What is SOX Compliance ? - Explained by SYDECON

Welcome to SYDECON. We care for your company's compliance with MDM Enterprise in the Cloud! You'll find the full explanation in text form here in the description below the links. #compliance #sydecon
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Let’s suppose your company runs branch offices or subsidiaries in different locations or even countries around the world. With more and more local departments business becomes increasingly complex. And accounting errors or fraudulent financial practices are more likely to happen unnoticed, even more so without intent. In the early 2000s for example, this led to a number of accounting scandals in the United States.
That is why, in 2002, former US-president George W. Bush signed a law that set new requirements and expanded on already existing laws for all U.S. public company boards and public accounting firms. Officially named “Public Company Accounting Reform and Investor Protection Act“, it is more commonly known as the „Sarbanes-Oxley-Act“, short SOX. It was designed to protect the interests of investors. Since 2002 the “Sarbanes-Oxley-Act” has been gradually widened to apply to all companies that operate on the public capital market in the United States. And since 2006 a similar law pursues the same goals for all European Union members. Noncompliance will be met with punishment
Your best option for implementing these mandatory guidelines is to set up rules and methods for the verification of financially relevant transactions. That means to incorporate workflows that guarantee adhering to the four-eye-principle as well as transparency for third parties. For example, and external auditor that you employed certifies that transactions have been checked by an in-house auditor before. By triggering this process automatically, you ensure that no transaction is carried out without verification.
This is where Shared Services come into play. Guidelines dictate that every verification of a financially relevant transaction can also be checked afterwards. To document your workflows, an efficient system that registers information gapless is inevitable. While storing notes will also suit your purposes setting up a supportive IT system is much more efficient, economic and safe. It guarantees that every transaction and its review is comprehensible. Users now simply receive digital forms that can easily be filled out with company-intern knowledge. The forms react dynamically to the entries, so that users are guided through the entire data collection. And no transaction gets lost in between the others. The reliable storage of data will also allow you to track any fraudulent practices that are being pursued within your company. And in the process, get rid of it.
Ultimately, this leads to the fulfilling of all the necessary compliance requirements in an effective and economic way. And therefore, to more trust between investors and owners of your company.

[@luisriba8082]

Does that mean Sox Compliance is about protecting the integrity of transactions ?

[@sydecon7786]

that is the basic idea, yes

[@tanvishaligram841]

Thank you! 😃

[@ranjan_v]

Thank you

[@ernestolombardi9645]

Oregon and Washington ?

[@joshkindy4826]

thanks

[@angelospeaker7773]

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