Sarbanes-Oxley Act (SOX) Compliance and COSO (Committee of Sponsoring Organizations of the Treadway Commission) Security Framework
Given its presence for almost a decade, the Sarbanes-Oxley Act (SOX) still presents ongoing challenges for public companies. Assessing risk, documenting systems, processes and related internal controls, evaluating internal control designs, developing and executing internal audit plans to test the operating effectiveness of the controls and reporting the results can be time-consuming and costly.
No single expert insight will do. SOX compliance takes a team experienced in accounting and auditing, internal auditing, technology and human resources. LBMC Security & Risk Services can serve as your SOX-compliance team, working with the in-house SOX liaison or supplementing areas where internal resources need assistance. If you want to staff SOX compliance entirely in house, we can use our expertise to help find the best employees.
Strengthening financial reporting also falls under the COSO (Committee of Sponsoring Organizations of the Treadway Commission) security framework. The COSO-recommended structure uses effective internal controls to improve the quality of financial reporting. The commission defined the framework’s objectives based on a set of business, management and security-relevant controls to demonstrate good business practice controls and compliance with Sarbanes-Oxley requirements.