Sarbanes-Oxley Act (SOX)
Financial reporting scandals of the early 2000s led to the creation of the Sarbanes-Oxley Act, or SOX, which established greater accountability, including around cybersecurity, for U.S. publicly traded companies and publicly traded non-U.S. companies doing business in America.
Knock Your SOX Off
SOX established extensive requirements for publicly traded companies to establish internal auditing controls and procedures for financial reporting. Kairos Vision Consult can help you implement the necessary controls and respond to reporting requirements to adhere to the regulation.
SOX: Fast Facts and Consequences
The act was passed on July 30, 2002, in the wake of the Enron, Worldcom, Tyco International and other high-profile corporate scandals. While the law does not promulgate specific IT provisions, it requires that an independent auditor attest to management’s assessment of the efficacy of internal controls, including security systems.
The U.S. Securities and Exchange Commission recently published new guidance to assist public companies in preparing disclosures about cybersecurity risks and incidents. CEOs and CFOs who purposefully submit wrong certifications face up to 20 years in prison and fines up to $5 million.
Tailored for Your Organization
Our compliance and risk assessments involve various policies, procedures and practices which we evaluate through documentation review, interviews, facilities inspection, controls assessment and examination of your current security architecture.
Kairos Vision Consult’s Financial Controls and Sarbanes-Oxley (SOX) Compliance helps companies establish effective internal control over financial reporting. We help companies apply a top-down, risk-based approach, in accordance with the Securities and Exchange Commission’s interpretive guidance, to implement a cost-effective compliance process.