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» Sarbanes oxley » how to implement the recommendations of sarbanes oxley
* Consider buying a contract management solution. Dozens of software packages are available that help SMBs stay on top of contract compliance and controls. Look for SOX assessment tools and packages that identify your company’s current state including assessments for security, vulnerability remediation and security-managed services.
* Assign SOX compliance responsibility to someone right away. It’s recommended that the compliance officer form a committee consisting of the CIO, CEO and CFO. The compliance officer, in effect, becomes the main source for both financial and non-financial data.
* Write a company-wide compliance plan. Be sure the plan includes all divisions of the company, from the lowest to highest employee levels, and that everyone is briefed on the plan’s compliance requirements.
* Develop a communications plan. This task should be performed as part of developing the compliance plan itself. The purpose of the communications plan is to ensure that each employee has a “point person� he/she can go to with compliance questions or concerns.
* Make sure the financial reporting system is company-wide and Web-based. This will ensure that financial information is available and accessible throughout the company.
* Consider building a real-time financial reporting system. It’s recommended that SMBs consider putting in place a system that provides real-time and “visible� financial information.
* Get everyone involved. Be sure all employees, not just company directors and officers, know what’s going on and are involved in collecting, reporting and signing off on financial data. SOX requires that public company directors have no material ties to the company. Auditors, compensation and nominating committees must be completely independent as well.
how to implement the recommendations of sarbanes oxley
* Start by defining compliance tasks. Not every company has the same financial data collection and reporting needs. Get help from your auditor or an IT solution provider that is qualified and has a proven track record in SOX compliance issues.* Consider buying a contract management solution. Dozens of software packages are available that help SMBs stay on top of contract compliance and controls. Look for SOX assessment tools and packages that identify your company’s current state including assessments for security, vulnerability remediation and security-managed services.
* Assign SOX compliance responsibility to someone right away. It’s recommended that the compliance officer form a committee consisting of the CIO, CEO and CFO. The compliance officer, in effect, becomes the main source for both financial and non-financial data.
* Write a company-wide compliance plan. Be sure the plan includes all divisions of the company, from the lowest to highest employee levels, and that everyone is briefed on the plan’s compliance requirements.
* Develop a communications plan. This task should be performed as part of developing the compliance plan itself. The purpose of the communications plan is to ensure that each employee has a “point person� he/she can go to with compliance questions or concerns.
* Make sure the financial reporting system is company-wide and Web-based. This will ensure that financial information is available and accessible throughout the company.
* Consider building a real-time financial reporting system. It’s recommended that SMBs consider putting in place a system that provides real-time and “visible� financial information.
* Get everyone involved. Be sure all employees, not just company directors and officers, know what’s going on and are involved in collecting, reporting and signing off on financial data. SOX requires that public company directors have no material ties to the company. Auditors, compensation and nominating committees must be completely independent as well.
Practical advice for business
