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Sarbanes Oxley (SOX) Process Development

Although SOX compliance is designed for corporations, it is good business practice for organizations of all shapes and sizes to incorporate.  SOX compliance is focused on transactional tractability and business practice transparency. These attributes are important when building trust and establishing a positive brand.

Some benefits of implementing SOX compliance include:

  • Comprehensive process documentation
  • Higher confidence during internal and external audits
  • Increased operational efficiency
  • Internal Controls limit unexpected consequences
  • Reduced training time for new employee

Download A Summary of SOX (Reference Only)

Download .PDF

Internal controls are a necessity in daily business operations.  They provide checks and balances to ensure that processes are performed correctly.  When errors occur, there indicators and/or reporting available to help resolve issues quickly. Internal controls mitigate five types of risk:

ƒFinancial – severe loss of assets or finances.
Operational – prevent the optimal performance of an organization.
Regulatory – fines for non compliance of federal and state regulations.
ƒReputation – loss of market share due to negative publicity.
Strategic – prevent the achievement of long term goals.
Creating processes involves understanding how to perform the process, who is using the output, and what reporting is require for management.
Documenting a process involves creating a desk manual that clearly illustrates step by step instructions for performing the process from start to finish.
Mapping a process involves a creating a visual flow chart illustrating the communication of information, data, and reporting across all departments.