Intersec Worldwide can ensure your company's compliance with the Sarbanes-Oxley IT Audit requirements. Our consultants are the best in the industry, bringing together years of experience. The Sarbanes-Oxley Act (SOX) restructures processes and accountability for financial reporting in U.S. public companies. Corporate management must establish, evaluate and monitor the effectiveness of their internal controls over financial and operational processes, every single year.
The Sarbanes-Oxley Act of 2002, also known as the Public Company Accounting Reform and Investor Protection Act of 2002 and commonly called Sarbanes-Oxley, Sarbox, or SOX, is a United States Federal Law enacted on July 30, 2002, as a reaction to a series of corporate financial scandals involving companies such as WorldCom, Global Crossing, and Enron. These companies and others admitted to misrepresenting their financial statements by billions of dollars. As a result, the U.S. Securities and Exchange Commission launched investigations into these frauds, and the U.S. Senate created new regulations in an attempt to prevent history from repeating itself. The legislation set new or enhanced standards for all U.S. public company boards, management and public accounting firms. It does not apply to privately held companies. The act creates a new, quasi-public agency, the Public Company Accounting Oversight Board, or PCAOB, charged with overseeing, regulating, inspecting and disciplining accounting firms in their roles as auditors of public companies. The act also covers issues such as auditor independence, corporate governance, internal control assessment, and enhanced financial disclosure.
Sarbanes-Oxley is designed to ensure the following within a business:
There are sufficient controls to prevent fraud, misuse, and/or loss of financial data/transactions.
There are controls to enable speedy detection if and when such problems happen.
Effective action is taken to limit the effects of such problems.
In many companies, most of these controls are IT-based. Not only must controls be in place; they must be effective, and it must be possible to note exceptions caught by the controls and follow audit trails in order to take appropriate action in response to those exceptions. Intersec Worldwide can help your organization achieve compliance with these requirements that have put new pressure on IT that before SOX, few IT departments have faced. Violations of Sarbanes-Oxley can result in civil penalties up to $5 million, and criminal penalties up to 20 years in prison. Let Intersec Worldwide put our skills and experience to work for you!
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