Emerging from some of the most notorious and costly corporate scandals history has shown to date, the Sarbanes-Oxley Act of 2002 (SOX) was created to re-build public and investor confidence in national securities markets.
Currently SOX only applies to publicly traded companies and publicly traded non-U.S. companies who do business in the U.S. However, by winning favor among investors and the general public, private companies are beginning to monitor effects of SOX more closely.
TigerTextPRO recently featured on NPR
To accomplish this, businesses, particularly those in the financial services industry, are to adhere to a new set of accountability standards, requiring businesses to:
Implement internal controls which guarantee reliability and confidentiality of financial data.
Report the effectiveness of internal controls by conducting regular compliance audits.
Exercise thorough and sound IT practices to ensure security of information during storage and transport.
Put simply, SOX compliance policies forces companies to maintain a superior level of operational integrity.
The Idea Behind SOX
Emerging from some of the most notorious and costly corporate scandals history has shown to date, the Sarbanes-Oxley Act of 2002 (SOX) was created to re-build public and investor confidence in national securities markets.
Currently SOX only applies to publicly traded companies and publicly traded non-U.S. companies who do business in the U.S. However, by winning favor among investors and the general public, private companies are beginning to monitor effects of SOX more closely.
TigerTextPRO recently featured on NPR
To accomplish this, businesses, particularly those in the financial services industry, are to adhere to a new set of accountability standards, requiring businesses to:
Put simply, SOX compliance policies forces companies to maintain a superior level of operational integrity.