Sarbanes Oxley financial reporting
Sarbanes Oxley financial reporting– often referred to as SOX – is a 2002 federal act that was passed in the US. It was introduced to improve public disclosure and auditing processes across organisations.
Sarbanes Oxley regulations require all financial reports to include internal control reporting. This is to prove that a company’s financial data is accurate and that there are relevant procedures in place to safeguard this sensitive financial information. Other specific requirements of this reporting include a year-end financial disclosure report.
Kreston Global can help you review your controls, policies and procedures and ensure you have the correct Sarbanes Oxley compliance processes in place.
What else does the Sarbanes Oxley audit include?
As well as assessing your financial data and processes, Sarbanes Oxley reporting includes a review of your organisation’s personnel. By taking the time to sit down and speak to your staff, we can ensure the required members have the correct training to safely access any financial information.
Additionally, the systems and processes you use, including any log collection or monitoring systems, will be reviewed to ensure they provide an audit trail of any employee’s access to sensitive financial data.
Sarbanes Oxley reviews and measures four main areas of your business’s internal controls. These areas are your IT security, data backup, access controls, and data management. Here’s an overview of how to make sure each of the four areas are SOX-compliant:
Preventing any breaches of data is critical. Investing in secure IT equipment to help monitor and protect your financial database is a key strategic move to help prevent malicious access to your systems. Ensure you have the relevant processes in place to avoid any security issues in the long run.
Having the correct data backup controls in place helps to protect any sensitive data if any mistakes or misplacements were to occur. Having the right measures set up to back up financial data provides a more reliable and trustworthy reputation for your business.
Controlled access to important financial data is a security feature that must not go overlooked within your business. You don’t want any unauthorised users accessing sensitive information, so ensure your servers are secure and implement a company policy that requires strong passwords and that these passwords are frequently changed.
Your IT department must observe correct data management when it comes to adding new users, installing, and updating software and maintaining the appropriate data infrastructure components. Ensure any changes across the business are recorded and GDPR-compliant.
By taking each of these areas in turn and ensuring each is meeting the Sarbanes Oxley requirements, you are preparing your business for the reporting process.
Why choose Kreston Global to do your Sarbanes Oxley financial reporting?
Having the correct measures in place for the ultimate protection and security of your financial data is critical for any striving and successful business. Kreston Global helps you to comply to the Sarbanes Oxley reporting requirements that are necessary to enhance your processes.
As part of our selection of advisory services, we aim to provide you with high-quality provision to encourage a supportive and trusting relationship. Safeguarding sensitive financial information and preventing any misconduct within the workplace can help drive your business to building a reliable reputation, and we’re here to assist you with just that.
Speak to us today. Our expert advisory consultants today are on hand to discuss our range of services, including the Sarbanes Oxley internal audit. We’re here whenever you need us, day or night. In fact, we provide 24-hour global coverage for those last-minute emergencies, so get in touch and we’ll be there.