saa016 Sarbanes Oxey 101: Sunmary of Major Sections Sarbanes Oxley «: Home SOXSohware SOXFAQ SOXAct SOXS02 OKADA SOXS06 2016 ERP Software ERP Software Demos Major SOX Sections soxsunman, SOXSecton 404 SOXSecton 400 SOXSecton 206 s0xSecton 902 SOX Act of 2002 Sarbanes Ody Act of 2002 Sambanes Onley Audi Mar23, 2016 Sarbanes Oxley Act Summary of Major Sections ‘Tens of thousands of companies face the task of ensuring their accounting operations are in ‘compliance with the Sarbanes Oxley Act. Auditing departments typicaly fist have @ comprehensive ‘extemal audit by 2 Sarbanes-Oxley compliance specialist performed to identify areas of risk. Next, specializes sofware 5 installed that provides the “electronic paper tralls" necessary to ensure Sarbanes-Oxley compliance. ‘The summary highlights of the most Important Sarbanes-Oxley sections for compliance are listed below. Note that certiation and speci public actions are now required by companies to remain in 50x compliance ‘SOX Section 302 - Corporate Responsibility for Financial Reports '2) CEO and CFO must eview all nancial reports »b) Financial report does not contain any misrepresentations. {Information in the financial report is “fairly presented! 44) CEO and CFO are responsible for the internal accounting controls. 2) CEO and CFO must report any deficiencies in Internal accounting controls, oF any fraud involving the management of the audit committee, 1 CEO and CFO must indicate any material changes in internal accounting controls. ‘SOX Section 404: Management Assessment of Internal Controls All annual financial reports must include an Intemal Control Report stating that management is responsible for an “adequate” internal control structure, an an assessment by management of the effectiveness of the control structure. Any shortcomings in these controls must also be reported. In ‘adcition, registered external auditors must attest to the accuracy of the company managements assertion that Internal accounting controls are in place, operational an effective. ‘SOX Section 409 - Real Time Issuer Disclosures Companies are required to disclose on a almost real-time basis information concerming materal ‘eranges in its fnancial condition or operations. ‘SOX Section 902 - Attempts & Conspiracies to Commit Fraud Offenses IIs a crime for any person to corruptly aker, destroy, mutilate, or conceal any document with the intent to impair the object's integriy or avallabilty for use in an offical proceeding, ‘SOX Section 906 - Corporate Responsibility for Financial Reports ‘Section 906 addresses crminal penalties for certifying a misleading or fraudulent financal report Under SOX 906, penaities can be upwards of $5 milion In fines and 20 years in arison. Copyright (c) 2005-2016 Sarbanes-Oxley-101,com. AIlRights Reserved, Privacy | Terms | About | Contac tpshwwu sarbanos-cooy 10 comsarbanes-o¥ey compliance w