How to prepare for UK SOX

How to prepare for UK SOX

In a recent webinar by RegTech firm Diligent, the company outlined how companies can prepare for the UK SOX.

Sarbanes Oxley (SOX) Controls Auditing Training

This Video is about Sarbanes Oxley (SOX) COntrols Auditing Training. During this class, you will learn the following:
–History and Impact of SOX
–Key Components of the Act
–Critical Sections of SOX Act including 302, 404, 409, 806, 301

Introduction to SOX and Internal Controls

This is an updated video that has been re-posted. It contains an overview of critical provisions of the Sarbanes Oxley Act and its impact on understanding and documenting internal control within a company. This lecture is part of a college, sophomore-level, Principles of Financial Accounting course.

SOX Compliance Requirements, Controls & Checklist

SOX Compliance Requirements, Controls & Checklist

The top IT SOX controls and requirements
Sarbanes-Oxley is arranged into 11 titles. As far as SOX compliance is concerned, the most important sections within these are often considered to be 302, 404, 409, 802 and 906.

Section 302 – Corporate Responsibility for Financial Reports – Every public company is required to file periodic financial reports with the SEC, and the principal executive officer and the principal financial officer must sign each report to indicate they have reviewed it and they certify that the report does not contain any untrue statements and does not omit any material information. In addition, the signers of the report are responsible for establishing and maintaining internal sox controls and must have validated those controls within 90 days prior to issuing the report.

Section 404 – Management Assessment of Internal Controls – All annual financial reports must include an Internal Control Report stating that management is responsible for an “adequate” internal control structure, and an assessment by management of the effectiveness of the control structure. Any shortcomings in these SOX controls also must be reported. In addition, registered external auditors must attest to the accuracy of the company management’s assertion that internal accounting controls are in place, operational and effective.

Section 409 – Real Time Issuer Disclosures – Companies are required to disclose to the public in a timely manner any material changes in the financial condition or operations of the company in the interest of protecting investors and the public.

Section 802 – Criminal Penalties for Altering Documents – Anyone who knowingly alters, destroys, mutilates, conceals, covers up, falsifies, or makes a false entry in any record, document, or tangible object with the intent to impede, obstruct, or influence the investigation or proper administration of matters before the SEC can be fined, imprisoned for no more than 20 years, or both.

Section 906 – Corporate Responsibility for Financial Reports – The criminal penalty for certifying a misleading or fraudulent financial report can be upwards of $5 million in fines and 20 years in prison.

SOX Compliance Audit Preparation And [Checklist]

SOX Compliance can be quite overwhelming for those looking to achieve compliance. Organizations need to prepare well for the audit in order to ensure they meet all the requirements and achieve compliance. So, here is an opportunity for organizations like you to learn about the critical aspects of SOX Audit and ensure a hassle-free SOX Compliance Journey.

VISTA InfoSec has conducted a live webinar on “SOX Compliance Audit Preparation and Checklist” explaining about the audit process and best practices to achieve compliance. Watch the video and learn about the audit process and prepare for the upcoming SOX Compliance Audit
#sox #soxcompliance

0:00 Introduction
9:05 What is SOX Audit?
13:32 When is an organization expected to perform SOX Audit?
16:17 What happens in SOX Audit?
22:04 SOX Audit Controls
22:56 Key Sections Covered in SOX Audit
33:23 SOX Audit Process
33:45 Important Implementation for SOX Compliance
40:09 SOX Compliance Checklist
44:39 Preparing for SOX Audit
47:33 Common SOX Readiness Pitfalls To Avoid

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