SOX Compliance How the Sarbanes-Oxley Book Report

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Unifying all compliance strategies throughout a business and placing internal auditors in the position of managing variations in processes and reporting results has emerged as a critical success factor for GRC strategies (Michelman, Waldrup, 2008). The businesses that are minimizing the disruption of SOX-related it, process and strategy changes have successfully implemented internal auditing oversight programs. This aspect of internal controls is struggling in some businesses as resistance to change and the oversight function is seen as a threat to political power (Michelman, Waldrup, 2008). CEOs and the senior management team of an organization however must be in compliance to Section 302, Corporate Responsibility for Financial Reports, which states they have audited and personally verify the accuracy of their financial statements (Bedard, Graham, Hoitash, Hoitash, 2007).

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Section 404 holds a company officer liable for the accuracy and veracity of the data on financial statement (Hemani, 2005).

Conclusion

SOX initially led to a massive level of re-engineering in many publically held firms, which set the foundation for ongoing auditing and analysis of financial statements. With the penalties for non-compliance being so significant financially for a firm and the exposure so great for senior executives, the level of internal controls will continue to excel over time. GRC will continue to grow in prominence as the approach used to unify and ensure all efforts at SOX compliance are coordinated and successful......

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