Sox Compliance

SOX Regulation refers to The Sarbanes–Oxley Act of 2002, also known as the 'Public Company Accounting Reform and Investor Protection Act”. It is a US federal law enacted as a consequence of major accounting scandals and corporate collapses such as Enron, Tyco, and WorldCom. SOX Regulation introduced tougher standards for all public companies and public accounting firms, as well as additional corporate board responsibilities and criminal penalties.

It is a mandatory requirement for public companies to be Sarbanes-SOX Compliant. Sarbanes-Oxley Compliance requires the careful documentation and disclosure of information related to internal controls, the ethic codes that employees are subject to, as well as audit reports. Sarbanes-Oxley compliance also extends to law officials, and makes fraud an inherent risk for public corporations by expanding the government’s ability to prosecute fraudulent cases, such as falsifying or destroying documents.

SOX Audit Compliance

Title I of the Act establishes A Public Company Accounting Oversight Board providing independent oversight of public accounting firms. This board reviews auditors and defines the procedures for SOX audit compliance, and enforces compliance to SOX audit compliance provisions.

To be considered Sarbanes-Oxley Compliant auditors are required to keep records for at least five years. The Act extends the statute of limitations and gives ‘whistleblowers” protection. Other provisions increase penalties for fraud, and grants the Security and Exchange Commission broader authority when dealing with fraud.

Sarbanes-Oxley Certification

The Sarbanes Oxley Certification is highly specialized in many fields, such as Finance, Accounting, Technology, Procurement, and other professions. Only professionals who comply with requirements of education, training, and work experience may qualify for The Sarbanes-Oxley Certifications.

SOX Compliance Help

SOX regulations, SOX audits and SOX compliance contain far reaching complex requirements and consequences. It is critical to consult with a financial professional to determine the specific requirements of your company.