In the wake of major corporate accounting scandals, the United States Congress passed the Sarbanes-Oxley Act of 2002 (SOX). The Sarbanes-Oxley Act comprises a number of checks, balances, and requirements regarding financial reporting and controls, all of which affect companies that file with the Securities and Exchange Commission (SEC).
Publicly traded companies are now held more accountable for their financial reporting and practices. Any errors or irregularities can lead to potentially serious financial and legal ramifications. Penalties for noncompliance include hefty fines and potential jail time for chief executive officers (CEOs) and chief financial officers (CFOs).
As a result, the role of the CFO promises to become even more complex in the years to come. In addition to their already heavy workload, CFOs are now ultimately responsible for ensuring that the rules outlined in the Sarbanes-Oxley Act are followed to the letter throughout their organization.
The sample solution for Sarbanes-Oxley leverages the Microsoft Office System to address regulatory compliance and sustainable corporate governance issues by enhancing the visibility of financial processes and internal controls. It also helps organizations manage compliance initiatives related to sections 302 and 404 of the Sarbanes-Oxley Act, and provides CFOs with a better view of and more control over financial reporting.
Learn more about the Microsoft Office System sample solution for Sarbanes-Oxley.