Passed into law in 2002 by the US Government, the Sarbanes-Oxley Act (SOX) mandates more responsibility and accountability for corporate executives regarding audits and certification of accounting reports. Since the act was passed, most companies that are publicly traded in the US have been required to prove that their financial reports and statements – and the processes used to generate them – are protected against fraud.
The act introduced strict corporate governance rules, enforced through criminal punishment for corporate fraud, whose purpose is to guarantee the transparency of corporate tax results and enforce independence and autonomy of external auditors. The Sarbanes-Oxley Act also established the Public Company Accounting Oversight Board (PCAOB) under the Securities and Exchange Commission (SEC) to oversee public accounting firms and issue accounting standards. As a result corporate executives are faced with regulatory responsibilities in addition to their responsibilities to shareholders.
intiGrow consultants will conduct a current state assessment of the compliance. Based on the observations we will provide you with a clear & concise roadmap to achieve compliance. Thwe approach adopted is enumerated below:
- Mapping of IT Controls
- Collection of evidence of controls implementation
- Use of standard frameworks; COSO and COBIT
- Understanding of controls
- Documentation for information monitoring, collection, retention, and disclosure of controls as required by SOX
Benefits of an engagement with intiGrow are:
- Reduces the time and cost associated with SOX implementation
- intiGrow provides detailed recommendations for implementation of SOX-related controls
- Automates the compliance process, facilitating regular monitoring
- Provides a continuously updated knowledge base, making knowledge available throughout the organization
- Customizes knowledge base to support specific SOX-related processes in the organization