Knock Your SOX Off
SOX established extensive requirements for publicly traded companies to establish internal auditing controls and procedures for financial reporting. Trustwave can help you implement the necessary controls and respond to reporting requirements to adhere to the regulation.
SOX: Fast Facts and Consequences
- The act was passed on July 30, 2002, in the wake of the Enron, Worldcom, Tyco International and other high-profile corporate scandals.
- While the law does not promulgate specific IT provisions, it requires that an independent auditor attest to management's assessment of the efficacy of internal controls, including security systems.
- The U.S. Securities and Exchange Commission recently published new guidance to assist public companies in preparing disclosures about cybersecurity risks and incidents.
- CEOs and CFOs who purposefully submit wrong certifications face up to 20 years in prison and fines up to $5 million.