SarbanesOxleyFocus.com

A simple explanation of how IT Governance Focus on SOX compliances

Popularity: 3% [?]

We all damn auditor all very-very tired working with some of Sarbanes Oxley compliances day by day. Preparing never ending documentation, analyst some business process, preparing some monthly, weekly even daily control everydays.

At the first year, everythings seems very easy, but wait, after year by year. Are you tired with the compliances matter? do you hate your external auditor? so just relax. After some difficult year with SOX then what is your strategy?

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One simple but big question, after million donation to Obama and McCain for presidential campaign. Does any want would ask a big question about Sarbanes Oxley compliance to both of them? since the presidential candidate should be also responsible for citizen just as the same as CEO of public company.

Any more opinion?

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In 2008 a global economic crisis is affected by several factors such as:
1. High oil prices, which led to both high food prices (due to a dependence of food production on petroleum, as well as using food crop products (ethanol, biodiesel) as an alternative to petroleum) and global inflation;
2. A substantial credit crisis leading to the bankruptcy of large and well established investment banks as well as commercial banks in various nations around the world;
3. Increased unemployment;

However is there any relation between SOX and 2008 Financial Crisis?

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The OMB provides guidelines in management oversight. “To ensure senior management involvement, many agencies have established their own senior management council, often chaired by the agency” lead management official, to address management accountability and related issues within the broader context of agency operations.”Relevant issues for such a council include ensuring the agency” commitment to an appropriate system of internal control; actively overseeing the process of assessing internal controls, including nonfinancial as well as financial reporting objectives; recommending to the agency head which control deficiencies are material to disclose in the annual FMFIA report; and providing input for the level and priority of resource needs to correct these deficiencies.

To meet these objectives, management is responsible for developing and maintaining internal control activities that comply with the following COSO-based standards:
- Control Environment
- Risk Assessment
- Control Activities
- Information and Communications
- Monitoring

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