The Sarbanes-Oxley Act of 2002 was passed by the United States Congress with the goal of providing security for consumers and the general public against corporations acting maliciously or carelessly. The general requirements of SOX compliance are geared towards ensuring that companies are transparent when it comes to financial reporting and that there are more official rules in place to prevent fraud.
Adhering to SOX compliance requirements is not only the law, it is also best practice for a more ethical and secure operation. Implementing SOX financial security controls, aside from being the right thing to do, also has the added benefit of helping to defend against data security threats and attacks.
IBM i Complying with SOX
Sarbanes Oxley contains 11 titles that describe specific mandates and requirements for financial reporting:
- Public Company Accounting Oversight Board ( PCAOB )
- Auditor Independence
- Corporate Responsibility
- Enhanced Financial Disclosures
- Analyst Conflicts of Interest
- Commission Resources and Authority
- Studies and Reports
- Corporate and Criminal Fraud Accountability
- White Collar Crime Penalty Enhancement
- Corporate Tax Returns
- Corporate Fraud Accountability