Sarbanes Oxley Compliance

Sarbanes Oxley Compliance

Sarbanes Oxley Compliance | Sarbanes Oxley Section 402 | Sarbanes Oxley Section 302 | Sarbanes Oxley Section 301 | Sarbanes Oxley Whistleblower | Sarbanes Oxley 404 Software

The Complicated World Of Finance

Owning and running a large financial institution involves a lot of responsibility. Customers, the government and the financial community as a whole want to know that your company is being run well and honestly. There are regulations and audit and other reports that must be filed on an ongoing basis.

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In 2002, because of the Enron and Worldcom failures, Senator Paul Sarbanes and US Representative Michael Oxley sponsored the Sarbanes Oxley Compliance legislation which is a major change in the federal security laws. This is a complicated set of regulations and reporting requirements designed to keep public companies and financial institutions accountable to society.

Since this legislation became law, financial companies and organizations have been struggling to correctly meet the federal financial reporting requirements introduced by the Sarbanes Oxley Compliance (SOX or SARBOX). Though most institutions have managed to complete their SOX compliance work each year, the cost in time and effort has been daunting, with errors a potential problem. Manually compiling the reports and required documentation leaves much to be desired. It often fails to keep top management abreast of their company's state of compliance. 

There are many new software programs with the technology and capabilities to make it easier and more efficient for financial institutions to meet Sarbanes Oxley Compliance. There have been seven steps suggested in planning the best program for meeting the requirements.
Step #1 is to have a single system to store both financial and non-financial information to provide a complete picture.
Step #2: Put the information on a secure web based system available to all pertinent people in the institution.
Step #3: Information needs to be available in real time, visible immediately as needed to meet SOX Compliance requirements.
Step #4: The financial institution needs to pick software that will collect  indicators from all sides of the company, compiling it in needed form for compliance.

The last steps are:
#5: Any successful program needs flexible projection capabilities. Companies need to be able to predict what will happen if there are changes in the company or business climate around them.
#6: Financial institutions need a web based system providing collaboration and continuous flow of information. All parts of a company need to be involved in collecting, reporting, cleansing and signing off on company data.
And finally #7: Web based programs need to have language support in place to address the complex reporting requirements of the European Union as well as the Sarbanes Oxley Compliance.

According to a survey by Korn/Ferry International, Fortune 500 companies are spending on average $5.1 million a year in compliance expenses. This 2004 information shows the need to be as efficient and cost effective as possible in meeting the Sarbanes Oxley Compliance requirements. Having a system and proceedures in one place for easy access for authorized officers to get information needed to meet SOX requirements is the key to success in compliance.


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The History of Sarbanes Oxley

By Earl Powers
The House had passed the Oxley bill in April 2002, which was related to the accountability, responsibility and transparency of stating financial status of the company. At the same time Senator Paul Sarbanes had another proposal on the similar lines. He presented the bill to the Senate Banking Committee which passed the bill with a majority.

The Benefits Of Regulatory Compliance Software

By Dan A Patterson
No matter your market, things will get a little bit tricky whenever you are striving to keep up with all of the numerous restrictions and necessities. Regardless of whether you are a small company or simply a significant one, you all have the same regulations to keep up with, and chances are you do not really possess the work force numbers to keep up with everything on your plate. If this relates to your current scenario, then look into utilizing corrective action software to simplify matters.

Upload Excel Data to SAP: 7 Best Practices

By Vikram Chalana
Even with the standardized business processes and centralized data stores provided by SAP, much corporate data still resides in spreadsheets. This article describes 7 best practices in automating the upload of Excel data into SAP. Adopting these best practices will alleviate many of the pains that business users and IT analysts face in uploading Excel data to SAP.

Ten Things You Should Know About Document Retention

By Manuel Montesino
Business documents are retained for several purposes such as complying with statutory requirements, providing decision support information, recording history, demonstrating compliance with regulations and meeting document-discovery needs in litigation. Retaining electronic documents for long periods faces some special problems.

Sarbanes Oxley Compliance | Sarbanes Oxley Section 402 | Sarbanes Oxley Section 302 | Sarbanes Oxley Section 301 | Sarbanes Oxley Whistleblower | Sarbanes Oxley 404 Software