Sarbanes - Oxley Requirements and Compliance

The Sarbanes-Oxley act of 2002 (SOX) is a far-reaching legislative reform which came about as a result of widely-publicized corporate scandals involving alleged fraud. The act calls for extensive changes in financial reporting and disclosure systems for public companies and places specific restrictions on how these companies and their auditors can function.

With the deadlines firmly in place for mandatory compliance to these regulations, public corporations are scrambling to bring their companies in full accord in a timely manner and without penalties. In addition many future-thinking private companies are re-evaluating and revising their internal auditing and reporting procedures as well.

Fortunately, numerous SOX software packages, compliance kits, and compliance outsourcing solutions have been developed to assist any size company in making a smooth and speedy transition. A careful analysis can help you determine the best approach to bringing your company into full compliance.

"... simply complying with the rules is not enough. They should, as I have said before, make this approach part of their companies' DNA. For companies that take this approach, most of the major concerns about compliance disappear. Moreover, if companies view the new laws as opportunities -- opportunities to improve internal controls, improve the performance of the board, and improve their public reporting -- they will ultimately be better run, more transparent, and therefore more attractive to investors."
--SEC Chairman William Donaldson