Welcome to the SOXBox E-Forum!
Welcome to the SOXBox E-Forum. This interactive community space
is designed to facilitate the exchange of information between
those seeking to comply with the complex requirements of the
Sarbanes-Oxley legislation. It is also intended to act as a guide,
offering useful resources and tips.
The forum comprises a number of useful areas, including an FAQ, a
fully functional online forum, and a news section which will keep
interested parties updated on the latest developments in the areas of
Sarbanes-Oxley and Corporate Governance, Financial Reporting,
Internal Controls and Records Creation and Maintenance “Best
Practices”. These can be selected from the panel on the left.
Registration to the portal is easy and free, and visitors are
strongly encouraged to participate in this project.
Finally, please feel free to submit your feedback, recommendations,
articles or any other useful information.
A word from your sponsors. In conjunction with its partners, SOXBox
SolutionsTM,
under it's integrated sox/best practices program, has the capability of
helping small publicly-traded and mid- to larger-sized privately-held
companies and larger not-for-profit organizations, meet the stringent
corporate governance mandates, financial controls and internal auditing
and best practices requirements which have emerged from the aftermath of the
Enron and Arthur Andersen scandals and passage of the Sarbanes-Oxley Act.
Introduction to
Sarbanes-Oxley
The Sarbanes-Oxley Act was signed into law on
July 30, 2002, and introduced significant legislative changes to
financial practice and corporate governance standards. It introduced
stringent new rules with the stated objective: "to protect
investors by improving the accuracy and reliability of corporate
disclosures made pursuant to the securities laws". It is also
intended to "deter and punish corporate and accounting fraud and
corruption, ensure justice for wrongdoers, and protect the interests
of workers and shareholders" (Quote: President Bush). The
estimated annual cost of corporate crime to the economy is more than
1.5 trillion dollars.
The Sarbanes-Oxley Act itself is organized into
eleven titles, although sections 302, 404, 401, 409, 802 and 906 are
the most significant with respect to compliance (Sarbanes Oxley
section 404 seems to cause most concern) and internal control. In
addition, the Act also created a public company accounting board.
The Sarbanes-Oxley Act has established a new
paradigm for corporate accountability. Good internal controls are no
longer just good business practice, it's the law. While its initial
impact was felt most acutely by public companies, its affects is
already being felt by every company and business organization of any
size and complexity, including foreign companies.
"Effective compliance assistance helps companies and its
executives achieve three critical assurances: that their business
transactions comply with established controls; that their control
systems are comprehensive and designed to account for all
transactions; and that their data is accurate and complete" says
Ray Burrasca, Managing Director of SOXBox Solutions. "Furthermore, all
things considered, the most important factors at this time are the
present state of a company's internal controls and its documentation
of those processes that support the internal controls".
Additional Reading
"Sarboxing"
is a Reality for private companies and non-profits
What You Don't Know About Sarbanes-Oxley
Sarbanes-Oxley Raises Red Flag for Not-for-Profits
National Survey Finds Awareness of Sarbanes-Oxley Among Not-for-Profits Surges
Summary of Sarbanes-Oxley Act of 2002
Spotlight on Sarbanes-Oxley Rulemaking and Reports
Division of Corporation Finance: Sarbanes-Oxley Act of 2002 - Frequently Asked Questions
Sarbanes-Oxley Act - Wikipedia, the free encyclopedia
Independent Sector: Accountability and Sarbanes-Oxley -- Implications for Nonprofits
Securities Lawyer's Deskbook -- The Sarbanes-Oxley Act of 2002
