How does SOX effect the Consulting/Software Business? 168
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I am in the reliability consulting/software business and I recently landed a large deal with a large US corporation. I was working with them for several months and when it got down to the contract signing, the process was dramatically slowed down in their end. Their reason: Sarbanes-Oxley.
Since my company does manufacturing improvement consulting (implementing maintnenance best practices in manufacturing - not financial) why would SOX have an effect? I understand that accountants are now being even more stringent with contracting but how will SOX effect my business today and in the future?
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The Sarbanes-Oxley Act (SOX) has had a significant impact on the consulting and software businesses, as it has created a greater need for companies to ensure that their financial records are accurate and secure. As a result, consulting firms and software developers have seen an increase in demand for services such as auditing, financial reporting, security compliance, and risk management. Companies must now adhere to stricter regulations and have more rigorous processes in place to ensure the accuracy and security of their financial records. Additionally, software developers must create sophisticated applications that can help companies comply with SOX regulations and provide them with the tools they need to effectively manage their financial records.
