How to move your company to sustainable Sarbanes-Oxley compliance - from project to process

Many organizations learn, and often, too late, that an ethics program does not make an ethical culture.What is important is the  code of business ethics.

The approach to such adaptation is the employment of Sox Act in your organization.

Nowadays companies are facing tremendous problems in terms of internal control and coordination. So there is a need of Companies need of an entirely new approach towards managing revenue recognition processes not only to lower restatement risk, but also to improve the financial close process, speed up revenue recognition reporting, enhance revenue recognition forecasting, and allow strategic insights into their revenue streams.

The changes in the regulatory environment in recent years have put tremendous strain on organizations across all functions, the corporate tax department in particular.While companies have always been required to evaluate and report on uncertain tax positions in their financial statements, the compliance of Sox has created unprecedented demands for process, documentation, and controls in the corporate tax department.

According to me, the transition most companies must make from project to process modes of executing Sarbanes-Oxley compliance will not occur without forethought and a structured approach to implementation. PricewaterhouseCoopers’ new white paper, which involves  transitions both in form and function.

So the methodlogy of compliance is a step wise approach, firstly quarterly reporting should align with annual reporting and Secondly, companies must recognize and proactively address the impact of change on business processes and related internal controls......