SOX was enacted to create a consistent standard of care for an array of public businesses, as well as private companies in some cases, in the interest of customers, employees, vendors and any relevant third parties. Companies that need to comply with SOX requirements include the following:
- All publicly held American companies
- Any publicly traded international companies that have registered equity or debt securities with the U.S. Securities and Exchange Commission (SEC)
- Any accounting firm or other third party that provides financial services to either of the above
Penalties for non-compliance can include fines, removal from listings on public stock exchanges and invalidation of D&O insurance policies. Under the Act, CEOs and CFOs who willfully submit an incorrect certification to a SOX compliance audit can face fines of $5 million and up to 20 years in jail.
ATIBAs SOX compliance team members will support and strengthen your compliance strategy by providing a review of your organizations’ internal controls which will include any computers, electronic infrastructure, network hardware and any other technology-based components through which financial data passes.
Our team will provide an assessment report that will describe the scope of the assessment performed, outlines your controls, identifies control gaps and documents recommendations that will improve your organizations’ control environment so that you can implement the appropriate changes prior to your annual audit. Contact us today to learn more about how we can assist in your compliance efforts!