Sarbanes-Oxley SOX Compliance
In the wake of a number of corporate accounting scandals, including Enron, Peregrine Systems and WorldCom, the Sarbanes-Oxley Act was introduced ‘To protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws, and for other purposes’ The intent of the Act was to ensure that similar cases of accounting fraud and the misleading of investors would be prevented in the future for all publicly held companies, management and public accounting firms.
Data governance requires IT system integrity to be maintained
One of the key elements of the legislation is that company executives must take personal responsibility for the veracity of financial information, with far greater penalties for other financial fraud. The necessary internal controls/operational controls in terms of accounting and auditing require sufficient levels of governance, defined in SOX Section 404.
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