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In the early 2000’s, the financial world was turned upside down by accounting scandals. Corporations, such as Enron, WorldCom, and Tyco hid large debts, inflated their assets, diverted earnings, and manipulated stock prices. These events resulted in bankruptcy filings and class action lawsuits for the companies, charges against top executives, loss of earnings for investors, and lost employee jobs. The Sarbanes-Oxley (SOX) Act was enforced in 2002 to improve financial reporting systems of publicly-traded corporations and to increase the accountability of their top executives.
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By SWIFTTECH SOLUTIONS
SOX: A Short Guide to Compliance
compliant
Publicly traded
corporations must stay
with the SOX act.
1 2 3 The SOX Act Causes of
Noncompliance
Staying Compliant
with SOX
1 Explaining
SOX
turned upside down
In the early 2000’s, the financial world was
by accounting scandals.
Corporations inflated their assets, diverted earnings, and
manipulated stock prices.
These events resulted in
bankruptcy filings,
class action lawsuits for
the companies, and
charges against top executives.
These events also resulted
in loss of earnings
for investors and
lost employee jobs.
Sarbanes-Oxley (SOX) Act was enforced in 2002
to improve financial reporting systems.
2
Threats to staying
SOX compliant
There are threats to an IT system that can
undermine a corporation’s ability to stay SOX
compliant.
Abuse of access privileges
Accidental errors
Destruction of data
Fire, natural disasters
Communication loss
Unauthorized access by outsider
There are many things your company can do
to ensure compliance with the SOX Act.
3 How to stay
compliant
How can my organization
stay compliant
with SOX?
Your company can…
Store documents in an
electronic database
Create backup &
recovery procedures
Use a next
generation firewall
We can help you follow SOX compliance data protection standards.
CALL SWIFTTECH TODAY FOR YOUR FREE CONSULTATION
SWIFTTECH SOLUTIONS
WWW.SWIFTTECHSOLUTIONS.COM
877-794-3811
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