Sarbanes Oxley Basics 1339
vishesh last edited by
I am vishesh , an Executive MBA student ,from India.
I am doing project on SOX.
I need some help from you in this regard.
1-i want to study the impact of SOX in business(specially in IT companies) ,how can we impliment SOX ? Is it neccessary to implement it ? what is there ? some do’s and don’ts?
2-what is the out come /implementation cost/after implementation benefits
3-is it good in US perspective or it is neccessary in respect to Rest of world.
4-Is there any similiar law in other country ?,if yes,what is that and its response to the situation?
5- how it is useful in IT industry?
what is its loopholes?
Waiting for prompt and positive response…
milan last edited by
You should start by simply reading through various areas and following some of the URLs on this website. There are a number of resources available here and if you read through the postings in the Forum, you will find most, if not all, of the answers to your questions.
gerlindep last edited by
Concerning question number 4, yes, there are other laws similar to Sarbanes Oxley. For example, have you heard about Basel II agreement for financial institutions. If you have any interest in this topic, there is a survey made by AIM Software that deals specifically with Basel II and other local agreements around the world.
Furthermore, the survey intends to enable financial institutions to get a comprehensive overview of the status quo in their industry and to show where they need to catch up with their regional or global benchmark. Furthermore, trends such as Straight Through Processing (STP), data reconciliation and risk data strategies are being analyzed to provide a snapshot of the progress in those areas. It’s available at dmstudy.info.
harrywaldron last edited by
As milan notes there’s a wealth of information on SOX at this site and it’s quickly become one of my favorite forums for learning more from a business perspective
One key point based on some of the original questions, is that is mandatory for publicly held companies (e.g., those participating in the stock markets).
I also personally think controls like SOX 302 are a ‘good thing’ as it strengthens GAAP controls higher better accountability to help reduce the risk of companies from ‘cooking the books’ and misleading their shareholders.
There are many areas that could be a little better defined, streamlined, etc. to still have the effectiveness of SOX with greater efficiencies for implementors.
I mainly wanted to share with our original poster that SOX is not optional for many companies, but required by US law to prevent major misrepresentations of a company’s financial status to investors.
NC last edited by
Can you tell me the institute from which ur doing your exex MBA? just for info sake
Vishesh, make yourself very clear, SOX as an act is applicable only for companies, be it resident or non- resident companies which list their shares in any of the US stock exchanges.
But SOX has brought about a revolution, which has brought out the relevance of having a rigid control environment. Its effectiveness is ensured by the mandatory declaration by the top management.
Even in India, clause 49 of the SEBI act has brought out a requirement, which is very much in line with SOX.
I would sincerely suggest you to read about internal controls and control environments, rather than just breaking your Head on a specific ACT