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Section 404 of the Sarbanes Oxley act brings into picture the aspect involving the internal control of an organization. It states that it is compulsory for companies who do Sec filling to focus on internal control. Still, organizations need to prepare adequate reports, which show correct financial information and minimize the risks.
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What else can I help you with?
Does sarbanes-oxley act apply to publicly-traded firms?
yes
What are the challenges faced while updating Sarbanes Oxley act 2002 in a company?
Updating Sarbanes Oxley act 2002 in a company can face a few challenges. One big challenge they face is following the law and policy.
What actions government should take to encourage people to become an entrepreneur?
Reduce regulatory burdens upon businesses; repeal Sarbanes-Oxley, Dodd-Frank and Obama Care ... to add certainty to the market place and reduce the financial burden upon entrepreneurial companies.
What are the asset's security requirements in banking?
The question may be asking about asset (as in bookkeeping) and security (as in collateral on a loan) rather than 'computer security'.From a computer security standpoint, the requirements would include:establishing records retention requirements for audit papers - since these can be electronic records, a policy and means to retain them and be able to locate the relevant records is required. Section 802 of the US Sarbanes-Oxley law mandates that companies and their auditors maintain accounting documents and work papers for a minimum of seven years.establishing controls to protect the confidentiality of banking records - preventing unauthorized access to themestablishing controls to protect the availability and reliability of systems handling banking informationestablishing controls to protect the integrity of banking information - no unauthorized changes to the records (think in terms of someone trying to conceal fraud, embezzlement, etc.)establishing regular system auditing - to identify security breaches, unauthorized activity, suspicious activity, system failures, etc.Senior management can't just certify controls ON the system, these controls also have to control the way financial information is generated, accessed, collected, stored, processed, transmitted, and used through the system - this means implementing appropriate controls to ensure the confidentiality, integrity, and availability of banking information
How can companies achieve good corporate governance?
It dependsIt depends very much on the company, its competitive environment, the kind of business they are doing. This is the probably most asked question in companies on the executive level. In the USA the government tried to answer this question with the Sorban-Oxley Act and give minimal requirements to the companies. Also there are whole departments at business faculties, which try to answer this question.
What are the steps needed for internal controls using the Sarbanes-oxley act?
the boy
What practice does Sarbanes-Oxley Act forbid?
What practices does Sarbanes-Oxley forbid
What does sarbanes-oxley stand for?
The Sarbanes-Oxley Act of 2002 (often-times referred to as "SOX") is named after Senator Paul Sarbanes and Representive Michael Oxley.
I need to get Sarbanes Oxley Cret?
Go to web site www.soxcert.org for more information on getting Sarbanes Oxley certified.
What legislative act prompted many US companies to develop internal ethical policies and procedure?
The Sarbanes-Oxley Act
What was the intent behind the passage of the Sarbanes-Oxley Act of 2002?
The intent of these elements of Sarbanes-Oxley is to reduce the likelihood that material fraud will go undetected.
When was Sarbanes Oxley passed?
The Sarbanes-Oxley Act was enacted in 2002 in response to unethical and fraudulent behavior by the directors of the some of America's biggest corporations.
What does Section 103 of Sarbanes-Oxley require?
Section 103: Auditing, Quality Control, And Independence Standards And Rules
What is sthe Sarbanes-oxley act?
Financial Reporting
What led to the passage of the Sarbanes-Oxley Act?
Consequently the U.S. Congress responded by passing the Sarbanes-Oxley Act (SOX) of 2002 in an attempt to restore investor confidence.
What requires companies to provide mechanisms for employees and third parties to anonymously report complaints including ethics violations?
\Sarbanes-Oxley Act
The sarbanes-oxley act addresses?
Unethical financial behavior.
