There are many ways organizations and, more specifically, contract administration professionals can ensure their compliance under SOX. Education The most important thing that is going to help you keep up with these regulations and keep everything in line would be to educate your employees on the basic principles of SOX.
Sarbanes-Oxley Act (SOX)
Documentation Documentation is key. Even if you do your accounting or contract management via a software system, compliance is priority. Otherwise, you could be facing trouble.
You must keep all files and records, which becomes easier through the right technology. Claiming your computer went corrupt and you lost all your files is not an acceptable excuse.
You must have copies of everything to be able to follow all rules and regulations. Previous Post.
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What C-SOX Means for Canadian Companies | Resolver
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Understanding Internal Control Over Financial Reporting
September Many other countries responded by creating their own versions of SOX. This bill came out as a result of corporate scandals that shook investor confidence.
It increased scrutiny of corporate governance amid growing concern about auditor independence and the disclosure of internal controls over financial reporting, a Pricewaterhouse Coopers report notes. In reality, the bill dealt broadly with a number of different government operation procedures and only a small part dealt with financial reporting. Shortly after the bill was passed, Canadian securities commissions issued three additional regulations for companies and auditors to talk about:.
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