, new innovative companies have introduced call center software platforms that include cloud functionality. This is an important aspect of any digital customer service solution, as cloud storage and operations are ideal for both remote functionality and scalability. While all contact center software includes a few of the same key features, providers such as Bright Pattern are powerful cloud contact center solutions, which is distinctly ideal for mobile app use, remote use, and the option for multiple phone lines and services agents to be connected at the same time without any loss of call quality management. 2. Multiple Phone Lines: As a perfect complement to the cloud-based structure of a good call center solution, business users should take full advantage of the ability to handle high-volume with multiple phone lines. The ease of use of the platform allows service agents to perform their duties and be on-call from home, which means a rotating schedule can give your company round-the-clock customer service and quality assurance all day (and night). With a large number of phone lines and digital channels integrated into your account, someone is always available to answer phone calls from customers in need. For the best customer experiences, multiple available agents ensure faster turnaround and troubleshooting. 3. Mobile App Capability: When weighing the pros and cons of a contact center solution, one of the greatest benefits is the potential for mobile app features. This aspect works in a few different ways. As the service agent will be plugged into the call center's interface from a remote location, their own mobile app can notify them of incoming phone calls even while they are away from their post. Likewise, the most powerful contact center software will provide admin capabilities for your organization's call center manager to troubleshoot from their own mobile device. Should there be any discrepancy with the call outcome, the service agent has true "back-up" in the form of a supervisor, who can always hop onto a call for needed assistance. For the best customer experience, an on-hand call center manager can be a necessity and with a mobile app feature, both the home office and the service agent are readily available to troubleshoot any issue. 4. Live Chat Options: Although the majority of customer issues can be solved by a service agent via audible phone calls, there are customers that find the phone inconvenient. This can be the case if the customer is at work or in a public place. For that reason, another important feature that an ideal contact center solution should include is live chat functions. The top call center in the Philippines now provides this option to customers for an easier and more convenient support experience. In a bind, a customer should be able to open their mobile device app or desktop and chat with a service agent until their problem is resolved. If that service agent is working remotely, their own laptop or desktop dashboard interface should include the option for chat or text communications. Most professional contact center platforms allow the user to access customer history and sales purchases while the call is in progress. With this option in place, a remote service agent can be enabled to meet every customer inquiry or demand without having to be at a company's brick-and-mortar location. Read Also: Why Your Business Needs Call Center Tracking Top 4 Creative Team Building Ideas for a Call Center Industry This 2020 Cloud-Based Call Centers Vs. On-Premises Call Centers 5 Major Tips to Increase Employee Engagement in a Call Centre Industry

READ MOREDetails
Customer Loyalty

Three Essential Techniques To Form Lasting Customer Loyalty

A great product and/or service may be the foundation of a company, but customer loyalty is the key to success. Customers don’t come with a guarantee to stick by you just because they’ve purchased something: loyalty and repeat business must be earned and enticed. The standard adages and techniques apply: put the customer first, reward their continued business, and create a valuable experience beyond your product. How can these things be effectively achieved? Review the following key areas and tailor them to your business. Different Ways To Maintain Customer Loyalty   There are multiple ways you can maintain customer loyalty. You have to understand the ways that can work well for you in the best possible manner. Access customer relationship management tools: In the same realm as enterprise resource management tools, there are digital solutions to assist with practically managing and improving relationships and dealings with customers. These systems provide easy, streamlined access to data and customer information anywhere, with cloud capabilities. Manage sales, customer support, marketing, and more. Collect the right data from customers and learn how to utilize it to your advantage. Employees are empowered with accurate reporting tools to manage and forecast effectively. Marketing programs are automated, and campaigns can be tracked, analyzed, and altered. Customers have tools to help themselves in addition to enhanced customer care and satisfaction applications. Expert consultants can offer professional Sage software help to better customize a CRM solution to fit your organization. Go beyond offering incentivizing rewards: Rewards programs, like earning points to spend, or free products based on milestones, are common because they work. Customers are indeed drawn to return to companies that add extra value to their repeat business. But, because these perks are standard, and many businesses offer them, so too do your competitors. You need to go beyond a rewards program. Encourage people to spend time on your site with entertaining and informative content. This could be blog articles that enhance your product or service with tips for usage, getting the most out of their purchases, how to improve their lives in the same general subject area. Videos are another great way to deliver this information and encourage engagement. Promote a sense of community among your customers. Send newsletters that treat everyone like members of a team with common interests and goals. Create social media channels suited to your brand where people can interact and potentially help and add value to each other’s lives. The plan sponsored events and opportunities in the community. Develop a branded app to for additional functionality and connection. Provide authentic customer care: Open communication channels to offer feedback and ask questions. Let customers know they not only have a forum, but that it is being read, considered, and responded to. Allow other members of the community to aid your efforts through offering their assistance and tips on a digital platform like a message board or social media. Allow your loyal customers to help your company make decisions and steer you in new directions. Provide surveys that go beyond asking ‘How Did We Do?’ by asking for and valuing their opinions on new offerings, designs, and customizations. Allowing for multiple aesthetic and functional options to choose from when buying to better personalize your offerings makes your product or service suit the individual better and sets you apart. If customizations aren’t feasible, instead of better inform customers on how to make the most of their purchase with proper instructions, additional materials, and tips. Read Also: 30 Things Your Customers Do Not Dare To Tell You Why Your Business Should Care About Social Responsibility

READ MOREDetails