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Sarbanes-Oxley

On July 30, 2002, President George W. Bush signed into law the Sarbanes-Oxley Act of 2002 (Accounting Industry Reform Act). The law presents sweeping changes as it creates an oversight board to monitor the accounting industry, toughens penalties against executives who commit corporate fraud, and increases the Securities and Exchange Commission (SEC) budget for auditors and investigators. The law is also intended to restore investor confidence in U.S. markets. This was a landmark event, representing the most dramatic changes in the Federal Securities laws since the 1930s.

 

This section is focused on case studies, articles, and tools to help professionals use technology in this space.

 

 

  

Case Studies / Articles

ACL and Center for Continuous Auditing Finalize Comprehensive Sarbanes-Oxley Survey  - Survey finds that not nearly half of the surveyed participants are ready for the first deadline.  Also see more on how continuous monitoring can be used to more cost efficiently maintain compliance.

 

First Ever Sarbanes-Oxley Audit and Assurance Software Expo Materials Available - The first audit and assurance software expo happened on March 11, 2004 with 23 software vendors and over 200 participants.  The North Jersey Institute of Internal Auditors hosted the event and now you can see the free expo website AuditSoftware.Net created for this event.

   

   

  

Tools / Links

PCAOB Website / Full text of the Law - Official website of the Public Company Accountability Oversight Board supporting the Sarbanes-Oxley effort. 

    

AuditNet's Sarbanes-Oxley Resource Center - Provides content and a great collection of   links to additional SarbOx resources. 

  

Sarbanes-Oxley Compliance Journal - Only journal focused on providing independent, comprehensive, and unbiased advice about Sarbanes-Oxley compliance.

Sarbanes Oxley:Hidden Shoals for the Unwary (CARDDecisions) - I found so many enlightenment points reading this article that I suggest it to anyone completing risk assessment of their Sarbanes-Oxley project.

AuditSoftware.Net Fraud Section - Section of this site focused on preventing and detecting fraud. 

   

   

Using Audit Software To Help Ensure Sarbanes-Oxley Compliance (AICPA) - Helps auditors understand the impact audit software can have on the Sarbanes_Oxley compliance effort and improve it. 

  

Use Test Sets To Maximize Your Audit Software - See how pre-coded reports can maximize your data analysis software....with minimal time invested on your part.  Over 30 reports in the Accounts Payable and Revenue audit areas are available for your use.  Just watch the seven-minute Macromedia Flash video to learn more. 

    

SOX a Good Investment (SmartPros) - New study by Oversight Technologies found that 74% of financial executives felt Sarbanes-Oxley had a positive effect on their company.  Further 25% of them expected to implement a technology solution to continuously monitor controls.

Sarbanes-Oxley Links/Articles - Various links and other articles around Sarbanes-Oxley. 

   

Realigning the trade-offs between stringent controls, efficiency, and business risk (Oversight Technologies) – While this whitepaper requires you to complete a download form, it makes a sound case for automating controls, control testing, and ensuring the efficient operations of the organizations all the while.

 

Making Sense of Sarbanes-Oxley Tools (IIA) - Article originally in the Internal Auditor magazine (February 2004) presents the various options for Sarbanes-Oxley technology, explaining their benefits, and also providing a list of current marketplace vendors.

 

 

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